No matter what our circumstances in life, we all need to learn how to handle our money well. For many young people, going to college is the first time, they will have real responsibility for their money. This can be quite a challenge, especially as few have had any formal financial education.
Students tend to have less income (and regular outgoings) than most other adults so in many respects it is an ideal time for some solid financial education. This can also be critical to forming good habits, that will stand them in good stead for the next decades of their lives. Different seasons of life bring different challenges, but having the skills and systems in place will help them navigate each stage well. While juggling money as a student is never easy (especially for international students) it is often simpler at this stage so learning the skills to manage your money is ideally suited to this time.
Having been kindly invited by the Chaplaincy service and having had three sons studying at UCD over the years, it was time for me to reflect on the unique challenges and demands, that students have placed on their money and wellbeing. My informal lunchtime talk was focused on two things:
“Having faith in your finances and finding finances in your faith”
- How applying some of the key principles from CAP’s money coaching courses typically delivered through our local church partners can empower everyone including students to have more faith in their finances
- How faith in Jesus Christ is holistic so he cares about our finances as much as our prayer worship relationships and bible study etc.
As most of the students attending were coming from a faith perspective, I also shared directly about the story of the Samaritan at the Well in John 4 and Zacchaeus the Chief Tax Collector in Luke 19, as money affects all of us differently, yet Jesus engages with them both equally and in a way that liberates them; frees them of it’s demands and grip.
Our time began by asking students to get into buzz groups to discuss two questions and to get them to start talking about money with people they trust:
- What’s your current level of stress/anxiety you’re feeling over your finances?
- What’s your current level of confidence handling your finances?
To help students very practically, we sprinted through the four basic money coaching tips in about 20 minutes. This typically takes about 3-4 hours including videos, discussions and activities when participants come along to a money coaching course, delivered through local church partners. In some cases it takes courage and time getting to grips with their personal finances.
Finally, students also had opportunity to get a free CAP student-specific budget spreadsheet so hopefully that will keep the chats going and they might even make it along next year to a church-based money coaching course with other students.