A penny saved is a penny earned

Financial Literacy Seminar gives relevant tips for students

By Alexis Pascaris
Staff Writer

On Nov. 13, a student success seminar titled The Financial Literacy Workshop provided students with the knowledge and power to take control of their finances. Schoolcraft alumni and the Vice President of Comerica Bank of Metro-Detroit, Milanka Miskovic, covered an array of topics including FICO (credit) scores, insurance and budgeting.

Image from ClipArtPanda.com.

Image from ClipArtPanda.com.

Miskovic stressed how crucial it is to maintain a FICO score of over 700. She recommended building one’s credit before graduation arrives by upholding a wise spending regimen while simultaneously saving in a savings account.

“Financial institutions will take advantage of you. We are in the business of making money,” said Miskovic.

With that being said, it is critical that students know their rights, ask questions, calculate and negotiate in regards to their finances. Students can help themselves by keeping a written checkbook, as it is a great way to stay organized and on-top of their money. Also, mobile banking is a convenient way to manage money on-the-go, but Miskovic urges everyone to be cautious of online predators and identity theft. Saving money while being a student with expenses that are overwhelming at times is a difficult juggling act, and the sooner one creates a plan, the better.

The event was packed full of advice and tools for building a financial empire.

“It is important to know where every dollar is going because it’s easy to lose track of it all,” said Schoolcraft freshman Noor Alsaleh.

Schoolcraft student Michelle Diamond said the most important thing she learned was, “the history of my credit score is actually really important, so I best control it now.”

In Michigan, 16.3 percent of people live below the poverty line, so it is important that students educate themselves and have a plan when it comes to their money. Another study reported that roughly 80 percent of the over 2,100 people surveyed admitted that they lost sleep at night about their financial situations.

Whether one likes it or not, money plays a massive role in many people’s lives, therefore it is best to shape a life of financial security through savings and budgeting.