By Almendra Carrion
Money plays a vital role in our lives, yet many of us navigate its complexities with limited understanding. Whether you come from a family well-versed in financial matters or not, the broad concept of how money works is still elusive for many. Financial education is often constrained by the need to delve into professional finance careers, leaving most of us without the indispensable concepts to manage our finances effectively.
The ability to use money as an instrument to achieve a variety of goals —such as saving, creating an emergency fund, ensuring protection against unforeseen events, and making informed investment decisions—is crucial. Unfortunately, many people wait until adulthood to tackle these topics, missing opportunities to develop financial skills earlier in life. Money, whether in physical or virtual form, should be used as a vehicle for growth.
“I think when learning about personal finance, students just don’t want to do it. There are classes that offer it, but students don’t take those opportunities and that’s why most students aren’t financially literate,” said Camryn Tyrrell, a television and digital media junior. “I do think that being financial literate can definitely help after graduation because it can set you up for success once you are out of school.”
One common challenge is the habit of saving. Many individuals struggle to incorporate saving into their routine, often prioritizing immediate expenditures over long-term financial security. Comprehending how much to save and exploring investment options beyond traditional savings accounts are essential skills.
A foundational concept in personal finance is "pay yourself first." This principle involves prioritizing savings by setting aside a part of your income before addressing other expenses. According to the 50/30/20 rule, saving recommend saving at least 20% of your salary is recommended. However, even a smaller percentage can be beneficial.
This approach ensures that you build a safety net and invest in your future. Moreover, being familiar with life insurance and other protective measures is important because our loved ones can be affected by our decisions. Assessing various policies, recognizing their terms, and comparing options helps you make informed decisions that suit your needs.
Barry has determined how important financial literacy is to its student body and, while it is not required that students attend, Student Services is providing a workshop series throughout the month of October to help answer burning questions about managing money effectively.
“These workshops are an excellent opportunity for students to gain knowledge on budgeting, credit management, and more, preparing them for their financial futures,” Director of Student Services Sasha Maldonado wrote in an email to Barry faculty in hopes of getting their help with student recruitment.
Event Details:
Location: London 110, Event Room, 12 - 1 p.m.
Topics & Dates:
Wednesday, October 2: Budgeting/Saving
Thursday, October 3: Global Perspectives – International Students Only
Wednesday, October 9: Smart Borrowing/Loan Tips
Wednesday, October 16: Building & Understanding Credit
Wednesday, October 23: Building Wealth/Investments
Location Change: Kotska Room – Thompson Hall
Wednesday, October 30: Tools for Avoiding Identity Theft & Scams
Thursday, October 31: Tools for Avoiding Identity Theft & Scams – International Students Only
Incentive: Attend 4 out of 5 workshops and enter to win a $500 scholarship towards your tuition!
Bonus: Enjoy free food while you learn!
By embracing these topics early on, college students can transform their approach to managing money and making clever choices. Investing in our personal finance knowledge equips us to face the challenges of money management with confidence.
As we look to enhance our financial education, we unlock the potential to turn money from a mere necessity into a strategic ally in achieving our goals.
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