Money Management

There’s a saying that goes “Don’t count your chickens before they hatch.” Similarly, Kanye West spit the line, “I gotta a problem with spending before I get it.”

These visually broad and extreme statements are reflective of people with a financial status that is more than likely seen as carelessly stretched.

At the beginning of each semester, right around net check season, many students flock to the malls and local department stores. Usually, by the middle of the semester, these same students begin to make the please-send-me-money calls home.

This mentality can eventually cause one to cross the boundary between being broke and ending up in debt.

“There are students that are not used to having large sums of money and that invites spending out of control,” said Athalia James, 23, a senior English education student from West Palm Beach.

Are you spending money on things you don’t need? Where do you draw the line between your wants and needs? Finally, how can you invest more?

In an interview administered by Nicole Lewis of Black Enterprise magazine, Charles Glass, a Howard University professor who specializes in building wealth, outlined three simple rules to achieve outstanding financial goals. They include find additional sources of income, seek financial advice and limit investment fees.

Another way to avoid debt is to be wary of applying for too many credit cards.

“You can go into dept early in your youth simply from credit cards. They’re easy to get though hard to keep,” James said.

Although net checks seem like gift certificates to embark on lavish shopping sprees, consider investing and creating a system of money management.

“Their state of mind is to live for the moment and have the latest things,” said

Taderryl Holley, 22, a senior Sociology student from Fort Meade.

Managing your money does not necessarily mean living on a budget.

“A lot of us lack the effort in taking the time to get the real knowledge of

the business, be it starting your own, money management or investment,” Holley said.

Some exude a great aversion toward investing money.

“Spending, the biggest problem at FAMU,” said Johnsto Osagie, assistant professor of finance at FAMU’s School of Business and Industry.

Many people yearn for the luxurious life of the rich and famous. Students come to campus loaded with cell phones, rims, cars, clothes and jewelry, Osagie said.

Some of these students ignore other priorities to obtain commodities.

“I believe most of those things they could do with out. In the end, there’s no money to pay for bills they’ve made, nor books that they need for class,” Osagie said.

There are many simple rules to follow about spending wisely, the key is finding which one works for you. When done properly, money management can create security and alleviate stress.

Although it may be a struggle to fight the urge to shop, remember the financial freedom you can experience by simply managing your funds. Financial safety and security is only a deposit away. Otherwise, you may end up living the rest of your life trying to keep up with the Joneses.

Contact Cutina Francis at