SMMC News & Events Blog

This blog highlights news, events, and informative articles on personal finance from University of Illinois System's Student Money Management Center. Feel free to navigate to different categories with the list of topics on the right or search for a specific topic next to the view all link below.

Whether you are saving for a goal or dealing with debt, the Rule of 72 offers a simple, yet effective way to estimate the time it takes for money to grow or for debt to balloon due to compound interest. 

Explore how Maslow's hierarchy of needs and the dimensions of well-being can help you set, prioritize, and manage your SMART goals.

Budgeting empowers you to work toward reasonable financial goals, keeping you from overspending and accruing debt. Explore steps you can take this week to start building a budgeting habit.

Curious about automatically diversified investment options? Learn the key differences between Mutual Funds and ETFs, and find out which might be the best fit for your situation and financial goals.

As we get closer to the tax filing deadline for the United States, it is important to knwo the intricacies and important forms for filing taxes.

Vision impairments can complicate how people manage their money. Learn about ways that people with reduced vision or blindness can be empowered to navigate finances on their own.

Get some idea starters on how to overcome spending temptations, just in time for the shopping season! 

Has Your New Year's Resolution Failed? Try a Seasonal Theme!

Looking for a financial institution on campus? Explore our Google Map for locations on or close to each campus in the University of Illinois System.

When it comes to retirement-focused investing, understanding the tax treatment and rules of different accounts is essential for long-term financial planning. In the U.S., these typically fall into two main categories: Traditional and Roth accounts.

Episode 11 of Making Cents of Money, Saving for College with a 529 Savings Plan, explored 529 plans, including how they function, a bit on their history, and how they differ from other savings vehicles. Listen to special guests, Fernando Diaz and John Mitchell, from the Illinois Treasurer's Office to learn more about options in Illinois.

Discover why you keep throwing good money after bad decisions and learn the psychology-backed strategies to break free from the sunk cost trap that's costing you hundreds in subscriptions, investments, and everyday spending choices.

We have defined a few financial terms to make it easier to stay up-to-date on how COVID-19 is impacting our finances.

Is having to find consistent, affordable food always putting you in a bad mood?  Read our article about ways to fight food insecurity to learn of resources that can help.

Lists are helpful for all kinds of things, but how can they help you focus your spending?

There are many measures we can use to track our personal finances. Typically, we talk about the subjective measures of financial well-being in the Student Money Management Center, because we're focused on helping our learners understand the nuance of financial decisions. However, traditional, objective financial measures, like net worth, can also be helpful in tracking our progress towards financial goals and gaining confidence.

Self-advocacy is an important skill to practice, particularly right now. Whether it's getting the resources you need to succeed in school or setting boundaries with your loved ones so you can focus on your own well-being, it's important to communicate with others about your needs, wants, and struggles throughout your life.

We put together a few tips in an effort to add to your ideas and/or motivate you to start practicing self-care/self-love on a budget! 

Investing has become more than just seeking financial returns. It can be a means to support organizations, projects, and companies that align with your values. Read on to learn more about ESG and what it means to consumer influence.

This article compares stocks and cryptocurrency as investment options, focusing on risk management for new investors. Stocks offer established regulatory protections, proven diversification strategies, and centuries of historical data, while crypto represents a newer asset class with extreme volatility, limited oversight, and minimal performance history. The key message is that both require informed decision-making, but they serve different risk tolerances and investment goals.

In episode 52 of Making Cents of Money, Nikki and Andrea talk to special guest, Kara Holloway, Director of Scholarships at UIC, about paying for college with scholarships.

In this post, we cover financial foundations you need before investing—emergency savings, managing high-interest debt, and setting clear goals. Plus: how diversification and time horizons work, understanding the risk-return spectrum, and red flags to watch for.

In episode 31 of Making Cents of Money, Financial Security and Stress, Andrea, Nikki, and Jake talk about statistics related to both financial security and stress and tips to deal with them.

Learn ways to enhance your overall wellness in a virtual environment. 

Finding money for your education, especially grad school, can be more difficult now. Read the 6 considerations for finding funding during COVID-19 to learn about searching for fellowships. 

In episode 75 of Making Cents of Money, Setting & Prioritizing Financial Goals, Nikki and Andrea discussed several strategies for setting, prioritizing, and re-prioritizing financial goals... just in time for the new year! 

In episode 20 of Making Cents of Money, Budgeting, Nikki, Andrea, and Jake cover a few of the most popular budgeting (or spending plan, if you prefer) methods to help you think about building a financial plan.

In episode 23 of Making Cents of Money, Money Personalities & Financial Well-being, Andrea, Jake, and Nikki discuss several financial personality inventories and the CFPB's financial well-being scale as tools to better understand financial values, habits, and internal feelings around money.

There are so many things to be grateful for in this life. As we go into the holiday season, in this article we will discuss about how gratitude impacts our finances. 

In episode 55 of Making Cents of Money, Donovan Sanchez from University of Illinois' Financial Planning program talks about wealth building as a balancing act.

A strong foundation to any financial plan are goals. Set a goal with #UISAVES to connect with resources to help. universityillinoissaves.org

In episode 83 of Making Cents of Money, Lines of Injustice: What is Redlining?, DFPR Secretary Mario Treto, Jr. discusses the topic of redlining and how it leads to disparities for generations. 

In episode 102 of Making Cents of Money, Treasurer Michael Frerichs joined as a guest to discuss the state of Illinois' process for getting unclaimed property back to the owners.

In episode 106 of Making Cents of Money, Andrea and Kimber discuss the nuances of neurodiversity as it relates to navigating money management.

Learn how to stretch your money, protect your mental health, and build a financial safety net during the post-graduation gap, with practical strategies for survival budgeting, bridge jobs, and managing student loans before your first payment hits.

To complement our Side Hustles & Small Businesses webinar from last fall, we wanted to share some tips on saving up for starting a small business.

In episode 70 of Making Cents of Money, The Impact of Compound Interest, Andrea and Nikki explore the complicated relationship we can have with compound interest when it comes to accomplishing financial goals.

The overall goal of UISAVES is to create a culture of savings at our three universities – University of Illinois at Urbana-Champaign, University of Illinois at Chicago, and University of Illinois at Springfield. Read on to learn what we're doing for the 2020 campaign!

In episode 80 of Making Cents of Money, Building Wealth After Graduation, Donovan Sanchez returns to talk about how to navigate juggling multiple goals during the transition to life after college.

Getting excited to travel? You can use these templates to help get your planning started for your next trip!

An important part of building a savings habit is understanding how small amounts add up. 

In episode 53 of Making Cents of Money, Andrea & Nikki discuss a few updates to consider when traveling before re-airing the Time to Travel podcast from July 2021.

In episode 104 of Making Cents of Money, Andrea & Kimber discuss considerations for navigating financial management when it comes to relationships, be them romantic, familial, or with friends and roommates.

Learn what neobanks are, how deposit insurance really works with these services, and the key differences between them and traditional banks. Essential reading before you move your money to a digital-only platform.

Episode 12 of Making Cents of Money, Preparing for Retirement, discussed the retirement savings crisis, the different types of retirement plans that exist, and the Secure Choice plan in Illinois. Listen to special guest, Courtney Eccles, from the Illinois Treasurer's Office to learn more about the Secure Choice program for small businesses in Illinois.

In episode 105 of Making Cents of Money, Emily Harmon, Illinois Extension Family Life Educator, joins Kimber & Andrea to delve into the Transtheoretical Model which can help explain why behavior change relating to finances can be challenging.

In episode 99 of Making Cents of Money, Andrea and Kimber discuss financial socialization, how it develops, who contributes to it, and what it means for our relationship with money.

Student loans can be a valuable tool for increasing access to higher education, but it does come with a cost. Learn how to limit those costs while in school so you decrease future costs of compounding interest.

A quick guide on why a rainy day fund matters and how even a small savings buffer can reduce stress, prevent crisis decisions, and help you handle unexpected expenses with confidence.

In episode 25 of Making Cents of Money, Choosing a Financial Professional, Andrea, Jake, and Nikki talk to Kathy Sweedler from University of Illinois Extension about type of financial professionals, credentials, and how to choose one that best meets your needs.