Spring Break
Reduce Spending, Reduce Financial Worries
By: Rebecca Bennett
Issue date: 9/17/09 Section: Features
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Mielke said it helps to cut down on spending by breaking down expenses into the two categories of "wants" and "needs." Students can then determine what must be paid for before spending money they don't have on things they don't need.
"You prioritize how you want [your money] spent. And if you have that, it gives you power, it gives you confidence that you know exactly where your money is going and that you're in charge of your money, rather than having your money in charge of you," Mielke said.
If students want to save more money, it is important they learn how to spend less. Mielke referenced financial advice expert and author David Bach, who said, "The problem is not how much we earn…it's how we spend!"
According to Student Business Services, all undergraduates pay $70 in transportation fees each semester, whether or not they are frequent bus riders. Rodney Hale, a senior English major, said he walks everywhere rather than driving to save money on increasingly expensive gas. By taking advantage of the many on-campus and off-campus bus routes, students can also avoid paying for car insurance and maintenance.
Mielke said he encourages students to make use of the many services already covered in mandatory student fees. Health-conscious students can enjoy a game of Frisbee golf at Research Park or head to the Rec Center to learn a new sport as an alternative to expensive gym memberships. "You've already paid for it, and you're going to pay for it regardless of if you use it or not," Mielke said.
Other money-wise entertainment options include borrowing a novel for free from Evans, or renting DVDs to watch at home with friends. Those determined to see recently released movie titles in theaters should consider matinee showings, which tend to be cheaper, or bring their university ID to get a student discount.
For those seeking to dine on a budget without sacrificing the social atmosphere of eating out, Mielke said informal potluck dinners with friends are a good way to eat affordably. "It gives you an environment in which you're not waiting to be served. It's a more informal environment. You can have conversation, exchange conversation more easily than you could in a restaurant."
Money Wise Aggies said that those who already cook at home can reduce grocery bills by buying in bulk, trying more off-brand products, cutting coupons and comparing prices.
"At Wal-Mart, you can use different magazine ads to get cheaper food because Wal-Mart matches every price," said Lauren Mueller, a junior communication major.
Utility bills, which can fluctuate from month to month based on usage, are singled out as another way to reduce living expenses. Mielke said the best approach for reducing energy costs was common sense strategies-if you're not using it, you do not need it on.
"When [my roommates and I] leave our apartment, we turn off all the lights and all the fans," said senior mathematics major Brandice McDougle.
In addition to food, toiletries and basic utilities, every student is in need of textbooks. Buying used books from the bookstore or from friends remains a popular choice, but new technology allows for even more wallet-friendly options.
"If you have an iPhone or Kindle, you can get your textbooks on Kindle through Amazon. It's a lot cheaper," said junior communication major Melissa McDaniel.
Students who prefer paper-and-ink copies of their required reading can save money using Chegg.com, a Web site that allows users to affordably rent books for the semester. They also plant a tree for every book rental.
Ultimately, students can save more money by becoming more conscious of all spending, including overlooked minor expenses. Money Wise Aggies said they have labeled seemingly trivial and unnecessary expenditures "the Latte Factor," after the pricey Starbucks beverages, which can quickly drain a daily consumer's wallet.
"The Latte Factor" is not limited to coffee, but can also include iTunes music, magazine subscriptions and vending machine purchases. In order to catch such a spending habit, Money Wise Aggies said students should track daily purchases in a journal and single out things that they are buying too much of or do not really need.
By making a few spending adjustments and becoming more aware of all purchases, students should feel more financially stable. With proper discretion, they should even feel more at ease about the occasional indulgence.
"Just be smart, maybe once in a while have something special rather than every day...that adds up," Mielke said.
Tips for Off-Campus Residents to Reduce Energy Costs:
1.Keep your AC just one degree higher in the summer; this can reduce monthly cooling costs by 3 percent.
2.Change your AC filter every month for more efficient cooling.
3.Dress weather appropriate, instead of adjusting the thermostat.
4.Turn off the water if you go out of town for a long time.
5.Attend to water leaks as soon as possible, especially hot water leaks.
6.Energy costs are a lot cheaper for food cooked in the microwave (10 cents per hour of cooking) than oven-prepared food ($1 per hour of cooking).
7.It is best to do laundry in the early morning or late evening, when outside temperatures are already cooler.
8.Always run a full load when washing clothes, or set the washer on one of the smaller load settings.
9.Fluorescent lighting lasts 10 to 12 times longer than incandescent lighting. It also produces less heat.
10.Open windows and use sunlight to heat rooms during winter, and use shades or curtains to keep rooms cooler in summer.
11.Periodically check weather stripping around windows and doors for air leakage.
Note: College Station Utilities provides energy audits at no charge for their customers to help individuals personally evaluate their energy usage and costs.
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