Financial Coaching with NV Money Mentors
Leissan Sadykova suffered from debt after finishing her master’s degree. With an idea of how to manage her money, Sadykova would get frustrated every month as she would go over her budget. Sadykova used the Money Mentor program at the University of Nevada, Reno to get help.
“It was a very sobering experience because before that, I didn’t really look at how much student loan debt I was in,” Sadykova said.
According to StudentLoanHero.com, students owe close to $1.3 trillion in loan debt across the United States. This is a number collected from 43 million borrowers. Every day, the number of people and amount of money continues to go up. Sadykova is among those borrowers. She took it upon herself to get help while in debt and has gained skills from her experience.
“The biggest skill I walked away with is being able to plan ahead for the future,” said Sadykova. “I think more about what my large spending sums are for the future and how much I should set aside every month so that it’s not a huge expense but rather something small I can save each month.”
The spring semester is coming to a close and students begin to prepare for the summer break. But how does money fit into the idea of three months off from school? What steps should happen over the summer to be financially ready for the fall? The Money Mentors help students with situations like these.
Located in the Financial Aid office, the Money Mentor program educates students on finances. Launched in September of 2015, this program works with students to reach a goal they are aiming for.
The Financial Aid office wanted to create a program for students to learn how to manage their money. This is how the Money Mentor Program started. With this program, the students figure out a plan on how they can reach a specific goal. Whether this goal is to study abroad, go on a trip, or pay off student loans, a plan can be made for each situation.
Amy Nelson is one of the Money Mentors that works with students as a financial coach. As an alumna of the University, Amy graduated from the Reynolds School of Journalism. She then went on to work at Wells Fargo in various positions. Nelson speaks of her students coming into her office for many different reasons.
“The cool thing about financial coaching is it is all student driven. The catch with coaching is that I never said this is what you need to do to get there, he came up with the plan himself. So when he walked away, he felt like he did it himself,” Nelson said speaking of one her students.
The Money Mentors also use the program SALT by encouraging all students to sign up for a free account. SALT is a nationwide program that the students can use to learn more tips about managing their own money. The University of Nevada has a licensing with the American Association to use SALT.
Nelson explained that she sees around 20 students for financial coaching. Although Nelson is not the only Money Mentor, the program is still new to some students.
Hanna Renae Christie is an employed student working to be better financially independent. Christie is a student who lives off campus and has to manage her money pretty well. Christie is one of the students that were unaware that the Money Mentor program is there as a resource.
“Being a working student, I definitely think it would be beneficial for me to get some budgeting help. I have monthly bills that need to be paid and I would love to figure out ways to make those bills easier. I wish I knew about this program sooner,” said Christie.
To prepare for the fall, Nelson suggests increasing income and planning out a budget. Nelson emphasizes planning out a budget and sticking to it. With the upcoming summer vacation, there are ways to budget while still having fun.
“If you can pick up extra hours during the summer, of course do it. Or become creative in increasing your income. So using other resources out there that will help generate income . . . Find ways you that you can build a budget that works for you,” said Nelson.