By Tega Ibihwiori/ reporter
A spending plan can be adjusted to stay in step with financial circumstances as they really exist, a NE financial aid specialist said Nov. 19.
In Monitoring Spending: Keeping It Real, Joe Rodriguez discussed the importance of saving.
“Not saving or having control of your spending could lead to stress, worries, asking parents for money and is a bad risk to banks,” he said.
Planning and calculating what is spent every week could result in maintaining a great system to saving money, Rodriguez said.
When he asked students why saving is so important, some answered because they can buy whatever they want knowing there are funds in the account.
Rodriguez said savings are important for future expenses such as a car or home and could be an income replacement when someone is without a job.
He also provided information on avoiding fees as well as tools and systems to keep accurate track of where money goes each month.
Monitoring spending requires tools to be able to help people with their finances, Rodriguez said. Debit cards, ATM services, banks, check ledgers, online and mobile banking are part of those tools to keep track of where money goes each month.
“A spending plan helps a person avoid overspending,” he said.
Rodriguez suggested using an envelope system, which is simply dividing the monthly amount allotted and placing the money in envelopes for specific expenses.
Keeping receipts rather than cash in envelopes is also a great way to track one’s spending, he said.
At the end of the speech, Rodriguez conducted a survey among the students on ways to spend and save money.
Students brought up their views and things they do to save money. Some said they immediately get a message from their bank every time they shop. Others said having a check ledger helps them because they like to balance their spending manually.
