Bad habits cause college students’ expenses and spending to be much higher than they should be as students tend to waste a fair amount of money each week. If you are a college students in an apartment in Blacksburg, VA, read on.
According to research by Nationwide, 40% of college students’ spending is discretionary — meaning it’s being spent on technology, entertainment, clothes, etc. which is high considering just 26% of their spending is on room and board, 19% is on their college tuition and the correlating fees, and another 12% is dedicated to other expenses.
One of the biggest money wasters college students spend an exorbitant amount of money on is coffee as well as other food items. If you indulge in Starbucks every day even if you’re only getting a tall regular coffee there, you’re still spending around $60 a month on coffee. And that’s not even taking into consideration their specialty drinks.
Rather than shelling out money each day for coffee someone else makes, college students should buy some kind of coffeemaker and brew their own at home, indulging in a bought cup of Joe only rarely, it’s an expense you don’t really need to have on a limited budget.
The same applies to eating out at restaurants. Research shows that students spend more than $11 billion a year on snacks and beverages, as well as around $5.5 billion on alcohol annually.
Another way to curb your spending habits is to get rid of your credit card or have one only for emergencies. This way, you have to pay cash for everything, which will help decrease the amount of purchases you’re making per week.
Many college students think of their credit cards as magical passes to free stuff. This is because they’re either charged to their parents’ accounts or because the students don’t feel the immediate hit of cash leaving their hands, and therefore chalk up the expense as not such a big deal.
Of course, students are spending too much by buying new textbooks, too. Oftentimes, students feel they need to buy their textbooks quickly and will go to the nearest book store to buy all the textbooks for their classes, many of them new.
This is a spending habit that students can easily change; more students should look into buying used textbooks, renting the books they need for the semester, or exploring ebook and digital options for the books they need.
Because you rarely use your textbooks for more than one semester and are unlikely to crack them open again after the class is over, buying new textbooks is a waste of money, even if you’re able to sell them (for less than you paid) after the semester’s over.
Finally, students are spending too much on entertainment. Movie tickets, concert tickets, football tickets, even cable TV all are costly expenses. Instead of spending money on movies and concerts, check out what campus events and entertainment your school offers, as many have bands come perform at the school and students can go free of charge and the same is true for movies as many universities have movie screenings on campus that are free.
Additionally rather than buying a football tickets bundle, look into only buying football tickets to the games you’re sure you can go to or buy them off other students. With Netflix and other video streaming sites on your computer, you can also cut out cable costs by just watching TV on your computer.
Other expenses college students pay more than they should for include transportation, rent, school supplies, Spring Break trips, and furniture and decor for their apartments, dorms or houses. Many students also don’t take advantage of the numerous special deals offered to students, like getting a percentage off their purchase with their student ID.
Look into cutting some of these big money-wasting habits and you’ll be on your way to spending money more responsibly and saving a bundle of it too.