Students Learn to Save Money

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   Almost every college student, at one point in their life, wants to make their money go further. March 28, University of Arkansas-Monticello Gateway Student Support Services offered a workshop for students called “Stretching Your Dollars.”  Phyllis Waldron gave the presentation, which informed students on ways to manage their money. 

   Waldron said one of the best ways to start managing money now is to create a budget and stick to it, but it takes discipline and sacrifice to accomplish. Students should also keep a list of how much they spend in a two to four week period to see where their money is going. 

   She also advised students to set a spending limit for the week and to not spend over that amount. Waldron said she allows herself $30 per week, which includes eating out on her way home from work or even getting a drink out of the vending machine. 

   Students can also stretch their dollars by:

• eating out less,
• using e-mail instead of calling long distance,
• going to the matinee instead of the evening show and
• carpooling with friends.

   Waldron offered long-term money management advice as well, such as paying for college and establishing credit. 

   The more courses a student takes in a semester, the less time he or she has to spend in college. Waldron mentioned that to graduate under the four-year plan, students have to take at least 15 hours a semester. Students can also cut costs in college by buying used textbooks and applying for grants and scholarships, rather than relying on student loans. 

   She also suggested that students only get one credit card. Waldron pointed out that just because your spending limit is $2,000, does not mean that you should spend that much each month. She advised students to keep the spending limit within reason and pay it off each month. 

   The presentation also informed students on credit reports. Each time a business looks at your credit score, it affects your credit report. Too many credit checks on your credit report will lower your credit score. 

   Waldron also suggested asking the following questions before buying something: 

§         Is it a need or a want?

§         Is it for status?

§         Is it for friendship or love?

§         Is it a reward? 

   By answering “yes” to those few questions she said, “You may be using money to fill an emotional need.” 

   Sophomore Nikita Walker said one thing she learned was how the credit card report can affect you negatively.

 

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