2008 Woodie Awards
Finance Workshop Teaches Women to 'Wise Up' Regarding Money Matters
Bryanna Lindblom: Muleskinner
Issue date: 4/3/08 Section: News
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"Money does not grow on trees," Witherspoon said, as she held up the branch.
Witherspoon knew she was not exposing a big secret; she was merely trying to open the eyes of the women who were staring back at her.
WI$E-UP, a financial fitness boot camp for women presented by the Women's Bureau of the U.S. Department of Labor, focused on "keys to financial empowerment" through a discussion of money basics and credit.
In addition to giving tips about what to avoid and what to change in their financial practices, Witherspoon said one of the best habits women can develop is to "track or write down what you buy."
She made sure to make a clear distinction between good and bad debt.
"A student loan is a good debt, you're investing in yourself," Witherspoon said. "Going out and buying the latest fashion pieces, running up your credit card: Bad debt."
Witherspoon also emphasized the importance of checking credit reports, at least annually, through companies who provide them for free, such as Equifax, Experian and TransUnion. She said checking one's credit report can help them prevent and recover from identity theft.
"Believe it or not, sometimes things get on [your credit report] that should not be on there," Witherspoon said.
She also said to try to avoid building bad credit.
"The mistakes you make on credit cards, they hang around and haunt you," Witherspoon said. "Good credit history is important."
Each person who attended this event had different ideas of women and finances.
Lacey Eidon, sophomore graphic arts major, said the seminar introduced a lot of financial issues she was not fully aware of.
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