The Student News Site of Tarrant County College

The Collegian

The Student News Site of Tarrant County College

The Collegian

The Student News Site of Tarrant County College

The Collegian

TR students learn to manage money

By Daniella Solis/entertainment editor

Danny Wilson from the Texas Trust Credit Union told TR students how to set up a spending plan, identify leaks, track spending, set short- and long-term goals, revise goals and use financial tools during his Money Management —Budgets workshop April 15.

TR student Nicholas Smith said he hoped to pick up some helpful tips.

“I want to learn how to manage my money better so I don’t blow it all on junk,” he said. “I spend my money before I get it. It’s my biggest problem.”

NW student Angie Roberts was also looking forward to getting some new helpful tips to handle her money better.

“I am the head of my household, and I take care of all the finances,” she said. “I want to hear any ideas on how to save because my budget is very tight.”

Wilson opened the workshop with a Cosby Show pilot episode in which Bill Cosby speaks to his son on how to budget and save money for when he gets out of high school. Even though the episode was about 20 years old, Wilson stressed that the concept was the same even though the monetary values are different.

Budgeting is figuring out how much money is coming in, how much is going out and how to identify those spending leaks, he said.

Leaks, Wilson said, can include useless magazine subscriptions, buying coffee every day or having more than 900 channels on one’s television — all things most people can live without.

Attendees became more aware how they manage their money by taking a quiz that pointed out their management styles. It provided everyone with a reality check to set future financial goals.

Wilson asked everyone to think about whether they spend more than they make, live beyond their means, pay themselves last, charge items instead of saving for them, spend uncontrollably and have an emergency fund.

If people want to retire as millionaires by age 55, they need to save money every week from the moment they turn 18, he said.

“You have to identify needs versus wants,” he said.

If someone is at the mall and really wants a new pair of shoes, he or she should identify whether it’s a need or want, he said.

Wilson said managing money better can free up time, cause less stress, help one achieve goals and bring greater control.

“If you have control over your finances and you have a great peace of mind, everything is just going to line up,” he said.

Setting “SMART” financial goals is crucial in effective money management, meaning the goals should be specific, measurable, adjustable, realistic and time-oriented, he said.

Wilson listed five steps to making a successful spending plan: list all income sources, determine where the money goes, balance income and expenses, review income and expenses and manage the system.

“Find out what works for you and stick with it,” he said.

His methods to track spending included the receipt method, envelope method, checkbook ledger, account book and computer program. People with Microsoft Excel can calculate spending without much math, he added.

Wilson’s money-saving tips included everything from bundling insurance with one company, refinancing a mortgage, using credit cards wisely, starting a change jar and even adjusting the thermostat and ceiling fans.

After the workshop, Roberts realized she needed to make a more specific budget.

“I need to make a better written plan,” she said. “My favorite part was the speaker himself. He was very engaged with the audience. He didn’t just stand there and present.”

Zach Hooper, a TR student, was pleased with the information.

“I’m glad they sent someone that had so much knowledge,” he said. “He knew what he was talking about.”

Donate to The Collegian

Your donation will support the student journalists of Tarrant County College. Your contribution will allow us to purchase equipment and cover our annual website hosting costs.

More to Discover
Donate to The Collegian