According to University Alumna Mary Beth Williams, waiting is costly–at least when it comes to money.

“You deal with money on a day to day basis your whole life–not just when the paycheck comes after you graduate,” she said.

Williams taught students, faculty and staff the basics of how to deal with money at a workshop yesterday evening.

“My hope is that people leave today with the feeling that they have a better understanding of their own personal finances,” Williams said. “For students especially, I want them to know that they have the time to let the market work for them. I want them to avoid the mistakes that so many of us have made.”

Williams explained different financial goals and different tools to make the most of the money that one earns.

She emphasized that financial planning does not have to be complicated– it’s as easy as going to the library or surfing the Internet to learn about the options.

Unfortunately, Williams said that the average person just does not know what options are available.

For short term finances, Williams suggested using checking and savings accounts, certificates of deposit or money market accounts or funds.

But before walking down the block and signing up with just any bank or credit union, she suggested doing some homework.

“Find out which institutions provide the services you need with the smallest fees,” she said. “They are there to serve you–you shouldn’t have to pay for services that you can find free elsewhere.”

For more long term financial goals, she suggested investing in stocks, bonds, and mutual funds.

She said that while banks and credit unions are good for short term savings, the average person is missing out on interest and the potential growth of stocks and bonds if they leave their money sitting in a savings account.

Again, she encouraged everyone to do their homework on companies before investing, but stressed that investing can be done by anyone, not just stock brokers or the financially – savvy individual.

And it’s never too early to start planning for retirement.

“Twenty year olds need to learn this information,” Williams said. “If they start saving now, and continue to manage their money, they could potentially retire a millionaire.”

Williams, a 1987 graduate, worked in Washington D.C. for several years before becoming a licensed financial consultant in 1995.

Although no longer licensed, she said she still enjoys sharing this information.

“I can’t imagine anything more important than learning how to manage money while in college,” she said. “It’s so important. The less money you have, the more you need to know these things so you don’t make the common mistakes.”

For more information on finances and financial planning, visit www.motleyfool.com and www.money.cnn.com and check out the Money 101 tab.