SMU faculty and students came together Friday afternoon to listen to a Brown Bag series discussion dealing with emotions and money management.
Led by Andreka Peat, a psychology intern, the presentation focused on emotional spending, the role of advertising and consumerism and how to evaluate priorities. Peat also shared tips on how to be better at financial planning.
After a few group exercises, participants shared their personal experiences and feelings about the topic of money. Peat also discussed the importance of needs versus wants in relation to how individuals spend money.
She told the group that prioritizing or listing the necessities beforehand can help you avoid making needless purchases. Advertising and consumerism also play important roles in why people have trouble managing money. According to Consumer Reports, the average American is exposed to 247 commercial messages each day.
Whether they are on the radio, in print, on a billboard or online, advertising may send mixed signals to consumers by blurring the line between necessities and luxuries.
Participants continued to discuss their personal connections with money by explaining their “emotional spending” triggers and family history with money.
Sophomore Hayes McWilliams said, “My parents never talked about money in front of me, but I still was taught the value of saving and the importance of budgeting.”
Peat provided examples to participants with easy budgeting tips, and encouraged participants to always keep a 24-hour rule in mind. By waiting 24 hours to decide whether the purchase is necessary, the 24-hour rule helps people stay away from impulse purchases. Junior Anne Hostetler thought Peat’s advice was helpful.
“Sometimes I just buy things to buy things. But the discussion made me realize that I should take more time to consider what I actually need than what I want,” she said.
Peat also helped participants create mock financial plans that showed income, expenses and other aspects of financial control. Peat encouraged participants to create new and appropriate ways to cope and reward themselves. Sophomore Jim Shaub found the discussion informative and fun.
“The talk was interactive and interesting,” he said. “It felt more like a conversation than it did a serious lecture, which I think the other students could relate to more.”