Dipping into the piggy bank
[img_inline align=”right” src=”http://padnws01.mcmaster.ca/images/piggybank-money2.jpg” caption=”Piggy bank with Canadian money. “]Let's face it. University students don't have a lot of money. Rising tuition fees, expensive textbooks and monthly rent doesn't leave much left over to live off of. But with careful planning and some discipline, even cash-strapped students can live in the lap of luxury. Well, sort of.
Being money-wise isn't an innate skill for most. In order to help students learn how to cope with increasing financial demands, McMaster provides a number of valuable and useful services; classes, workshops, budget counseling and now, even online interactive activities are available.
This week, the Office of Student Financial Aid & Scholarship (SFAS) has launched a brand new interactive game, Budget Bonanza, to help students practice managing virtual money and learning the 'ins' and 'outs' of budgeting. This Flash based game takes a fun approach to managing finances from a student's point of view.
“Players start out with a limited budget and have to explore areas on a map that mimics McMaster and the surrounding community. Each location presents a different scenario for which you have to make a choice affecting your budget. The game makes you think about the decision you make as a student on a daily basis,” says Stephen Quinlan, computer engineering & management student and creator of the online game.
Last summer, as a summer work program participant, Quinlan also built an online interactive budget builder for the SFAS site that shows students exactly where they stand financially. With helpful links to tuition fees, scholarships and bursaries, student loans and meal plans, students can input their estimated resources and expenses for a customizable budgeting period. Once the numbers are in, students can print off the completed budget and bring it to SFAS for personal budget counseling.
“You need to know the difference between a need, like healthy food, and a want, like a new pair of designer jeans, in order to budget well,” says Kim Finlay, SFAS communications officer. “Students should feel free to drop into our office to discuss any concerns. Our experienced student loan officers are here to help everyone, regardless of their financial situation or whether or not they are already involved in one of our programs.”
External funds are an effective way to supplement a student's back account. To assist in the application process, SFAS has developed a searchable database for scholarship and bursary programs available at http://sfas.mcmaster.ca/search. Simply typing in descriptive keywords or selecting the relevant faculty will help narrow down the search for appropriate and suitable scholarships and bursaries.
The importance of budgeting and finance is also making its way into McMaster classrooms. This year, the DeGroote School of Business has offered a new undergraduate course in personal finance management taught by Sherman Cheung, professor in finance & business economics. Shortly after its announcement last Fall, registration skyrocketed to an unexpected 230 students, demonstrating that even students recognize the value of financial know-how. The course was so popular that the number of sections available next September will increase from the current two to four.
Aimed at equipping students with the basics of personal finance, Cheung's course tackles financial issues including income tax planning, stocks and investments, credit and debt management, mortgage financing and saving for retirement. The philosophy is to give students an understanding of how the financial world works so they are prepared when faced with tough decisions later on.
As students head into the summer months, Career Services provides important resume counseling and interview coaching for the summer job search. Students demonstrating financial need may also be able to work on campus through the Work-Study program. (To qualify, students must apply online through MUGSI and be approved for the summer work program.)
As Stephen Quinlan knows, working through the summer months is a good way to save for the school year and to build your skill set for future employment opportunities. “I'm no artist, that's for sure!” said Quinlan. “A lot of people were surprised that the budgeting game was my first attempt at using Flash. I can thank SFAS for giving me the opportunity to learn new skills while in the work program. It was great to be able to produce something I could show my friends that could make a difference for students who need help with budgeting.”
For many students, going to University is their first time away from home and their first opportunity to manage their own money. While the responsibility may be daunting and overwhelming for some, there are an abundance of tools and services available to them at McMaster. Even if students feel most of their funds are tied up in their education and basic needs, there are still effective ways of utilizing money to lead a comfortable lifestyle and, hopefully, have a little fun.
