HOW TO CURB YOUR COLLEGE SPENDING

It’s your first year away at college and you have never felt independence or freedom quite like this before. With this, you also are learning how to become an adult and take care of yourself on your own, a major part of which is managing your money.

Dealing with finances in college can be extremely stressful. Spending too much money is a part of many students’ college experiences. If students had more knowledge on how to save money and budgeting in their first years of college, they would be able to save up for the rest of their time there and beyond college. 

Spending habits among 17- through 21-year-olds is quite similar. Eating out, retail therapy, online shopping, food delivery services and alcohol are all major factors in breaking your budget. 

Makayla Hennessey, a senior nursing major at SUNY Plattsburgh, says that her major spending in her first two years of college was on fast food. 

“My freshman year I spent all of my money on food, my best advice is to utilize your school’s meal plan,”  Hennessey said. 

Using your meal plan is one of the most useful budgeting tools. Most colleges and universities provide you a meal plan when you live on campus. The meal plan is a part of your tuition and oftentimes is a major cost of enrollment. Dining halls will offer food for everyone to eat regardless of limitations, allergies and preferences. All schools will offer accommodations in the dining hall if needed. 

“Treat eating out as a special occasion, Wendy’s is good but most of the time they have the same food in your dining halls,” Hennessey said. 

Another way you could be irresponsibly spending your money is through online shopping. Online shopping is hard to resist no matter your age, especially with how accessible it is. 

Mariana Dickson, a senior criminal justice major, agrees that being on a college campus makes you  more inclined to online shop. 

“Seeing everyone else your age on campus and their outfits, makes you want to hop on to Amazon and order the same thing, especially when the students have all different styles,” Dickson said.

With the Iphones new feature of Apple Pay, you don’t even have to type in your card number anymore. You can order anything with just a double tap on your phone. 

“Not setting up Apple pay, might save you money in the long run,” Dickson said. 

Additionally, buying alcohol is one more major cost we see in new college students. With their newfound freedom, it is highly likely students will go out and try to consume alcohol. This many times is a part of the college experiences, even though typically these new students have a few more years before it’s legal. 

Victoria Samour, a recent graduate from Rutgers University, acknowledges that many students at her school spend way too much money on alcohol. 

“After my four years, I can say that too much of my savings was spent on alcohol, especially the year that I turned 21,” Samour said.

In college, you make the jump from being an 18-year- old “adult” to actually being an adult. Once you turn 21, budgeting becomes even more difficult with your new freedoms that come with age.  

The best way to avoid being broke in college is by creating a semesterly budget. Breaking your spending week by week will let you see how much you actually need to spend, and what money you will have left over for personal use. Your college campus will have many amenities to help you curve your spending habits and save up for the future. 

To have the best college experience, you can definitely have fun and try new things, but be cautious of how much freedom you are giving yourself. Being mindful of what is necessary and what is a luxury is the first step to a successful experience.