PBS: Julie Hollinshead on budgeting, controlling personal finances
Julie Hollinshead, an adjunct professor in the department of finance in the Mike Ilitch School of Business, was a featured panelist on PBS’s financial and investment education series. The panel discusses financial resolutions, budgeting, and building a secure financial future through a strong foundation. “A budget is absolutely essential to managing and controlling your personal finances. The best way to create a budget is to get started writing down the income coming in and what you’re spending your money on. You could track your income and expenses in an app, a spreadsheet, a notebook – whatever it is that works for you,” Hollinshead said. “I have my students do this every semester. What usually happens is it really raises their awareness of what they’re spending money on and how much money they’re spending on certain things. Every semester, I have students telling me, ‘I didn’t realize I was spending so much at restaurants, or on DoorDash.’ I also have students frequently telling me that by tracking their expenses, they discover things they didn’t even realize they were spending money on, like subscriptions they thought they had canceled. Some students also tell me that when they start tracking expenses, and they’re more aware of how they’re spending money, they actually find that they spend less and their savings go way up…”
