By Bry Colyar / The Jambar
For many students, financial responsibility and budgeting can be a tedious and stressful process without the right tools for success. The problem for most is where and when to start, but luckily, there are several resources and tips to help Youngstown State University students navigate these issues.
Connie Augustine, the Volunteer Income Tax Assistance Program director and YSU lecturer of the Lariccia School of Accounting and Finance, said students struggle with budgeting due to a lack of understanding. Students can take control of their finances by learning to track spending.
“Students need to better understand how to track their daily, weekly and monthly spending. A spreadsheet is a great solution,”Augustine said. “It is as simple as tracking cash in and cash out. Students should be writing down all of their expected expenses and when those expenses happen in order to plan how much cash is needed and when. It is really important to understand when funds are needed.”
When tax season rolls around, Augustine urges those with wage incomes to stay updated on what forms are needed for filing.
“For students that only have wage income from an employer, a tax preparer such as Tax 29 is fine, but students still need to check with their parents to verify if the parents will claim the student or if the student will claim themselves for tax purposes. Knowing that information before going to a tax preparer can save a lot of headaches,” Augustine said.
Augustine also encourages students to never spend beyond their means, especially when using a credit card to build credit scores.
“When you get a credit card, you start by using it for something small, such as gas for your car or perhaps a coffee,” Augustine said. “When you get home, you either pay that off on your credit card that same week, or you put the money aside to pay the credit card bill when it comes. Students should never wait for the credit card statement to come to find out how much they owe.”
Augustine advises students to live below their means, plan to save at least 10% of their income and to never let credit card debt accumulate. She also said YSU provides classes to learn and practice money-saving habits.
“[Huaiyu Peter] Chen teaches a finance class called Planning Your Financial Future, which is a good overview of many financial matters that students should know about for life in general,” Augustine said. “The [Williamson College of Business Administration] also has many financial and accounting courses that students can take from income taxation, which I teach, to insurance, retirement planning and trust/estate planning.”