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SMMC challenges students to save money

2020-09-14-SMMC-money-mentors
The Student Money Management Center's money mentors talk to students in fall 2019 about financial literacy. The money mentors, who are a diverse group trained as certified financial education instructors, can help students during the "Build Your Nest" Savings Challenge in fall 2020. Students may participate as individuals or groups to achieve a specific and achievable financial goal.

Whether it is saving money for textbooks, a car, sorority or fraternity dues, or even gifts, the Student Money Management Center (SMMC) has a new program to help students reach their goals.

The SMMC launched the "Build Your Nest" Savings Challenge in fall 2020 with a specific and achievable financial goal in mind. Students may join as individuals or groups. For example, if a fraternity or sorority wants to assist its members to pay dues, it can register with the SMMC.

"We can work with the organization throughout the semester to track members' progress," said Erick Jones, director of the SMMC. "If members have difficulty paying dues, we can work with them and help them save money. It can help take the stress off."

Students participating in the savings challenge can win prizes for achieving a percentage of their goal, Jones said. Students may register anytime during the semester by scanning a QR code or visiting cglink.me/R725389.

Students will not have to meet the financial challenge alone. The SMMC's money mentors will provide assistance to their fellow students and groups for the savings program. Money mentors are a diverse group trained as certified financial education instructors.

Money mentors will connect with the registered students to establish a savings goal, review the goal and determine how realistic it is based on their resources.

"The advantage of using our money mentors is they have experienced the same things as their fellow students, but they are in a role to assist," he said.

Money mentors also provide accountability for students.

"You're 40% more likely to achieve a goal if you write it down, and 70% more likely to achieve it if you write it down and tell someone about it," Jones said.  The goal of the Build Your Nest Savings Challenge is to build students' lifelong financial management skills, which is the mission of the SMMC.

For more information, visit the SMMC website.

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