While the balance between school work and social life varies between students, being financially unsure is often a common denominator in the life of any student.
In response, the University of Idaho offers financial and emotional counseling to students and is in the process of creating a new program to prepare students for their varying financial futures.
Leslie Hammes, associate director of Financial Aid and Scholarships, said learning about personal finance in college is an important skill, which is why she and others developed the Better Education About Money for Students (BEAMS) earlier this year.
“Dan Davenport (director of Financial Aid and Scholarships) and I felt strongly that we needed a component of financial wellness for all students,” Hammes said.
The program is designed to help students learn about budgeting, savings, loans, house payments, credit and other personal finance issues.
Hammes said coordinators of the program are determining what direction they want BEAMS to take and are working on other aspects of the program.
Christiane Williamson has been tasked with managing the BEAMS program.
Williamson said universities across the country are adopting more financial education and wellness programs for students.
She said students should take advantage of their Vandal card to save money.
The Vandal card allows students to access various facilities and entertainment venues around campus, including the Student Recreation Center, athletic events and the library.
She also said students should use the College Coupons books distributed throughout campus as well as the Student Survival Kit coupon book to reduce costs.
The kit has a downloadable app for smartphones and students can also print coupons from the company”s website.
Williamson said students should determine what percentage of their budget goes toward certain living expenses.
She said students should put at least 30 percent of their budget toward housing, 15 percent toward transportation and 15 percent toward food and home goods.
She also recommended students work a part-time job.
When working a part-time job, Andrew Brewick, director of UI Advising Services, said students need to make equilibrium a priority.
Brewick said he counsels students on how to achieve a balance between personal, academic and professional life. He said students can work a part-time job, pay bills, get involved, do classwork and fit in a social life.
But he said he reminds students not to let the stress of making money impact other aspects of their lives.
“If, during those months, your weeks aren”t any fun because your days aren”t any fun – they are not satisfying, they are not fulfilling – that has a cumulative negative effect,” Brewick said.
Williamson said stress is a big part of finance and she refers students experiencing emotional distress to the Counseling and Testing Center.
In terms of balancing finances with academics, Williamson, Hammes and Brewick had varying opinions on the feasibility of finishing college in four years. All agreed that a four-year plan is a student”s best option for financial and academic success.
Hammes said the longer students take to complete their degree, the longer they will have to pay college tuition and the longer it will take them to get into the workforce.
Brewick also advocated on-time completion, saying he is a strong advocate of students taking 15 credits per semester. He recommends students earn as much as they need as long as work doesn”t impede on their academic success.
For more information on financial management, students can visit the Student Financial Aid office in the Bruce Pitman Center or go online to thesurvivalkit.com for printable coupons and more information.
Taylor Nadauld can be reached at [email protected]