Last week we did two presentations for William H. Thompson Scholars. On Monday, we presented “Money 101” which included information on budgeting, credit, insurance, and investing. We looked at examples of student budgets and talked about average expenses. Then we discussed wants and needs and how we could find cheaper alternatives for our wants. We shared some favorite coupon services used by UNL students and then looked at different methods for paying off debt. Next, we talked about how to stick to a budget (we have a new handout on this in our office!) and the importance of avoiding overspending and not wasting money. Lastly, we talked about creating financial goals and an emergency fund. To cap off the budgeting portion of the workshop, we did a budgeting activity together to practice budgeting money toward expenses.
In the credit section we talked about the differences between a credit score and a credit report. Then we told students how they could get a copy of their credit report for free. We also told them how they could build a good score or repair a bad one and how their credit score would affect them throughout their lives. Then we discussed credit cards and their Ncard. At the end of the credit section, we did the money personality activity with the scholars and discussed each type of money personality activity. Finally, we talked to the students about insurance and investing. In particular, we discussed using insurance to avoid financial risk, how to know if you’re ready to start investing, and why investing is so important in preparing for retirement. We had almost 60 students attend this session!
On Thursday, we presented on the topic of Moving Off Campus. Almost 25 students attended this session where we discussed all aspects of preparing to move off campus. First, we looked at average rent and utilities costs to give the students an idea of what it really costs to live off campus. We also talked about making a budget to figure out how much money they could spend on an apartment, and how living with a roommate would cut expenses. Then we discussed one-time expenses to watch out for, and how to start searching for an apartment in their price range. Next, we talked about credit and cosigning in regards to renting an apartment, and talked a little about how to understand a lease. Finally, we discussed ways to save money on gas, food, utilities, decorating, and furniture.
We had a great time meeting so many WHT Scholars and we hope that each of them learned something new! If you would like the SMMC to present a workshop to your group, please let us know!