Student-athletes learn to live on a budget in the Beyond Sports workshop

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The South Carolina student-athletes learned a lesson on managing personal money and staying on a budget on Monday as part of their weekly professional development program and summer internships beyond sports. Monday’s “Mad City Money” workshop was presented via Zoom by Jessica Banks of Founders Federal Credit Union.

“I have definitely learned how to budget more effectively, especially as the debt and costs will increase more after I graduate, and I need to become more financially independent,” said David Olds, a senior amount of the athletics team, which studies geography. and political science.

“I learned the importance of budgeting,” said Kaeli crews, a rising junior in sports and entertainment management on the beach volleyball team. “I’ve seen my parents do it all my life, but not as many as I’ve seen after doing the workshop.”

Banks, a former student volleyball athlete at Virginia Intermont College and currently a financial education representative at Founders Federal Credit Union, subjected the Gamecocks to a realistic fiscal year where each was given a full-time job and a salary as well. than other details of individual life such as having a spouse and children. It was then up to each student-athlete to make choices about various living expenses such as paying a mortgage or rent, transportation, groceries, entertainment and various utilities, among others, as well as unforeseen bills, everything. while staying within budget of their salary.

“You have a whole new life and you have bills.”
-Jessica Banks

“You’re going to buy a house,” Banks told the student-athletes. “There is transportation, so you have to buy a car. There are meals to feed your family. You have to put things in your house, clothes and all that. Everything you do in this class is what you should be doing in the real world once you have a stable job and a stable income The first thing you need to figure out is how much money you are making each month.

“You have a whole new life and you have bills.”

For student-athletes, the cost of some expenses was telling.

David olds

“It could be a little overwhelming,” Crews said. “The mortgage payment can be a bit of a shock. Having to buy cars for me and my spouse (in exercise) and then the grocery bill was pretty high too!

“It’s expensive to have kids,” Olds said with a laugh. “Shout out to my mom for making this possible! It was a shock. The sacrifices you have to make at all levels, whether it’s your life situation or the errands you take home every week , there are definitely some things you can’t spend that much money on. You can’t always be as comfortable as you hoped. “

“Now I have a sense of what it feels like to be an adult,” joked Stephanie Davis, a senior athletics team, during the panel discussion.

The student-athletes also learned the importance of paying off credit card debt and at least paying the minimum payment each month if they cannot pay it all off at once to avoid damaging their credit score. and accumulate significant interest costs.

“Every time you get a loan, whatever it is, you have to pay it all back,” Banks said. “You don’t have to pay everything off right away. It’s always good to pay off a debt if you can. You don’t want to pay off a debt either and that leaves you in a bind. You never want to be there. get to the point where you can’t pay back the minimum amount. This is not ideal. If you get to that point you need to re-evaluate your spending. You absolutely need to pay your minimum payment, but if you can afford to paying more is smart to do because you will be paying the interest of the business.

“Looking at some of the debt, whether it’s credit card debt or student loan debt with the various expenses, gave me an idea of ​​what this can be like. look like after graduation, ”Olds said. “In my (simulated) situation, I came out pretty close to a tie, so I hope this exercise helps me stay that way after I graduate.”

“I came out ahead (in exercise),” Crews said. “It taught me to understand what you’re getting yourself into when you start budgeting your money. You can’t always be generous with your spending. It’s okay to buy yourself nice things, but you have to balance that. you do.”


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