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Seniors look towards future finances

By Jason Zheng

On May 6, 2011

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Senior students at LSC are beginning to make their financial plans as graduation draws near.

A lot of students agree that it's important to have a clear financial plan when they have fixed income, and before this happens, they should be prepared for it.

How seniors manage their earnings and how they improve money management skills after they enter society have gradually becomes a concern, because it will be of great influence to their normal life.

"Generally, I want to be concerned about paying off my student loans, because I have a bunch of those. I will go to a developed plan to pay that off in time at a regularly scheduled amount, like paying a certain amount of money per week, per month and per year," said Daniel Hollis, a senior television studies major.

Because of different problems or different reasons, senior students have different methods to tackle them.

"A good proportion of my income will be locked away, so I can't use that except for paying for my debt. Saving money is very important, because I don't want to depend on my parents in the rest of my life," Hollis added.

Ryan Bennie Lee is a senior graphic design major.. He was planning to go to Japan to find a job, but because of the nuclear leak, he canceled his plan. He also thinks it's really important to have a financial plan.

"My financial planning is to make money and save money as much as I can," Lee said.

Lee pays special attention to his money management.

"I always keep my money in check every week. I'll also go online to check my bank account or go to the ATM to check the balance. I also plan to buy some savings bonds, because its interest is good," said Lee.

As for students' behavior of keeping track of money, some members of school staff have their suggestions.

"I think it's good to keep accurate records and details of income and expense," said Cynthia Robertson, assistant to the dean of administration.

She also has many suggestions to students who don't know how to keep track with money.

"My husband and I use a counting software called Quicken. It's an online check book register and can record every single kind of transaction," added Robertson.

There are also many sources off campus that are available to students who want to have a better control of their earnings. Paulsha George, director of payroll and benefits, advised that senior students take some workshops provided by local banks.

"I know that some local banks, like Passumpsic, will hold some courses to help people create a budget. The personal bankers will help create different accounts and teach how to use and balance accounts," George said.

Passumpsic Savings Bank provides free financial literacy programs to both students and adults. Twelve schools in the Northeast Kingdom receive instructional course materials sponsored by the bank on how to open and manage a checking account and how to establish credit and understand the lending process.

PSB participates in the National Teach Children to Save Day by participating in classroom programs throughout the bank's market area. Bank staffs are also available to work with community organizations on financial literacy training programs.

George also suggested students search online information about getting started to make investments, saving plans and retirement plans.

Students can also refer to the Career Services Center for more information.