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
'Personal Finance' enrollment rises
Enrollment in the financial course is at its maximum limit.
In your cart, out of your wallet
Students pick favorite grocery stores based on price, quality of food.
Buy-ology
Learning about supermarket strategies can help you become a conscious consumer.
Date on a dime
Ideas to make your Valentine's special on a tight budget
Davidson: Tips for recovering from spring break ...
After vacation, financial reality sets in.
Stash your ca$h
Controlling your money now can amount to large rewards
DIY: Greeting cards
The perfect personalized gesture
Students find themselves maxed out
It can be easy to accumulate large credit card debts while in ...
Trashed trasures
Salvaging and repurposing garbage goodies to cultivate economy and creativity.
Esposito: Fall fashion advice
How to prepare your wardrobe for the cooler weather.
Students have gift options aplenty
A college student struggling to pay for rent and groceries can face ...
Getting a library card
Essential life skill coming at you.
Overdraft fees affect student finances
New bill could change the way banks deal with people who overdraw ...
Bingo keeps money in students' wallets
Student Union Activities event gave out about $500 worth of groceries and ...
Stocked kitchen
Costume shops offer a variety of Halloween ...
Lawrence costume shops allow students to choose from an assortment of outfits ...
Students save by staying put for Thanksgiving
High airline ticket prices have convinced some students to spend the holiday ...
Editorial: Downtown businesses need student support
Local businesses deserve loyalty during the economic hard times.
Stewart: Conversations to avoid when you’re at ...
Degrees of success: athletes after college
College athletes' payment is their degree. But what if they never get ...
Blog: Buying sustainable
Being eco-friendly can be costly, but it doesn't have to be.
Greening it
How to green your move
English: How I finally transitioned to reusable ...
Johnson County stigma doesn’t always stick
Students from Johnson County make up 41 percent of the University’s population. ...
Mastering the art of college cooking
Tired of frozen dinners? Cooking for yourself doesn't always require natural talent ...
Free For All: September 4, 2007
It’d be cool if cops drove minivans.
Grocery store prices show problems with ethanol
Cost-effective cleaning products proven to work
Green Clean Initiative will be on Wescoe Hall advocating environmentally-sound cleaning products
Letter: Student Senate elections about participation, not ...
Students all have a stake in Senate elections, whether they know it ...
Buser: Law may lift student debt
Buser talks money, debt and credit.
Facing the music
For 13 students sued by the music industry, the risks of illegal ...
Personal Finance class keeps money in your ...
Students learn about how to budget, save for future.
Mommas on the Hill
For moms on campus, Mother’s Day comes more than once a year.
Holiday Giving
Picking the perfect present for family or friends.
Campus to Business Casual
How to outfit your closet after college
Recessionista: Trends on a budget
Get thrifty to stay fashion- forward in a down economy
From foster child to college grad
Former foster children face a difficult road in college.
Kansan Departments
Your guide to surviving the week.
Bornstein, Esposito: Holiday costume advice
Help for choosing a functional, fun costume for Halloween.
Esposito: Gifts pose budget challenges
Shopping strategies can ease the financial stress of holiday giving.
Kansas Jayhawk fans hold aloft a reproduction of ...
2 comments
Erin Saupe, a Ph.D. student from St. Cloud, ...
1 comment
0 comments
Armed robbers continue to threaten.
3 comments
Lecture from Greg Mortenson, co-author of New York ...
0 comments
KUnited presidential candidate Libby Johnson and vice presidential ...
1 comment
Comments
Use the comment form below to begin a discussion about this content.
Sign in to comment
Or login with:
OpenID