SIFE Lecture Series
SIFE’s Lecture Series brings Carolina Collegiate Federal Credit Union
Helen Powel l, Vice President of Human Resources/Business Development, at Carolina Collegiate Federal Credit Union spoke to students on Tuesday March 1, 2011. Helen spoke to approximately 50 students on “Tips for Financial Responsibility.” She opened her presentation by reminding students that “you can be controlled by your money or you can control your money.”
Tip #1: Empower yourself by asking questions.
Students should ask the financial representative questions. Questions include: Is there a fee for using my ATM? Helen says never – ever - pay a surcharge for using your money! What are the various types of accounts available to me? Don’t let a financial manager select the account for you. You help make informed decisions based on your needs.
Tip #2: Financial institutions make mistakes.
Communicate with your institution. Call them when you believe a mistake has occurred. Get the name of the person you are speaking with. Document the date of the conversation. When a mistake occurs, call the institution immediately. If you lose your debit card, contact your institution immediately; don’t wait one hour.
Tip#3: Create and maintain a budget.
At all times, know how much money you are spending. This also means that you need to have a list of monthly activities and expenditures. Cut out bad spending habits and reallocate those funds to create a savings account. Remember “It isn’t about how much money you have - - it’s how you take care of it.”
Tip #4: You are your credit history.
Your credit history is your financial institution. Keep your monthly debt obligations below 10% of your monthly net worth (after taxes). Credit card is a four letter word; credit cards are only a loan. You must pay back all the money - - with interest.
The Carolina Collegiate
Federal Credit Union locations:
710 Pulaski Street and 4480 Rosewood Dr.