2008 Woodie Awards
Our View
A penny saved is a penny earned
Issue date: 3/23/06 Section: Opinion
- Page 1 of 1
College students are known for being the least fortunate when it comes to finances. With the cost of gas at an all time high and the price of an average dinner and a movie over the $40 mark for two, it is no wonder why our pockets remain empty.
The cost of rent and school can cause a lot of worry if students do not take precautions and save.
When the beginning of a semester rolls around and that financial aid return check is burning a hole in your pocket, keep in mind your spending now could come back to haunt you.
Mark Olsen, director of a financial counseling clinic at Iowa State University, said, "It's a lot easier to set aside $50 every month then to come up with $300 when the bill is due."
Taking on a full-time job in addition to classes, may not be the right idea for all students. If you do find it necessary to maintain a full-time job while attending school, be sure you make a budget that allows you to meet a goal and have time off when needed.
It is also very difficult to resist the constant pressures to get a credit card. The idea of a credit card may seem like "free money" until the bill comes.
If you find yourself wanting a card, use it only for emergency purposes. It is always wise to ask yourself, "Do I really need this?" before making a purchase. A sale at your favorite clothing or sporting goods store does not qualify as an emergency.
Saving and budgeting now can save a ton of money in the future when you're trying to pay back those student loans.
The cost of rent and school can cause a lot of worry if students do not take precautions and save.
When the beginning of a semester rolls around and that financial aid return check is burning a hole in your pocket, keep in mind your spending now could come back to haunt you.
Mark Olsen, director of a financial counseling clinic at Iowa State University, said, "It's a lot easier to set aside $50 every month then to come up with $300 when the bill is due."
Taking on a full-time job in addition to classes, may not be the right idea for all students. If you do find it necessary to maintain a full-time job while attending school, be sure you make a budget that allows you to meet a goal and have time off when needed.
It is also very difficult to resist the constant pressures to get a credit card. The idea of a credit card may seem like "free money" until the bill comes.
If you find yourself wanting a card, use it only for emergency purposes. It is always wise to ask yourself, "Do I really need this?" before making a purchase. A sale at your favorite clothing or sporting goods store does not qualify as an emergency.
Saving and budgeting now can save a ton of money in the future when you're trying to pay back those student loans.