The moment a student receives his or her refund check, the choice arises to either use those funds wisely or not.
“A refund check is training for real life. If you can’t manage that, how will you manage a salary?” said Melanie Young, Advisor of the Student Success Center.
Young said that while a refund check is a great chance to take care of some of the expenses students have, many times students get sidetracked and forget what the money should really be used for. Young said that one of the best things to use the funds for is buying essentials, such as books, a new computer or school supplies.
“It’s easy money in a sense, so you should want something to show for it,” Young said.
Young also encourages students with larger quantity checks to open a savings account or set up a payment plan to cover small expenses (i.e. gas, groceries, etc.) so the money lasts and isn’t blown in a few weeks. Students should also think ahead, such as if they want to take summer classes, which Young said is a good way to use money wisely.
“If you blow your refund check and are in need of help, immediately talk to financial aid, your parents and learn from your mistakes,” Young said.
Young emphasizes that if students don’t learn now, then their financial future will not be as stable.
“If you blow your refund check, how are you as young adults going to learn to budget a salary check when you have a career? When something like that happens in real life, there won’t be anyone for you to fall back on, and you could lose your house, car, [or other important things]. The key is [to] budget your money, even the refund check, because it’s too easy to spend. Have a savings account, and make sure your immediate needs are met,” Young said.
