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The Collegian

The Student News Site of Tarrant County College

The Collegian

The Student News Site of Tarrant County College

The Collegian

Wallet limits vital for cash saving plans

NE+financial+aid+specialist+Joe+Rodriguez+explains+the+importance+of+budgeting+to+student+Jeremy+Fanche+during+an+Oct.+31+workshop.+Rodriguez+encouraged+attendees+to+complete+cashflow+statements+to+assess+their+finances.%0A%0ABogdan+Sierra+Miranda%2FThe+Collegian
NE financial aid specialist Joe Rodriguez explains the importance of budgeting to student Jeremy Fanche during an Oct. 31 workshop. Rodriguez encouraged attendees to complete cashflow statements to assess their finances. Bogdan Sierra Miranda/The Collegian

By Edith Mariscal

NE financial aid specialist Joe Rodriguez explains the importance of budgeting to student Jeremy Fanche during an Oct. 31 workshop. Rodriguez encouraged attendees to complete cashflow statements to assess their finances. Bogdan Sierra Miranda/The Collegian
NE financial aid specialist Joe Rodriguez explains the importance of budgeting to student Jeremy Fanche during an Oct. 31 workshop. Rodriguez encouraged attendees to complete cashflow statements to assess their finances.
Bogdan Sierra Miranda/The Collegian

NE students learned how good spending habits and saving can have a positive effect not just for short-term needs but also for long-term goals during a seminar Oct. 31.

Students learned that a good spending plan can lead to benefits like buying a home or building retirement savings.

“Knowing one’s resources is the basis of a good spending plan,” NE financial aid specialist Joe Rodriguez said. “List your expected income and expenses by period. Whether it’s weekly, biweekly or monthly is very important.”

The most common mistakes students make include failure to pay oneself first, not planning for irregular expenses like car registration, squeezing spending plans or not giving a lot of space for error and not accounting for “mad” money, Rodriguez said.

“A cashflow statement will keep your finances in order,” he said.

Rodriguez spoke about the step-down method, which is designed to help students see where they can spend less and decide which expenses to cut.

“When expenses exceed income, we need to increase our income by getting a second job or asking for a raise or decrease your expenses by revisiting your priorities, needs and wants — in other words, all your spending habits,” he said.

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