Baylor offers financial resources, money management for students

One of the most effective ways students can save money is by creating a budget. Be on the look out to register for Baylor’s Individual and Family Money Management class. Photo Illustration by Cole Tompkins | Multimedia Editor

By Mckenzie Oviatt | Reporter

College is often known as expensive and a financial burden that can weigh heavily on struggling students. For help, Baylor students can seek assistance on campus to navigate the financial world ahead.

Baylor Student Financial Foundations offers resources and money management advice for students in need of assistance.

Additionally, Baylor periodically offers an “Individual and Family Money Management” class through the Hankamer School of Business. In the class, the professor teaches students how to manage and plan for retirement, how to organize taxes and about the benefits of buying a home. They also learn interest rates and how to properly budget to pay off a mortgage.

Fort Worth graduate student Eva Milam took this class in her undergraduate time at Baylor and now implements these skills while in graduate school. She has managed to save enough to pay off graduate school without taking out loans.

While Milam feels grateful that her parents took care of her undergraduate degree, she said that she has had to work hard to pay off her schooling to become a speech pathologist.

When asked how Milam has paid her way through school, she said that she has tried to keep her expenses to $50 a week.

“I’ve had to be disciplined about spending money on things such as going out to eat and going to events or treating myself to clothes and shoes,” Milam said. “If people are used to spending a lot of money then they think it is impossible. Most of what college students spend money on is going out to eat and buying drinks so I have intentionally stayed away from both of those.”

When asked if Milam feels like she missed out on a full college experience, she said that “emotionally it was difficult to see some college students live off their parents’ budget that she grew envious.”

However, she said that her time is valuable and she works for her money, and that she was able to really consider what social events were worth her time and hard-earned money. Milam still recommends students to get a job in college, even if they do not have to.

“If you don’t figure out how to manage your money and learn the time-value of money before you have money, then you will drown as an adult when you have a substantial income. It’s wise to consider what you spend,” Milam said.

Norris Blount, former chaplain for Baylor football, said that while some student-athletes may be on athletic scholarships, many do not have an added income to supplement their spending. Blount often made suggestions to the players on how to navigate this problem. He recommended that they save half of their food allotment money that the athletic team gives them to use for car payments or gas money.

Houston senior Shelby McGlaun, a student-athlete, has learned to be frugal with her money that she receives from softball by eating what is catered to the team instead of going out to eat.

Milam said that when trying to save money or budget, delayed gratification becomes of the utmost importance.

“Slowly you become prideful in your ownership of goods because you have worked hard for them. It is worth it to invest in the future and be conscientious about what you buy,” Milam said.