Back at orientation, I complained about the hours I had to sit through for the “Money Matters” portion. I guess I shouldn't have taken it for granted because it's only six weeks into school and I’m dead broke.
Money has always been an issue with me. If I have money, I spend it. If I don’t have money, I ask for it and then I spend that. Sadly, that’s just how I've always been. In college I’ve come to notice that lately, I spend a lot more money than I used to... and that’s just not cool.
In high school, I would survive for the whole week with an average of $12. I would buy lunch everyday, some candy and a couple of extra inexpensive supplies. On a regular day in college, I go to Einstein’s for breakfast, eat lunch at the food court, drink coffee at least twice a day and buy a magazine once in while. That all adds up to $20.00 or more a day. That means I’m spending more than $100.00 per week!
The funny part is that I actually try to save my money on a regular basis. I have an account with Bank Atlantic where I’m supposed to put my money and save it... the thing is my money never makes it that far. I usually spend it before I even get close to the bank to make a deposit.
I’ve noticed that I’m not the only freshman — or student, for that matter — that has trouble saving their money. A lot of students — especially freshmen — have trouble saving money because it is the first time that we are having a chance at monetary freedom. It feels great at first but for some, the consequences can be upsetting.
Toward the end of my high school career, my parents decided that I was “old” enough to get a debit card. I was stoked about the idea at first. I could not believe I finally had my name on a card... with money in it! When I went to the mall with the card for the first time, I attempted to control myself in the things I bought, but it was so hard to stop shopping. It was like suddenly, everything was a complete “must-have” and I could not resist buying them. When I went online and looked at my balance, I almost had a heart attack. I had spent more money than I actually had.
The problem is that as a freshman, I don’t know how to control my money. I’ve never had this much liberty and freedom with it, and now that I do have it, I'm going crazy.
I don’t have to pay rent, I don’t have to pay insurance, I don’t pay for gas... I don’t pay for anything! And maybe that’s the problem. Maybe it is that I don’t have enough responsibility or serious things to worry about that will make me stop spending money like a mad woman. Maybe... that’s just what I need: responsibility.
In high school, I never paid for anything. I had a job my junior year at a retail store at the mall and whenever I got my pay check I would just spend it on clothes. My parents have always paid everything - my cell phone bills, gas money, food, etc. And even though that feels great, maybe it would have been better for them to give me a bit more responsibility when I was younger. Look at me now: I can’t even have a dollar bill in my wallet without spending it somehow. And believe me, spending money is not a good quality to have.
If I had bills to pay and more things to worry about, I would probably be more careful with my money and the way I spend it. I wouldn’t be going to the mall on shopping sprees every weekend, I wouldn’t be spending so much money on food, and I wouldn’t be spending money just to spend it. I would probably organize myself better.
If you’re in the same position as me right now, here are some tips from getrichslowly.com on money matters for college students:
1. Create a Budget. Limit your beer buying to one 24 pack a week.
2. Don’t get a credit card unless you absolutely need one. The guys at the sign-up table are not there to help you. They are there to make money.
3. Save and then splurge. If you decide you really want to buy the Wii, then save for it and pay it with cash. Don’t put it on a credit card.
4. Limit vices. Beer and cigarettes can get expensive. There’s nothing wrong with a drink or two on a Friday night, just don’t go overboard.
5. Learn the art of a cheap date. The student guide to cheap dates suggests:
· Take advantage of mother nature.
· Go for coffee.
· Attend campus activities.
Hopefully some of these tips will help us freshman who are going crazy with the concept of saving money. Let’s just hope that next time I actually make a deposit and not have a $.50 balance any longer.
Anyway, just to refresh our memories with what responsibility is... here’s a video by MxPx.
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2 comments:
Once again... hands-down the best blog of all the UP blogs. There's a lot of humanity infused in the stories you tell and it makes it compelling.
You're going to raise the bar very high for the next person to write their freshman blog for the UP in '08.
I agreed with John. This is a very good blog. What an excelent point of view. Particularly because the author has written about an issue that for sure, has happened to all of us, sometime, somewhere.
The money issue is something difficult to handle. But it is true; sometimes one need some responsabilities so you can control yourself in spending so much money. I remember not long ago I read an article about a very important rich man. He said that the clue of being successful was to save at least 10 % of your total monthly income.
I think this could be a very good start and a very good inspiration for those who can not keep a penny in their pocket as long as a minute before spend it.
But, hey, don´t worry. This is not a "mission impossible". The idea is to be clear about what we want and how to get it. Also a good start could be to follow a dream. Let´s say for example, you want to buy a Wii or someday to go to China or whatever. Just pictured out on your mind, realize how possible that dream could be and how much fun you will get, and fight for it. Don´t let other people make you change your mind.
You will see that soon or later everything you have thought and fought will be a dream come true.
Satisfaction guarantee.
Keep going...You will raise that bar pretty high. You can count on it.
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