A Discussion Of Dough

By Tanjua Damon

When thinking about the word dough, two things come to mind – pizza and money. The two will go hand in hand June 26 during a program entitled “Dough,” sponsored by Newtown Youth Services.

Ed O’Malley from the Western Connecticut Federal Credit Union will speak to high school students and their parents while they dine on pizza about the responsibility of having a checking or savings account, credit card, or debit card. Mr O’Malley hopes to teach participants the importance of knowing where their money is going and how to budget their needs.

Whether students have a summer job to save for college, a generous allowance, or a full-time job while in school, students need to know where their money is going and will be able to find out during the 45-minute program which will be June 26 at 6 pm.

“They aren’t required to have a high account balance to set up an account,” Mr O’Malley said. “But they have to understand where the outflow of money is going.”

Most students do not have many areas where their money goes, according to Mr O’Malley. The biggest category is miscellaneous, where the most discipline is needed.

“In high school the only category is miscellaneous,” Mr O’Malley said. “The discipline I’m going to try to go over with them is a simple budgeting technique, where does it go. That something leftover is really what needs to be put aside so they can make some long-term decisions.”

Students need to understand about the process of borrowing and paying back before their early 20s. Bankruptcy has increased in young adults from teenager to 25, according to Mr O’Malley.

“Repayment has to be linked to the payment they have,” he said.

Mr O’Malley will be talking to the participants about the products that banks and credit unions offer that will be useful. He will talk about the do’s and don’ts of credit cards and even recommend debit cards for students who are going to be away from home.

“When students are away from home they definitely need convenience,” he said. “Debit cards provide that and the extra cash source without having to go to an ATM.”

Mr O’Malley hopes students will take from his talk the importance of responsibility with money and the hard work many of their parents are doing to help support them.

“When your parents give you money you have to take care of it,” Mr O’Malley said. “The responsibility of spending an earned dollar. They have to have a game plan with what they are going to do with it. The need to appreciate where it comes from.”

“Dough: Managing Your Money – Risks, Responsibilities & Rewards” will be at Newtown Youth Services on June 26 at 6 pm. Pizza will be served.