By Haley Bartlett, Staff Writer –
For college students, money can be a stressful subject, but the Financial Wellness Center on campus can help students create a budget plan that could help them in the long run.
Bryan Bulmer, financial wellness program coordinator, said that about 90 percent of students who come into the Finance Wellness Center come to create a budget plan.
“The students that come in are curious about where they’re at, and it’s like an ah-ha moment, bringing it all together,” he said.
When students go in for tips on how to create a budget, the workers in the center break it down in sections of expenses. These sections include savings, utilities, personal, etc. Bulmer said that students, especially commuters, should start with housing.
“I focus on Renter’s insurance and encourage all students to finance it in case of any incidentals to property, like things being stolen,” Bulmer added.
Though the center is there to help students create budget plans, Bulmer said that they don’t dictate how students should spend or save their money. Instead, Bulmer said the advisors are there to guide students on the best action, but that ultimately it’s the student who decides how his or her money is spent.
Bulmer said that there are helpful apps that students can download to make budgeting easier, like Mint, Wallet, and Everydollar.
Bulmer also said that students should focus on creating a “Sinking Fund” when they are budgeting. The money that goes into this fund is set aside each month and can be used for all the extra spending outside of essentials.
Even though, the Financial Wellness Center can help students with their budgeting, some students, like Chris Thornberry, a junior from McEwen, Tennessee, said budgeting isn’t really important to them right now.
“I don’t spend enough money to need a budget. I only spend on the essentials: food, rent, and the occasional video game,” Thornberry said.
For more information on the Financial Wellness Center, click here.