Teaching Financial Literacy At MDC

Financial coaching at Single Stop offices on campus begins with students figuring out what their financial goals are and finding means of achieving them.

During the one-on-one meetings students fill out a detailed budget form detailing their day-to-day spending.

“At first it was difficult because I was juggling a lot different things in my life,” said Robert Holmes, a former Miami Dade College student and program client. “But I learned to prioritize and we created a plan that helped start paying my student loans back, as well as manage my credit and lower my interest rates with some help from the loan agents at Sambla.”

Based on the budget form, financial coaches who are employees of the non-profit organization Catalyst Miami provide personalized and free programs and counseling to all MDC students, faculty, and their families.

“Most people spend much more than they think,” said Darren Lidell, Financial Director for Catalyst Miami. “We want to positively impact people’s finances by making them see their habits.”

The partnership between Catalyst Miami and Single Stop began just over a year ago. During this time, students have been able to tailor their program and its impact. Ranging from two weeks to several months, Catalyst Miami deals with questions ranging from the most popular, such as financial credit management, to figuring out finances while attending college.

“The best part about the program is how much everyone genuinely cares about us, the clients,” said Andre Williams,  a mechanical engineering student at MDC who recently completed the program. “In February, the individual that was coaching told me, asked me to come after hours so we could remove a penalty fee from my bank. He took time out of his own schedule to save me money and teach me a valuable skill.”

Modernizing the manner in which students manage their finances is one of the many ways that Catalyst Miami has helped their students. Smartphone applications, such as Mint.com and Levelmoney.com, provide easy-to-use and habit altering changes that many people seeking counseling can feel comfortable with.

“I use three different apps and they’re all very helpful,” said Antonio Goodman, 43, a current MDC student who finished the program in March. “You can set personal limits, receive constant updates and stay on top of your finances.”

Current and previous students praise the program for the positive lifestyle changes that it has brought to them.

“They teach you how to be financially literate and that is priceless,” Williams said. “Knowing what to do and not to do financially is extremely important here in the United States.”

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