Miray Kaplangi, Class of 2018

Q: How do you define financial literacy, and what topics interest you most?

A:  I define financial literacy as awareness of how you manage your finances. I most interested in savings, because I like to plan for the future.

Q: What is your personal money philosophy?

A: Buyer’s remorse is real! Although it doesn’t always work, I try to force myself to question my shopping habits.

Q: Do you keep a budget? Why or why not?

A: I never kept a budget at Dickinson because life on campus is already planned out. We don’t need to buy extra things. Nevertheless, when I graduate I will need to keep a budget the first couple of months.

Q: Have any events at Dickinson inspired you to change your financial habits?

A: Joining the Savē Devils at Dickinson pushed me to become aware of not only my financial habits but also the generational problems. Pop-Up events that Savē helped set-up, from budgeting, to saving to financial scams raised my awareness in what I could be doing to help myself save in the future.

Q: What financial literacy-related advice would you give first year students?

A: If first years want more exposure to financial literacy, I would recommend them to join the Savē Devils! Even if they don’t have time to join the team, first years should attend the Pop-up events. If they don’t have any questions, they can still come to events and let the financial literacy team take care of the rest. However, if they have more specific questions they should never shy away from the financial aid office.

Sara Johnson, Class of 2018

Q: How do you define financial literacy, and what topics interest you most?

A: I think i am still learning how to define financial literacy because there is so much to learn based on changing regulations or expectations. However, to keep it simple, it is important that I know the basics and see how it has a personal connection to me.

For student loans, this could be knowing how much I owe, making a repayment reschedule, knowing my point of contact, how I can pay my loans quicker, etc.

Recently, some of the YouTube videos I watch, like The Financial Diet, and other articles mention that it important to start investing as a young adults. Although, I am still trying to learn more and actively participate in investing, it has been great to connect with people who know more about this subject.

Other financial interests-Also, I have read articles and watched documentaries about cryptocurrency  like Bitcoin. On campus, I attended the panel on the subject, which provided more information on the future and skepticism of cryptocurrency. Very interesting panel.  Overall, student loans, investing, and cryptocurrency are the topics I am most interested in now.

Q: What is your personal money philosophy?

A: I am not sure where I heard this quote, but it said “spend money on experiences not things”. There are exceptions to this statement- if you need to buy a TI-83 calculator, for example, for your career path or personal happiness–buy it. Saving money is great, but don’t skip out on opportunities that could help you find your career path or deepen your relationship with friends, family, etc.

It is important to invest in yourself. I am still learning this, but it is important to do this for your personal well-being and future.

Lastly, If you have a tendency to spend money when you have quick access to it, put it in a separate account so that you will have to think about using the money when logging in.

Q: Do you keep a budget? Why or why not?

A: In the traditional sense, I don’t think I have a complete budget because I don’t allocate a certain amount of money to a category. I base my “budget” on how much I can spend and what I want to save. So, I base my purchases from that amount.  When I want to purchase something, I weigh the pros and cons of each item.

When it comes to large purchases like college tuition, I look for scholarships that would help.

Q: Did you have exposure to financial literacy when you were growing up?

A: Most of my financial literacy comes from YouTube videos, articles, and talking with people who are familiar with the subject. This happened closer to the end of my high school and college days.

Q: Have any events at Dickinson inspired you to change your financial habits?

A: I wouldn’t say these events completely changed my habits completely, but I learn a lot from the Loan Information session and the Bitcoin panel. Also, being an executive member of an organization taught me how to write and organize a budget.

Q: What financial literacy-related advice would you give first year students/students in general?

A: Six years ago, the national student debt reached 1 trillion dollars. On this day, there were many organizations that wanted to educate students and the general public about loans, debts, payment options, Department of Education and more. Although this topic can seem daunting (it can be!), it is important to reach out to people to understand how you can address your loans. Even if you don’t have loans, it is important to understand this since it is a national issue. Reaching out to people can be helpful in other topics of financial areas too.

Ralph Hernandez, Class of 2018

Q: How do you define financial literacy, and what topics interest you most?

A: Financial literacy is a skill set that helps individuals make informed and proper decisions regarding their finances. As of now, the topics that I enjoy learning regarding this area is student loan and credit management.

Q:  What is your personal money philosophy?

A: A “money philosophy” that I learned from my parents is, “Don’t spend money that you do not have.” At face value this a simple concept however to actually execute it requires self-discipline. For me it is about reflecting on what you really need versus what you really want.

Q: Do you keep a budget? Why or why not?

A: I have a budget that I monitor and I frequently check to make sure my credit is within range that I am comfortable with. I keep a budget because this ensures that I will have enough funds for things that are necessary in the future.

Q: Did you have exposure to financial literacy when you were growing up?

A: My family and myself are immigrants therefore our financial literacy regarding in the context of U.S. was limited. However, we learned from experience on what works best for us. With the knowledge we learned, we were able to make better decisions.

Q: Have any events at Dickinson inspired you to change your financial habits?

A: At the beginning of my senior year I learned that one of my loan packages was accruing interest-I was not aware of this. I did my own research and I calculated that everyday I was accruing interest of 25 cents for two and a half years. The total interest accumulated was about $225. Luckily, I save some funds from my internship and paid of the interest and principal.

Q: What financial literacy-related advice would you give first year students?

A: I believe first year students should learn to become more proactive with their finances and loans. Credit and debt is how our economy functions therefore I think it is essential to understand how we as individuals play a role.

We asked some seniors about their experiences with financial education, and we’re excited to share their words in our new series, Savvy Devils.

Introducing our first Savvy Devil –

Madison Jaronski, Class of 2018!

Q: How do you define financial literacy, and what topics interest you most?

A: Financial literacy is the knowledge and understanding of how money works. Further, financial literacy is having the skills to manage one’s financial resources effectively to achieve a lifetime of financial security.

As a soon-to-be college graduate, a topic that has been at the forefront of my mind is repaying student loans. For example, when did “oh I only have 20k instead of 37k (the national average in 2016) of student debt” become a good thing? Because typically that is still $200 dollars each month for ten years.

Another topic that interests me is budgeting, especially for flexibility and freedom. I always strive to maintain a substantial savings account because you never know what may loom around the corner… or when you may come across a certain something that you must have.

Q: What is your personal money philosophy?

A: Treat your credit card like it’s your debit card.

Q: Do you keep a budget? Why or why not?

A: Until recently I have never kept a formalized budget but I have always been mindful of my spending. For example, at the beginning of each semester I would figure out my semester income (Residential Life stipend) and then my semester expenses (Sorority dues). Additionally, about once a week I will check my bank accounts and credit card balances to remain mindful of how much spending money I have. But in preparation for life beyond the limestone, I have worked with my parents and grandparents to develop an extensive monthly budget, which aligns with my payday and time-sensitive expenses such as rent and student loans.

Q: Did you have exposure to financial literacy when you were growing up?

A: I was very fortunate growing up to be surrounded by parents and grandparents who placed great emphasis on teaching me and my siblings financial literacy. Ever since I can remember, every birthday check or special occasion check I received (up until I was 16) would go straight into a savings account that my parents started for me when I was born. Additionally, all of the cash that my siblings and I accumulated throughout the year would go right to “Bank of Mom”. She would keep our cash in secret individual containers and come summer vacation, we would be able to see how much we had to spend. While I did not always enjoy making “voluntary” deposits to the “Bank of Mom”, it taught an invaluable lesson that money does not need to be spent the minute you receive it.

Q: Have any events at Dickinson inspired you to change your financial habits?

A: While I have attended a few financial literacy events on campus and have taken bits and pieces away from each, I have benefited the most from the relationship that I have with my financial advisor, Rebecca Schreiber-Reis. Being able to talk with Rebecca at the onset of each year about my tuition and loan status made the process more tangible, more real. I think sometimes, as students, we forget about the thousands and thousands of dollars that are required to maintain our “Dickinson” lifestyles. I have heard so many of my senior friends, who live off campus, talk about how much groceries cost or how they didn’t think to plan for all the other small expenses that come with living off campus. So remember, those lines on our tuition statements (“Stafford Loan” or “Federal Loan”) do not represent monopoly money, it is actual money and will become oh so very real, very fast, so be prepared.

Q: What financial literacy-related advice would you give first year students?

A: Start building your G-Man and Alibi’s budget now… Just kidding! But think about what matters to you. What do you want to get out of your college experience? Is it saving money for abroad? Is it building a savings account so you can buy your own car after graduation and not have to use your parents’ ’98 Toyota Camry? Give it some thought and do not hesitate to seek advice. No one expects you to know everything about money but everyone is expected to try.