Budgeting in College – Why It Doesn’t Have to Suck (Part 1)

Budgeting in College – Why It Doesn’t Have to Suck (Part 1)
  • Opening Intro -

    Chances are if you are reading this article, you are either running a fine toothed comb through your wallet for threads of cash or are just looking for ways to avoid being in that state.

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College is a very eye opening experience where young adults learn how to live on their own and function without parental control. According to a study by Good Call, over 60% of college students are close to or have gone “broke” at least once in their college career.

To summarize, college students are not smart with their money but for good reason. Nothing beats a night at dinner with the roommates followed by excessive drinking at the bars where large amounts of money are dropped trying to pick up a cute date.

Why You Are Broke

No, it is not the “man” or the “system” which is keeping you suppressed under a complex scheme to increase the size of the lower class. Chances are, if you are like me you are just simply bad with money.

As an economics major, I quickly learned what it was I was doing which was putting such a heavy dent in my pocket. Let’s break it down…

Coffee

Wakey wakey! Time for coffee! For the fifth day straight… Coffee is one of the leading long term expenses of college students along with energy drinks and nicotine products. Lets do the math…

You purchase one coffee per day five days per week… That is $2.50 x 5 = $12.50 per week. Now over one month you’re looking at around $75.00 per month. Getting pretty pricey.

Well lets say over the semester which is 15 weeks you continue this habit. In that one semester, you have spent $187.50 just on a medium iced regular. Keep this number in mind for the rest of the article.

Booze

This section will relate more to the “Over 21” crew reading this. Especially those of us who have recently had birthdays. The largest wake up call was my first trip to the bars, where a few drinks (By a few I mean a few) tipped my tab well over $60.00 in one night. Even going out two nights per week over the 15 week cycle can have seriously damage your bank account.

Nicotine

Let me start by saying this to those of you not yet in college or who are in college. Stay away from it. Nicotine addictions are one of the most expensive and budget crippling habits you could possibly pick up. Juuls and vapes are by far the most expensive form.

other valuable tips:

For those of you like myself who were unlucky enough to pick this addiction up, there are ways to save money. Firstly, how much are you spending. Students tend to go through one pod per day. A pack of 4 pods is $17.00 which adds up very quickly. Over one year you could be looking at thousands of dollars wasted per year on nicotine.

Stay tuned for Part 2 next Monday!

Image Credit: Pixabay

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College Campus reference:

GUIDE: check your credit score

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Categories: College Budgeting

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