Students who attend three of the Shocker Financial Wellness workshops will be entered in a scholarship raffle, with the chance to win a semester’s tuition. These workshops aim to help students learn how to manage their finances.
The winner of this raffle will receive coverage of their in-state tuition cost based on how many classes they are enrolled in. If the winning student attends from out of state, the scholarship will take off the price of in-state tuition. Student fees are not covered under this scholarship.
The first of these events was the Budgeting 101 workshop, one of six events planned for this semester, hosted on Sept. 17. Students at the workshop were guided through three common budgeting methods with the help of financial volunteers, as well being offered a buffet of chips, dips and cakes.
These three strategies were the envelope method, the 50/30/20 method and the zero-based method.
Using the envelope method, the budgeter creates a designated envelope for a specific amount of money.
In the 50/30/20 method, 50% of the budget goes to needs, 30% goes to wants, and 20% goes to savings.
Using the zero-based method, money is allocated for needs, wants, long-term savings and short-term savings.
The Shocker Financial Wellness team, a part of the Office of Financial Aid & Scholarships, helps students build skills in budgeting, managing debt and paying for college. Janet Hartley, a financial adviser with Shocker Financial Wellness, manages a team of three.
Hartley said in addition to teaching financial tips, she wants to help students learn from their mistakes.
“One thing about budgeting is we all make mistakes,” Hartley said. “Don’t be afraid to come talk to our peer coaches to move along the process.”
Peer financial coaches Brayden Copp and Ainsley Gallagher, offer one-on-one appointments with students to help with budgeting, keeping track of personal finances and reaching a better understanding of how they spend their money.
“I want them (students) to know that we’re always here to help,” Copp, a history major, said. “We are peer to peer so we get how it is being a student.”
The Shocker Financial Wellness team’s office is open for appointments from 8 a.m. to 5 p.m. in room 203 of Jardine Hall and is free for all students.
