ORLANDO, Fla. (UCFKnights.com) - With our partners at Northwestern Mutual, UCF Athletics brought in a new spin to personal finance, as financial advisors from NW Mutual came in to talk money with our student-athletes.
Learning the basics of banking, credit and financial safety, this workshop aimed at teaching the importance of creating a personal budget as a way to manage cash flow. To further drive the point home, student-athletes were asked to fill out their own income and expenses, which proved harder than expected as they were forced to come to grips with their spending habits, fixed costs, variable costs and the difference between a want and a need.
"The Finance 401 Program helped me financially prepare for my life after college," Marissa Codispodi, senior from UCF Cross Country/Track and Field. "I gained a general understanding and rule of thumb of how I should divide my future income and what expenses it should go towards.
"I learned the importance of an emergency fund, which should generally provide support for three to six months, in the event of a financial emergency. It was also nice to learn ways to lower monthly expenses and how to use my money more wisely. Lastly, having never owned a credit card, I really appreciated learning more about using them, and how to maintain an acceptable credit score. Overall, this program improved my general knowledge about how to manage my finances and budget wisely."