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That dinner out with roommates is sounding pretty appealing. Keeping a car on campus sure would be handy. Out on the town with friends where you might be expected to pick up the next tab for food or beer?
Before making those sorts of decisions, first decide:
- If you can afford to do these things and,
- Even if you can afford it, consider whether you should you spend the money
Financial aid administrators often advise students to live like a pauper while in college, or you will be forced to do so in adulthood.
Overspending is the easy choice and often peer pressure from your roommates, other students or groups that you are affiliated with can put the pressure on for you to spend. Does that mean you can never go out to eat or to a movie?
Not at all. Here are a few tips to keep you focused and able to make good choices:
- Eat out or stay in? A little of both, please. As they say, everything in moderation.
- Vacation? Plan, make it a financial goal discuss plans for it and budget what you will need.
- Loans to chums? Be a generous friend, but set the boundaries early in your school year, or school career, to avoid problems down the road
- Play a leadership role. Become a leader in how to be financially savvy and set the tone both for yourself and your friends.
Consider other ways that your college peers can influence your spending behavior and don't succumb. Do some smoke? Overdrink? Have bad study habits that can cause them to fall behind in coursework? All of these can have an impact on your finances and in your ultimate ability to finish your classes with good grades.
Bad habits can mean big spending: Do your college peers smoke, overdrink or have other behaviors that affect their ability to pay their education costs? Don't fall into the same trap.
"Newsies" by Lewis Hine, 1910 from https://en.wikipedia.org/wiki/Tobacco_smoking, (Public Domain)
Your peers are no more an expert in college life than you are: Take charge of your individual, specific needs (every one is different) and manage your time, and your money, accordingly.
What might seem like small choices can have a big impact. If you choose to have a car on campus and be a regular "designated driver" for your friends, remember that you are the one paying the costs of the car's upkeep. Even if your friends pitch in for gasoline, you will handle oil changes, wear and tear on the vehicle and any parking tickets and associated legal fees which can add up quickly. It is far easier to avoid these problems in the first place.
Also see this section for more tips: "Campus Hazards Can Affect Your Financial Wellness."
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