When Weinberg’s junior, Maia Miller, learned that her financial aid through Northwestern was taxable, she didn’t know who to turn to for advice.
Miller, an international student from Brazil, said she and her parents were unfamiliar with financial policies in the United States. But when she turned to NU for advice, she didn’t get the information she was looking for.
“I’ve contacted a few campus offices, and none of them can actually help you file your taxes,” she said. “So, I did my research.”
Miller said she then realized there was a need for a student body that teaches financial literacy, especially for first-generation and/or low-income students.
Today, Miller is president and co-founder of the Personal Finance Student Association, a student organization that helps students manage their personal finances. The group began hosting Fall Quarter events, offering workshops on personal finance topics such as wealth management, budgeting, savings and investing, credit, and insurance.
The PFSA hosted a workshop on budgeting last November in conjunction with Northwestern Mutual. Weinberg Jr. and PFSA Treasurer Agustin Bayer said the organization also plans to hold a tax filing workshop ahead of tax day on April 18.
“We plan to publish (information on filing taxes) in our newsletter and also highlight it in the workshop so that those who may be panicking at the moment about what they are going to do with their W-2 can take advantage of it,” Bayer said.
The student finance organization also plans to set up a counseling system, in which certain members of the group advise their peers on personal finance topics. Consultative talks are expected to begin Jan. 31, Bayer said.
Also a co-founder of the PFSA, Bayer said he hopes the organization can help FGLI students with their finances so they can make the most of their college experiences.
“Developing good habits in anything, but especially in finance, is something you need to work on,” Bayer said. “Having other people to support you in this process makes things much easier.”
Sheyla Adaya, Junior McCormick, said as a FGLI student, it can be difficult to find resources to support financial literacy.
They said they connected with other band members with similar experiences.
“There’s really no one to teach you except yourself or other friends,” Adaya said. “We kind of want to do the friends route, in particular.”
However, some PFSA members had little experience in finance before joining the organization.
Weinberg junior and PFSA marketing director Anjani Gusman said she had no financial knowledge before joining the group. However, after learning budgeting and other financial skills from the organization, she said she was inspired to find co-op work as a production assistant at the Norris University Center.
“I’m more encouraged to save now, to learn how to save (and) know my priorities,” Gusman said.
In addition to advising students and running financial literacy workshops, Miller said the PFSA wants to centralize the University’s financial resources, such as asset management or commercial banking. through Northwestern Career Advancement.
Bayer said PFSA leadership has met with many NCA members since the organization’s adviser, Valerie Schoonover, is the office’s deputy director of employer strategy.
Schoonover said she was able to connect PFSA with Northwestern Mutual for the November budgeting workshop.
She added that the PFSA is a unique organization on campus given its focus on personal finance.
“To my knowledge, this is the first organization that has some sort of focus on fundraising and self-help, particularly of students from low-income or first-generation backgrounds,” Schoonover said. “I really liked that angle for the band.”
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Twitter: @PavanAcharya02
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