Ninety-six students and staff members gathered in the Globe Room of Cataldo Hall Monday night for dinner and insight on money management from financial fitness coach Sanyika Calloway Boyce.
Sponsored by the Financial Aid Department, Boyce came as part of the EdShare speaker series, which teaches student borrowers about credit, budgeting and investment according to EdShare Grant Co-Coordinator Zan Lanouette.
"We chose [Boyce] because she relates to college students," Lanouette, a graduate student, said.
Boyce covered the credit and budgeting aspect of the speaker series, speaking from her own personal experiences of a budgeting crisis during her college years.
"In one year, I spent over $567 on coffee," Boyce said. "The only way to have a financial plan is to know where that money is going and redirect it."
Throughout her talk, Boyce discussed five steps to smart spending.
"We have a connection to things that are important to us," Boyce said, after many in the audience expressed that money was important in their lives. "There's a disconnection with the respect and how we treat money. If we treat our money with respect, at least we have an understanding of it."
Boyce became financial fitness coach because she "turned a messy situation into a powerful message." After graduating from college in only three and a half years, she had a set plan on what she wanted to do after college. However, her plan was shot down after her would-be employer decided not to hire her after reviewing her credit report.
"Seventy-three percent of employers are considering your credit report when considering hiring you," Boyce said, emphasizing the importance of tracking one's spending.
"It's important to know your credit score because it is going to come back to you," she said. "[Companies] are looking at that number, so it's important to know."
After she didn't get her dream job, Boyce ended up working in retail for a couple of years after she graduated to recover from her bad credit. Based on this experience, Boyce explained how others could improve their credit.
"Contact your credit card companies if you are in financial trouble and can't make minimum payments," Boyce said. "If they understand what's happening, they can help and that will affect your credit report. Also, know what your credit score is and what your credit report says about you. If you know what they say, you can make better choices."
After the main part of her lecture, Boyce had the audience participate in a "salary reality" segment, where members of the audience figured out how much they have to make to survive based on their spending habits.
"Don't let a fear of money keep you from learning about it," Boyce said.
The EdShare grant was given to Gonzaga University this year to bring financial advice to student borrowers. The grant is used to fund the Gonzaga Student Aid Advisory Council, the speaker series and an "on to college" program, where the Office of Financial Aid brings middle school kids to college to have them see what their options are before they go into high school, according to Lanouette.
The next speaker in the EdShare speaker series is Steven Harman, vice president of Merrill Lynch. He will speak about investments on Nov. 17 from 4:30 to 6:30 p.m. in the Herak Club Room of the McCarthey Athletic Center.
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