Money. We all want it. We all need it to survive. And nearly everyone, even the most well-off, silver spoon-fed college student, has only a limited quantity of it, which must be dearly conserved.
The consequences of poor budgeting practices can prove detrimental and can lead to ruined credit histories, forcing students to work mindless jobs or even sell off bodily fluids in desperation.
But, if students follow pragmatic budgeting advice, these horror stories can be successfully averted.
According to fourth-year Engineering student Scott Crenshaw, first years can avoid overspending by purchasing meal plans that provide an average of at least two meals per day and a wealth of Plus Dollars.
"All your meals are provided, [so] I never went out to eat, I guess," Crenshaw said.
"I couldn't just go out and buy something at the spur of the moment," he said.
For upperclassmen with small meal plans, this is not an easy proposition.
But, by exercising a little creativity, students can save money without having to sacrifice a healthy social life.
One of the best and most practical ways to save money is simply to buy used books.
Selling books back, particularly to Web sites like Ecampus.com can prove lucrative.
"If you have to buy workbooks for a class, don't write in the workbooks and [then] sell them ... They're worth a lot of money," College second-year Kelly Davison said.
Students additionally can save money by bringing their own cups to Pavilion XI or The Castle - refilling cups of any size costs a mere 49 cents.
Students also can exploit the dining hall system to their advantage.
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While some expenses are frivolous and unnecessary, Doherty pointed out that others are just plain redundant.
"Don't ever buy pens or cups because you can get a ton of those for free," at various University functions such as lecture series, book signings and activities fairs.
Often, especially during their first semester, students accumulate an exorbitant amount of debt from making long distance phone calls.
The ubiquitous AOL Instant Messenger can be an instrument students can use to save a little cash.
"Talk to all your friends on IM" instead of making long distance phone calls to save money, Davison suggested.
While practicing unconventional ideas may save a few bucks, balancing checkbooks and properly managing a credit card can mean the difference between financial stability and a ruined credit history that could take years to rebuild.
By following a few simple guidelines, students can avert these problems.
For one, students should keep tabs on their purchases and try to save their receipts.
"Students should keep a record of every check card purchase and ATM withdrawal they make ... They can overspend because they don't know how many times they've" made purchases, said Tracey Roberts, sales and service manager of Wachovia Bank in Newcomb Hall.
According to Roberts, most students maintain a minimal amount of money in their checking accounts, often less than $50.
Accurately keeping track of all account transactions when account balances are so small underscores the need for accurately maintaining all records, Roberts added.
Credit cards, often considered a bane to college students, can be useful or detrimental.
Often times, the interest rates on credit cards issued to students is extremely high - over 19 percent. At the same time, minimum payments are usually low, sometimes as little as $10 to $20.
With simple budgeting, and a little common sense, students can effectively manage even the most meager finances well into their fourth years.
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