Money wasting 101 – How students waste their cash
Everyone knows being a student is tough, mainly because being a student means never having enough money for the things we want; and in some cases, need. As a student myself I remember asking the girls in my dorm out for coffee in the middle of the week and being turned down because “we have no money”.
Strangely, it was the same group that were always spotted at the student bar and never turned down a trip to the liquor store.
It got me thinking;
Are students really that broke?
As time went by and I was sucked into the first-year student culture; letting (the wallet) loose at the student bar beginning Thursday night and ending Sunday afternoon, waking up late for lectures and grabbing black coffees and muffins to go, turning up at lectures half brain dead with last night’s mascara matted to the bottom of my eyes; I soon realized the student poverty lay in our attitudes, and not our bank accounts.
I was having fun, but weren’t we all? As a student who lusts after the latest technology, trendy clothes and sweet car we simply can’t afford, isn’t it easier to squander what little we have on the instant gratification that comes with alcohol-infused trysts at the student bar?
Three years to an eighteen year old seems like an awfully long time to wait to graduate and get those good paying jobs that afford all the things we want, but even as a student, it’s possible to get smart about money. The first step is to have realistic expectations. A regular student can’t afford a blinged out ride, flash apartment and the latest fashions hot off the runway; but neither can a starving child in Africa. But that’s not what you’re in university for, you’re there to study.
You can still enjoy one trip to the student bar per week, a movie, lunch with friends on the weekend and maybe a CD plus put a few dollars aside each week and treat yourself to some new clothes or nifty gadget at the end of the semester.
Just remember to steer clear of these student money wasters:
Takeaways and the daily macchiato
Always have some cereal and milk handy for a quick breakfast and pack a sandwich or two to get you through the day. If you can’t live without good coffee get yourself a peculator (or pinch one from your parents); the trick is to grind the beans yourself. As for frothy milk, you can get an inexpensive milk frother for about $10. With a small initial investment (Nanna’s a great when it comes to these things) and a bit of effort and technique, you’ll barely be giving up anything.
Print-outs
Over a span of three years, the 20 cents you spend per page for print-outs can really add up. The first thing you should ask yourself is; do I really need to print this? The next best thing to do is split the cost of a printer with your flatmates and make sure everyone puts in a fair share for paper and ink. Look in the classifieds for used office printers and you should be able to pick one up at bargain basement prices.
Textbooks
If you want to save money on textbooks, you have to be supremely organised. Decide on the courses you’re going to take a semester in advance and start looking for second hand textbooks on websites such as Amazon, Textbook Exchange and AbeBooks.
Booze
Take stock of how much you’re really spending on booze. For one week, don’t change your habits but keep a ledger of how much you’ve spent at the student bar and liquor store, and be honest with yourself. Then draw up a list of the things you really want and calculate how much time it would take you to save up for those. Enough said?
Mobile Phone Top Ups
We all love to communicate with our friends through SMS and calls but pre-paid mobile phone charges aren’t as competitive as contract deals. Even then, you have to watch your spending. You can always use services such as MSN and Yahoo messenger to communicate with your friends, but always, watch your mobile phone expenditure and set a budget to how much you spend on your mobile phone per month.
Snacks and Drinks from the vending machine
Vending machines are a no-fly zone for any student trying to be thrifty. Plus, vending machine offerings are never highly nutritious, so stock up on fruit from the supermarket and a bar or two of dark chocolate and always carry a bottle of water and some wholemeal crackers. You’ll save money and inches on your waisteline.
Make use of student discounts
Familiarize yourself with the deals and discounts you’re entitled to as a student and make the most of them. The Student Services Australia website has a comprehensive guide to student discounts in your local area.
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