On-Campus Workshop Teaches Financial Literacy

On Wednesday, April 16, Angie Hoovater, FSU Financial Aid Director, discussed financial literacy to a group of students in the Lane Center. The workshop discussed money management skills, credit card management, student loans, credit scores, and helpful tips that ensured saving money while in college.

Hoovater focused on the top money drains a student loses their cash to. The first is coffee. For an average cup of coffee, ranging around $3, the annual cost spent is around $1000 dollars.  Want a less expensive way to indulge the coffee routine? Try brewing pot of coffee at home. Research suggests that making coffee at home will only cost a student around $176 annually. In comparison, buying a three dollar cup of coffee everyday could amount to about $1095 annually.

Next up on the list were the yearly movie expenses.  With continually rising costs in the world of entertainment, just one movie a week is priced anywhere between $10-12, depending on the movie experience. For an inexpensive route, opt for alternatives, such as $5 movie nights at a local theater, red box movie selections, Netflix, and even discounted bargains at local stores.

Another money drainer is the popular choice of pizza delivery. Research has shown that the average cost of ordering pizza from popular franchises such as Pizza Hut, Papa Johns, and even the local establishments such as Gianni’s and Fatboys varies anywhere from $500 to $600 a year. Instead, pick up a few gourmet frozen pizzas found in the frozen section isle of any grocery store. These pizza assortments are tasty, priced at around $6- $7 verses the other leading pizza brands, and will not break the bank. Purchasing store-bought pizza will cost only around $260 yearly, which is a significant difference, around $340 to be exact.

Another item on Hoovater’s list was the use of vending machines on campus. A cheaper alternative to this would be value packs. Go to the local grocery store and stock up on snacks.  The same goes for bottled water. Instead of purchasing multiple packs of water throughout the school year, decide on a filtered water system. There are a basic faucet filtration system for at-home use for just $18.99.  That can be utilized for several months, saving both time and money.

For more information on financial literacy, please visit. www.frostburg.edu/financialaid.com.