The financial puzzle of credit scores, loans and allocating funds can be tough for some. The "Get Your Money Right" program encourages students to begin thinking about their finances, gives tips on how to do so and discusses the importance of budgeting.
The Kaptivating Kappa Lambda chapter of Alpha Kappa Alpha (AKA) sorority sponsored the ‘Get Your Money Right’ program held Thursday night in the Brown-Lupton University Union Ballroom.
"The purpose of this event is to educate college students regarding relevant topics of economics like budgeting and credit,” said AKA member and senior nursing major Marisol Sigala.
During the program, Sigala led a discussion that examined how students can better control their money through budgeting and allocating funds appropriately.
Sigala prompted students to begin separating their needs from their wants when it comes to spending money and paying more attention to where their funds go. The program also covered credit scores and defined what they are, how they are used, where they can be found and why they are important.
Sigala gave students recommendations for online computer apps and programs that can be used to more accurately organize their budgets.
After the discussion, groups of students gathered around to test out their new money managing skills in a game of Monopoly.
"The game really put life into perspective in how some people in the economy have plenty of money and can capitalize on property and wealth more readily than those without as much money," said senior psychology major, Tyrani Murray.
“We want students to learn about money without the stress of handling money so AKA has incorporated a game of economics with an interactive lecture," Sigala said.
“Budgeting, or a lack of budgeting, has to do with dealing with every day decisions…we don't want students to graduate without having some basic knowledge of how to be protected from falling into more debt after graduation,” Sigala said.
Murray said she attended the event with the goal of learning how to manage her money as responsibly as possible.
"I learned that my credit has begun even though I don't have a credit card," Murray said.
This is the first time the program has been presented at TCU, but AKA had a similar event last year called "Counting Your Cash," AKA member Vanessa Norris said.
“I hope people walk away from the event with a better plan for how to mange their funds and maybe even identify what their doing wrong.” Norris said.
To prepare for speaking at the event, Sigala said she spoke with a financial advisor and researched the best practices for budgeting so she could to give students current accurate information.
Sigala said she has always been proactive in budgeting her finances and has already started a retirement fund.
AKA member and chair of the event Adrienne Johnson said money management is important for university students.
“The program shows college students that it’s important to start thinking about their money in terms of the ‘real world,'” Johnson said.
“Not everyone is on the same level financially and the program’s goal is to show how to budget on different income levels." Johnson said.