Students were lectured on the importance of financial planning during the final Money Matters session, held from noon to 12:45 p.m. yesterday in CU3.
Rebecca McGee, ING representative, spoke at the event.
“If you are one of those people, like I was, who can’t live on what you’re making right now, ask for help,” McGee said.
She said that professors and even Financial Aid could help students with financial advice.
“You need to know your budget now,” McGee said. “If you can live beyond your means, you could for example move back in with mom and dad, cut out the Starbucks, or (get) a roommate.”
She said the important thing is to plan now, and have an emergency fund handy.
“Typically an emergency fund is about $500,” McGee said. “It is good to have incase something like your car breaks down, but because you had the extra money it was no longer an emergency.”
Pulling money from retirement is not recommended, she said.
“The federal government does not want people to touch that money until they are 59 and a half, so they try to emphasis that.”
McGee said she suggested that if students have debt, they should do their best to make the minimum payment on all cards and loans, then possibly pay a small amount extra on the account with the lease debt.
“It is better to start small and regain a healthy balance in some accounts, then continuing to pay on all of them,” she said.
McGee said many people are willing to talk with students about their financial future. Students just have to ask questions.