SMMC guides students to financial literacy

As a University of North Georgia (UNG) senior studying finance, Ross Sturgill knew how to form a budget to track his expenses and savings. But it wasn't until he volunteered with the Student Money Management Center (SMMC) that he learned more valuable lessons.

"With my limited income, I knew I wanted to create an inclusive budget with a Christmas fund for my family," Sturgill said. "But I didn't think about setting aside money for my friends. I realized I needed to start saving sooner."

Sturgill shares this knowledge and other tips as one of SMMC's money mentors. They are a diverse group of students trained as certified financial education instructors who meet with groups and individuals to help them develop good financial habits.

"Many students lack financial skills," Sturgill said. "After I went through the Student Money Management Center training, I realized that I could give what I learned back."

Money mentors also provide financial literacy information through workshops, classrooms and events on all five UNG campuses. Two annual workshops – Financial Fitness Series and Making Cents Make Sense – occur in October and November on UNG's Dahlonega, Gainesville and Oconee campuses.

Sturgill advises students to attend them all, because each delivers unique lessons.

"Making Cents Make Sense is the most fun," the 21-year-old from Gainesville said. "It's like a giant 'Game of Life' board game that students get to play."

In the game, students receive a salary based on their major. Then they decide to rent an apartment, buy a car, go on a vacation, and establish long-term goals, SMMC Director Erick Jones said.

"The students see how far their paycheck will go," he said. "We add up their income and subtract their expenses and see if they are living off their credit cards or putting money away for savings."

The SMMC also sponsors the Financial Fitness Series each semester. The four-part series covers personal finance basics through interactive learning activities. Students learn to budget their money, understand their credit score, use credit cards responsibly, set long-term financial goals, and become aware of identity thief and risk management.

"Students will acquire a solid foundation that will lead them toward sound decision-making for their financial future," Jones said. "Sometimes you don't know what you need to know. These courses help clear up that picture."

If students need any personal financial help, the SMMC staff and its money mentors offer one-on-one consultations. Sturgill said he enjoys working with individuals.

"I like to see where the students are starting with their finances and where they want to go," he said. "Then I get to help them get there."

For example, one student Sturgill helped wanted to save money for a study abroad. The pair developed a budget and savings plan.

"The student saved $2,000 while going to school and working a part-time job," Sturgill said. "We came up with ideas and the student put them into action. I love that about my job."

For more information or to volunteer to become a money mentor, visit the SMMC website.