By Kevin Ford
Student Reporter
Finding yourself scraping together change or throwing away money you just got paid? College students are broke. It is a common fact recognized by graduates, teachers and students alike.
Why are college students always broke? A lot of high school students prepare themselves for college, apply for scholarships, visit campus with their parents and save up money from working.
Many students jump ahead in the game and work part time jobs in high school.
But what good is it to have a job if you spend all your money every time you get paid? I want to make a list of advice. A list that gives simple money management tips for kids in college.
There is no reason people should be starving in their dorm rooms. If you have a job that is good. However, you will not always be in the mood for work, your time is precious. Students who work all the time find it hard to keep up with schoolwork and other social functions on campus.
Your work schedule should not have to determine the outcome of your academic performance and physical well-being. Classes and textbooks are general expenses all students have to pay. Some textbooks are ridiculously high so for your own savings you can use library or internet resources for your course material.
Like textbooks, there are many factors that affect the finances of most college students. What are the biggest factors, which keep draining money from student’s pockets? Research shows that the average college student in America spends on average 600 dollars during spring break. The study added up airplane tickets purchased by people aged (19-24) so the numbers are skewed. Trips to Florida and Padre are not cheap.
Most college students spend a lot of money on food. College kids find themselves eating out instead of buying household groceries and learning how to cook. Not all students have access to a kitchen if they live on campus, but once you get a house off campus; there is no excuse for being lazy and eating fast food all the time.
I suggest getting together with some of your friends at one of their houses, getting some items at the store together and collaborating on a meal. An advantage of this is that you learn how to make food. Also, home cooked food is usually healthier than fast food options.
One of the biggest factors in my mind is alcohol. It is a common misconception that college students must party and get drunk in college. This is fine; it is fun and takes your mind off of school, unfortunately many college students become dependent on alcohol.
Drinking once or twice a week is not too bad, but having a consistent routine where you find yourself spending up to 25 dollars a week on alcohol is not a good money plan.
You have options besides alcohol on a Saturday night; alcohol is always relevant because of the peer pressure and popularity associated with the substance. Alcohol can turn into something worse than just an expense.
I advise college students at Northwestern to set up personal budgets.
“Saving for an unforeseen expense is the smartest preparation lesson for a young adult.”
This means you do not spend money simply because you have it, it means you are managing your economic situation so you can provide money where it is needed in time. For example, car trouble hits you, and you must pay a 150 dollar fee to repair.
If you saved for this, then you did yourself a huge favor.