How fat is your wallet?
Students struggle to make budget meet needs
Zahid Arab
Contributing Writer
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Photo by Casey Ferguson Mesa Legend |
Driving from school to work to home and back again, rising gas prices have put an added pinch in a student’s strict budget. |
It’s Friday night, and for Johnny and his friends, it can only mean one thing— movie night. After purchasing his student discounted admission tickets, they all proceed to the concession stand. One of his friends orders a large popcorn, soda and licorice. Johnny reaches for his wallet and takes a look inside. Empty. After taking their seats in the auditorium Johnny looks over at his friends indulging in their snacks, wondering how they have money to spare, considering they all made the same amount of income. The difference between Johnny and his two friends is that they know the importance of maintaining a budget.
A 11th edition psychology book, rent, family packs of Ramen noodles, tuition bills, a night out at the movies with friends — Wondering why the wallets of students are looking slim these days? Although the individual price tags may not seem as pricey, in the long run these items can add up to equal one poor college student. From food prices to textbooks and gas, MCC students this semester are feeling the impact of their college expenses, and realizing the importance of maintaining a sensible budget.
A problem that is common amongst students is spending their money as they go, not taking into consideration bills they may have due soon. Although this “living in the now” mentality is common amongst MCC students, others understand the importance of maintaining a fiscally sound budget. “I keep my checkbook updated, although it’s a pain to write each expense down, it really helps when you have to balance your checkbook, when your bills are due,” says Jessica Hatfield, 19, a Computer Science major.
In a small survey conducted on the Southern and Dobson campus, it was determined that food-related expenses were ultimately what students spend the most money on each week. Most cut down on their food bills by picking sensibly priced items such as Ramen noodles to eat rather than dining out. For some however, this is not a possibility. Full-time students spend a large part of their day on campus, which means they must purchase at least one meal per day. “As a full-time student on campus 11 hours a day, two meals come from the cafeteria,” says Karen Bauer, 44, a Sociology major. With no choice but to buy her meals each day, Bauer believes that for the price she pays, both the quality and portion sizes should be improved.
According to Food Services Director, John Milburn, prices have risen slightly due to increased prices from suppliers. Milburn stated, “We try to hold prices down as much as we can … in reality we only make about a one percent profit.” He goes on to note that although the prices of some items have gone up, most remains the same.
Although purchasing food can play a vital role in determining an appropriate budget, there are other things to consider when devising your own financial plan. Nikki L. McIntyre, Bank of America Personal Banker/Loan Officer agrees, saying the easiest thing to do is calculate all major expenses with an estimated dollar value and counteract them with your income. “Once you list everything, it will be easy to see what bills you have to pay so you won’t think you have money just sittingthere,THINK AHEAD!”saysMcIntyre. “It should be a priority like sleep or class. What you do today will affect what you will be able to do after you graduate such as buying a home.”
McIntyre recommends paying with cash for minor expenses and using credit cards for things that students know they can payoff, such as textbooks, to establish credit. “The point is to establish good credit for the future, not put yourself in a situation where you ruin your credit before you have a chance to utilize it,” explains McIntyre.
Many financial institutions such as Bank of America offer specialized services that cater to the needs of college students. Such as the “Campus Edge” program, by Bank of America, who believe in rewarding students for being in school to pursue a higher education.
Although expenses are a part of the college experience, there are ways students can help relieve some of the financial burdens they face. With these valuable reminders, the next time Johnny takes a trip to the movies with his friends, he’ll be able to enjoy the delectable delights of the overpriced concession stand.
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