Iowa State University Extension

Problem:
Individuals who are on their own financially for the first time struggle between needs, wants and goals when making good financial decisions. Peer pressure to go out for pizza and purchase wants may be hard when there is limited income.

Response:
The Family Resource Management Field Specialist conducted a three hour worksho on needs and wants using the Planning to Stay Ahead curriculum. 15 participants reviewed scenarios on spending leaks and unexpected problems and how to adjust income. There were no "right answers" and teams openly shared solutions. By having participants interact through out the workshop they were able to increase knowledge on how to work through their financial problems. When individuals buy according to what they realistically have and need they are able to plan better and save for upcoming textbooks and tuition. FASFPA grants and student loans such as Federal Stanford were discussed and their differences.

Impact:
At the end of the meeting all fi f teen participants said that the workshop helped them understand their needs, wants and learn now to set saving goals. One participant said that "we helped him from becoming a new fraud victim." All participants reported that they would save money, shop smarter, and not buy things that they did not need.

Community Partners Involved:
Iowa Central Community College-Storm Lake Campus

Contact:
Jan Burk
Clay County Extension
110 West 4th Street, Suite 100
Spencer, IA 51301
712-262-2264