By Brittnee Junkersfeld/reporter
Campus specialist Joe Rodriguez discussed the importance in understanding income vs. expenses during Spending Plans: Meeting Goals the Simple Way to NE students May 2.
“The reason for these presentations are because students right out of college accumulate so much debt from student loans,” he said.
He made it clear that while financial aid is there to help, it can also be the beginning of a nightmare. Students were advised to take out the least amount possible, learning that the U.S. government garnishes their money back no matter the case.
One of the most common mistakes in budgeting is not accounting for “mad money.” This is money spent toward items that are not necessities.
An audience member spoke about having an easier time accounting for spending habits when they keep cash in their pocket as opposed to swiping the credit/debit card.
Rodriguez presented information to help students manage the income-to- expenses ratio within each pay period.
“One way to do this is to list income and expenses during each time frame,” he said. “This means making a rent payment with the first paycheck of the month and a car note with the second paycheck of the month.”
Students discussed saving methods and interacted with other students about what they believed to be great tools to their success. Rodriguez introduced a personal tactic. He said he has a bank in Abilene, Texas that handles his savings account and a local bank that handles his checking account. This way, he cannot transfer the money over a mobile application. If he wants the money, he has to drive three hours to get it.
After many methods for financial saving and planning were discovered, students were evaluated and asked to answer questions regarding their confidence to financial goals in the future.
NE student Melissa Harmon shared that she has been 150 percent below poverty level and is re-educating so she can eventually get off disability.
“I’m real clear on what is a luxury and what is a necessity,” she said. “But, it does change based on what has happened in your life.”
