Lee offers resources for students to budget their money
Photo by Taylor Baker.
A recent article by CNBC stated that “16 percent of millennials … now have $100,000 or more in savings.” While this may seem like an outlandish dream to college students struggling to pay for school, housing and other expenses, some financial experts believe it is a possibility.
Lee University Professor of English Dr. Andrew Lee volunteers his time teaching Financial Peace University (FPU) — a Dave Ramsey course on how to save money.
“Many people may find these goals intimidating or unrealistic, but in my opinion, they are achievable if one has the proper amount of self-discipline, diligence and ambition,” Lee said.
According to Lee, he learned these values from his parents. He now instills the same drive within his children.
“[My parents] always worked hard and taught us money comes from work and from keeping a job,” Lee said. “They saved and invested to become millionaires by the time they retired, so I knew this was the formula for success.”
Junior accounting major Amy Friedl has learned a lot about the importance of budgeting in a classroom setting. The innovative lessons she has learned have now applied to her finances.
“I have studied budgets, but I have not learned much about a personal budget,” Friedl said. “I’ve learned a lot in my major about responsibility as well as the impact of money on society. I think this has caused me to start my own savings account and begin saving.”
Lee has several recommendations for working college students to set them up for the future, including investing in the stock market and saving money from every paycheck.
Lee suggests students use acorns.com, a site that "rounds up your purchase to the nearest dollar and automatically invests the spare change.” Another way to save money without much effort is through a paycheck.
“It would be smart to have a certain percentage of your weekly paycheck automatically deducted and moved into a savings account so you never see the money, and you won't miss it,” Lee said.
While there are beneficial ways to save money, Lee said there are common misconceptions in budgeting, such as saying “no” to luxury expenses.
“Saying ‘no’ to gourmet coffee and eating out is simply painful deprivation unless you're making intentional choices to save and invest the money you didn't spend,” Lee said.
Students who are curious about how to start budgeting and desire free one-on-one financial consulting have access to on-campus resources. Brieanne Maya, a student success coach at The Hub, explains that Lee’s success coaches receive training from InsideTrack, a partnering organization that provides resources and methods for students seeking financial wisdom.
According to Maya, the coaches provide support in budgeting, employment and scholarships.
“We work with students to provide information and resources to allow them to feel more empowered to understand the long-term financial impact of their current decisions and circumstances,” Maya said.
It may seem overwhelming to save money at such a young age, but seasoned financial advisors like Lee suggest now is the perfect time to begin.
“Millenials and Gen-Z may not have much income yet, but they have one thing that the older folks haven't got and can never get — time,” Lee said. “Time to let their investments grow over many decades.”
For more information on saving money, check out resources such as acorn.com and Financial Peace University.
To get connected with a student success coach, stop by The Hub in the PCSU, email The Hub at thehub@leeuniversity.edu or submit an alert to request a coach through the Student Portal in the LeeU App.
