Money Management Tips Every College Student Should Know

Wednesday, January 15, 2020
 

Any time financial difficulties crop up, they can create serious hardships for families.  During college, students often find these struggles particularly unmanageable, leaving them wondering whether they should continue.

“Forty Money Management Tips Every College Student Should Know,” a financial workshop on October 24, addressed concerns frequently expressed by students in GCC’s Family Economic Security Program, such as how to establish an emergency fund, deal with crises, and manage debt when money is tight.  Twenty-five students attended the workshop and left the session armed with knowledge to help them avoid common pitfalls that can derail their finances.  The workshop included dinner and three Amazon gift cards were distributed as prizes.

Amy Poskus, GCC’s Associate Director of Financial Aid, addressed frequently asked questions about the Free Application for Federal Student Aid (FAFSA) and other sources of money to help pay for college.  Students also were introduced to Cashcourse Financial Education, a website offering information on topics such as saving and investing, spending, borrowing, and paying for education expenses.  Cashcourse provides budgeting tools and teaches money management skills to help students stabilize their finances and get to the next level after college.  The service, which is free for GCC students, is offered through the National Endowment for Financial Education and GCC’s FESP program received a $250 grant for the workshop.  

Sandy Mastropetre, academic advisor and coach for the FESP program, noted that getting ahead financially while in college can happen and writing down goals means that they are more likely to be achieved.  She added that the financial components of a goal can be broken into smaller steps. 

Mastropetre said that she was encouraged by the feedback from participants, who said they felt more knowledgeable about setting financial goals and greater confidence in their ability to manage money, particularly with banking, spending plans, and savings.  One workshop participant, a single mother, acknowledged afterwards that she was amazed at the errors she had been making with her finances and really needed the workshop to help break this cycle.