The advantages of banks over check cashing services, how to manage banking accounts, how to improve your credit score and how to establish and stick to a budget were some of the financial guidance participants received on Tuesday, Aug. 6 at the Southern Illinois University Edwardsville East St. Louis Learning Resource Center’s (LRC) Lunch and Learn workshop.
Banking and Budgeting 101 was the first of a three-part financial assistance workshop, which was held as part of LRC’s Lunch and Learn series.
“I have a passion for financial education,” said Nikki Woelfel, vice president and community development officer at Carrollton Bank. “I want to help others make smarter financial choices. I made some really bad financial mistakes as a young woman.”
Woelfel led the workshop with assistance from Tamika Staten, financial education coach for Prosperity Connection in St. Louis.
“Banks offer a safe place to keep your money, and they can help make a financial plan for you and your family,” said Woelfel. “Bankers will happily assist you. Mainstream financial institutions will protect you. Do not be leery of banks, even if you have had bad experiences. There is something called second chance banking accounts, and many banks have them.”
Being financially solvent is for the committed, brave of heart and those who are willing to take charge, according to Woelfel and Staten.
“I was paying 26 different bills, until I used the snowball effect. I increased the minimum payment on one bill until the balance was gone,” said Staten. “Then I used the money freed up from that bill and paid it on another one, until I got down to 13 bills. Now, I only pay nine bills a month which includes my mortgage, car note, insurance and utilities.”
“The amount of bills that I had to pay monthly caused me more stress than the amount of money I actually owed,” continued Staten. “You have to figure out what works for you. But make a plan and stick to it!”
When it comes to budgeting, the banker and budgeting coach gave hard, but simple advice. “Stop spending money you don’t have.” “Don’t spend money for instant gratification.” “Choose carefully what you want and compromise on your spending.”
The next financial workshops at the LRC located in Building B, 601 James R. Thompson Blvd, East St. Louis, include:
- Basic Budget 201, 12:15-1:45 p.m. Tuesday, Aug. 13
- Credit and Credit Scores, 12:15-1:45 p.m. Tuesday, Aug. 20
An RSVP is required to attend the Lunch and Learn series and can be made by calling 874-8719 or siue.esl.library@gmail.com.
Staten has office hours for one-on-one appointments from 10 a.m.-2 p.m. each Tuesday at the LRC. For an appointment, please call (314) 230-5641 or email tstaten@prosperityconnection.org.
Carrollton Bank sponsors the financial education Lunch and Learn series four times a year as part of its mission to bring financial empowerment and education to the community.
Photos:
Some participants of the Banking and Budgeting 101 Lunch and Learn workshop are seen with class leaders. L-R: Jazma Dorsey, SIUE family engagement specialist, Nikki Woelfel, vice president and community development officer at Carrollton Bank, Tamika Staten, financial education coach for Prosperity Connection in St. Louis, Angela Cotton, SIUE Head Start/Early Head Start community worker, Kimberly Granger and Ora Lockett, both SIUE family engagement specialist.
Woelfel gives instruction on banking and budgeting.