On Tuesday, March 3, ETSU’s Graduate School hosted a budgeting and debt repayment workshop. Anca Traian, associate professor in the Department of Economics and Finance, led the workshop, providing students with in-depth information on financial literacy and repayment strategies.
The workshop covered topics related to college such as repayment on student loans as well as many broader topics focused on preparing students for life beyond college. This included topics such as mortgages, buying a house versus renting, credit cards, buying a car and car loans.
Traian emphasized budgeting first to lead into a successful repayment plan along with thinking about strategies for borrowing to better set oneself up for success.
“Plan well whenever you make a financial decision. Think from all the perspectives. Have a plan A, and if that doesn’t work, have a plan B, and if that doesn’t work, have a plan C,” Traian said. “We tend to make financial decisions sometimes with our heart, but it should be done mathematically.”
Another key aspect of financial success discussed during the workshop was the importance of research and being aware of the circumstances surrounding each financial decision and how those may change in coming years. This included broader circumstances related to the current economy, interest rates and job stability, along with knowledge of how a financial decision will fit into more personal areas such as someone’s long-term goals, their potential income after college and their individual level of discipline to create a plan that will work for them.
With these factors that are constantly changing, it’s important to remain informed and research before making a financial decision, especially if it will have a long-term impact.
“If you’re not sure about something, ask. There are so many resources out there,” Traian said. “You don’t have to go to a financial planner. You can just read and look online for resources. And there are so many associations and nonprofit organizations willing to help. If you think you’ve gotten yourself into trouble, they will be willing to work with you and help you get out of it. But if you are not sure, it’s better to ask than do something that’s going to affect you for the rest of your life.”
The Graduate School hosts several workshops and events throughout the school year to help prepare students for both their time in graduate school and afterward. Later this semester, the school will host a workshop on the “imposter phenomenon,” a graduate alumni panel and a networking and mocktails event.
