BAS talks money at event

Black students used some unconventional techniques last night to discuss how to get money and… Black students used some unconventional techniques last night to discuss how to get money and keep it. A group of about 20 students from the Black Action Society used fake fluorescent-colored money to simulate the everyday spending decisions that a student must make. Most of the students discovered that they charge too much to their credit cards and too often fail to pay more than the minimum balance. Students should pay at least twice the minimum balance each month on their credit cards, said Pitt student Jasmine Bennings, a member of the society’s steering committee and an employee for PNC Bank. The meeting, named after a song by 50 Cent, ‘I Get Money,’ focused on why people spend money in certain ways. ‘As college students, I don’t know about you all, but I spend a lot of money. And it’s out of hand,’ said Bennings at the meeting. For the simulation, students decided whether to spend money at a club or buy a new outfit from their favorite store at The Waterfront. The students also spent money on books, rent, groceries and emergency situations. In one scenario, the students decided whether to lend $200 to a roommate for a plane ride home. After giving $70 instead, one student said, ‘I’ll put him on a Greyhound!’ In another situation, students paid at least $44 to take a date out for dinner and a movie, but one student decided to pay as much as $80. By the time they heard the suggestion to put $500 in a savings account, most students had nearly run out of money. Toward the end of the simulation, at least one student ended up bankrupt.’ The participants also shared suggestions about how to avoid credit card debt. One person said, ‘My mom always told me, ‘If it’s not in your bank account, don’t swipe.” To encourage others to make more than the minimum payments on credit cards, Pitt junior Yemi Adewunmi spoke about her past experiences. ‘I feel like I gave Macy’s and Express an extra $300 because I took so long to pay them off,’ said Adewunmi. The students also discussed how to save money. ‘You pay yourself first,’ said Bennings. Bennings went on to explain that students should make an effort to put part of each paycheck into a savings account. ‘If you don’t have enough, put in at least 20 bucks a month,’ she said. As part of the event, Les Scales, a Pitt alumnus and employee for PNC, talked to students in the group about how to track their money. He said students often fail to keep track of whom they have paid, and will overdraw on their accounts because of this. Also, students sometimes forget when to pay bills and then must pay late fees. Scales said late fees can do a lot of damage to people’s wallets. ‘Can you agree with me that that creates stress?’ he asked. To solve this problem, Scales suggested using PNC Bank’s Virtual Wallet program, which allows people to track the flow of their money. The Black Action Society holds general body meetings such as this one every month. ‘We’ve always tried to make the general body meetings more interactive,’ said Vice President Endia Vereen. ‘It’s a fun but informative way to stimulate the minds of our constituency.’