Recently at the Academy we had a financial planner come talk to us about the most effective ways to save money, specifically saving money for college. He talked about the expenses of college and the estimated amount that we would have to pay to get into college. He included the average cost of books, food, apartments or living on campus and car insurance. After he finished his presentation we all put together our own individual budgets for college. The main thing I learned in this part was how expensive college will be. I have heard people like Laura, Elle, and Ryan say this to seniors when they work on college things. But having another person show us how much money it will cost when everything is included was really helpful.
I learned a lot of things about financial planning including what interest is and how it works and that it could cost us more money as time goes on. I learned the difference between certain types of loans which will be important for when I go to college. I learned how making a budget and sticking to the budget will help me be more disciplined with my finances so that I can save my money instead of spending it all at once.
The one thing that really surprised me was how much college textbooks cost! I also learned that I have to take in consideration the cost of food, what type of college housing and the cost of a car if I’m going to have one. It was good to learn that we have to pay for more than just the actual tuition and that other things add up to make college more expensive. I am glad the financial literacy taught me this stuff early so I can start saving!
Thank you HomeAid Colorado and Bank of America for providing this valuable training to our scholars!