The National Council of Negro Women at Florida A&M University hosted a financial literacy seminar “Balling on a Budget”, Thursday in the Benjamin L. Perry building.
Since a new academic school year is vastly approaching, college students will be making decisions on how to successfully spend their money and balancing their needs and wants.
At the beginning of the event, students were greeted by Brionne Riles, the academic and entrepreneurial development committee chair of NCNW who organized the seminar. Other members of NCNW were also there to help facilitate the event.
Riles expressed the reason as to why she conducted the seminar.
“As the chair of the academic and entrepreneurial development committee, I tried to find something that was relatable to all college students,” Riles said.
Riles said that because college students are increasingly managing their own money, it is important that all college students know how to budget properly.
During the presentation, several subjects were discussed such as how to designate money to different categories of your budget, prioritizing those funds, and the ‘rule of 72’ which refers to calculating interest rates.
During the seminar, students participated in interactive games and created vision boards to create awareness about budgeting.
The first activity played was called the bean game, which laid out all areas in which you are able to spend your beans (money) based on budgeting. As the game progressed, more and more unexpected situations would occur in which the amount of beans you spend would decrease. This is where it usually got complicated for most students.
Riles wanted students to understand the importance of budgeting. This game served as an example to teach students how to prepare for financial emergencies.
“The most important thing I wanted the students to understand is that you never know what could happen that you did not plan for. You can’t plan for accidents or tragedies that may occur. Budgeting prepares you for whatever,” Riles said.
JaKia Edwards, a freshman student expressed that she never considered budgeting, but after the bean game, she finally understood the value of money conservation.
“This activity really helped me understand the value of money and how to spend based on budgeting while in college and after, especially since I’ve never budgeted before,” Edwards said.
After the game, magazines, boards and scissors were provided to the students to create vision boards based on the income they desired. This established an interactive environment for the facilitators and the students who attended.
As the seminar concluded, several students expressed how beneficial the seminar was for them. Many agreed that the tips provided to manage their money responsibly would be put to use.
Theodis President, a member of Phi Beta Sigma, shared his favorite part of the evening.
“My favorite part of the seminar were the activities. It really made you think about where and how you spend your money,” President said.