By Mykel Jones/reporter
Students learned about methods to help them manage money and create a budget that works for them April 19.
NE financial aid specialist Joe Rodriguez told students why spending plans are important and discussed how to keep track of finances using cash flow statements. He also urged them to recognize the differences between their wants and needs to reduce spending.
“I’ve created ways to help spend wisely and still have money for wants,” Rodriguez said.
One way Rodriguez said to create a cash flow statement is to mark a calendar on days when bills are due and electronic drafts will be withdrawn. The calendar provides a visual of money going in and out of an account.
“Everyone has their own way of doing a cash flow statement that works for them,” he said.
Rodriguez provided students with four steps to build a budget, including setting goals, developing a plan, tracking spending and monitoring money.
“This helps people keep records accurate and catch errors,” he said.
Rodriguez said there are needs and wants, and everyone has basic needs as well as individual needs. But wants are often about convenience and comfort.
“Put an unplanned purchase in time out,” he said. “Take a few days to think if you really need to make the purchase.”
Rodriguez said humans see something and want it instantly, not realizing it may not be too important to get right then.