Dealing with college budget

By Christine D'Amico

Tuesday, July 29, 2008

COLLEGE BUDGETING

Congratulations! You’ve successfully entered the ranks of college, and begun the path to join 34 percent of U.S. citizens with a college degree.

But that’s not all you’ve signed up for. You’ve also landed a four-year tuition bill of $27,510, or if not a Kansas resident, $72,246.

But let’s be honest. It’s doubtful you’ll stay in a dorm room for four years. With bars, restaurants, parties and new friends, disposable income costs are high as well.

Budgeting is part of growing up. But in college, with multiple distractions, it can be hard to ground your spending.

Margie Gallaway, Overland Park mother of an incoming freshman, is preparing to send her child away to Lawrence for college. Gallaway and her daughter have begun to discuss spending in the form of a monthly stipend, like most of her friends are receiving. According to the Student Monitor, the average monthly allowance for an undergraduate at a four-year college is $208.

In order to stretch those dollars as far as possible, here are some tips to tailor budgets to a college environment.

AT THE GROCERY STORE

Jenny Mohwinkle, Topeka senior, learned that hard way that the grocery store saves money.

“I don’t but anything I don’t need,” Mohwinkle said.

Unfortunately, her slimming down at the grocery store led to more and more eating out. To really pinch pennies, make the grocery store part of your weekly routine. You’ll save money and maybe even learn to cook.

Another way to watch your wallet at the grocery store is to buy generic brands. They taste just as delicious and leave you with more money.

AROUND TOWN

If you take out the cash you need from your account and only spend the cash, leaving you card at home, you’ll come out ahead at the end of the night. Credit cards or debit cards can be swiped mindlessly, whereas when money starts to disappear you’ll notice.

If you leave your parking spot at the dorms, there is a good chance that another one won’t be available. If you need to run an errand, carpool. It saves the grief of trying to park your car, along with gas money.

Your parents might push for good grades, but there might be more incentive than that. The better scores you receive the more chances you have for scholarships.

OUT ON THE TOWN

Before there is a party, there is usually a pre-game. During the pre-game, students save money buy purchasing a bottle of alcohol together. That way bar bills don’t get out of control.

Above all, when out on the town, avoid opening a tab. Tabs run up quickly and can be a devastating receipt to wake up to the next morning.

One solution to tight budgets is the college job. John Hale, Kansas City, Kan., father of an incoming freshman, said he encouraged his soon-to-be freshman daughter to take on financial responsibilities of her own. Although he doesn’t want her grades to drop, he doesn’t want to foot all of the college bills either.

“She’s worked before,” Hale said. “It’s time for her to work again.”

— Edited by Sachiko Miyakawa

Comments

Use the comment form below to begin a discussion about this content.

Advertisement