2008 Woodie Awards
Reckless spending a problem
By Daniel Baughman
Rocket Contributor
Issue date: 3/2/07 Section: Focus
Have you ever stared at your checkbook, wondering where all your money went?
That new laptop is only $30 a month. That trip to Pittsburgh will take only one low payment of $70. Don't worry, that refund check next semester will pay off your credit cards, even before the zero percent annual percentage rate expires.
Students blame a lack of time for their financial difficulties.
"There is just no time to work," said Kim Brescia, a freshman elementary education major. "I moved home so I could work, but it's still hard."
As a commuter, Brescia listed several expenses many students on or near campus don't need to consider.
"I have a car payment every month, plus insurance, gas and a cell phone bill," Brescia said.
Several commuters cited similar expenses as the major drain on their finances.
"Owning a car is my challenge," junior communication major Nathan Jones said.
Several other students considered the fiscal reasoning of their friends and peers.
"Students would save so much money if they would just stop partying," said Brittany Hill, a freshman elementary/special education major. "Too many people spend all their extra money on alcohol at the end of the week. That just causes everyone to have a headache."
According to the Certified Financial Planner's February newsletter, college students spend $5.5 billion annually on alcohol.
"Partying seems to be part of the college experience," Hill said. "It's like you can't have one without the other."
Cars and alcohol may be draining to some students' finances, but imagine buying your "necessities" with credit cards.
"My one friend puts everything on credit," Jones said. "Clothes, gas, books, food-you name it. If someone has something that she doesn't yet, out come the cards."
Credit card companies have targeted college students by selling the concept of "free money," but the loan actually comes at a high cost.
"My freshman year, credit card companies called my dorm room trying to get me to sign up for their credit cards," Jones said. "I didn't even sign up but they sent me a card in the mail later that week."
That new laptop is only $30 a month. That trip to Pittsburgh will take only one low payment of $70. Don't worry, that refund check next semester will pay off your credit cards, even before the zero percent annual percentage rate expires.
Students blame a lack of time for their financial difficulties.
"There is just no time to work," said Kim Brescia, a freshman elementary education major. "I moved home so I could work, but it's still hard."
As a commuter, Brescia listed several expenses many students on or near campus don't need to consider.
"I have a car payment every month, plus insurance, gas and a cell phone bill," Brescia said.
Several commuters cited similar expenses as the major drain on their finances.
"Owning a car is my challenge," junior communication major Nathan Jones said.
Several other students considered the fiscal reasoning of their friends and peers.
"Students would save so much money if they would just stop partying," said Brittany Hill, a freshman elementary/special education major. "Too many people spend all their extra money on alcohol at the end of the week. That just causes everyone to have a headache."
According to the Certified Financial Planner's February newsletter, college students spend $5.5 billion annually on alcohol.
"Partying seems to be part of the college experience," Hill said. "It's like you can't have one without the other."
Cars and alcohol may be draining to some students' finances, but imagine buying your "necessities" with credit cards.
"My one friend puts everything on credit," Jones said. "Clothes, gas, books, food-you name it. If someone has something that she doesn't yet, out come the cards."
Credit card companies have targeted college students by selling the concept of "free money," but the loan actually comes at a high cost.
"My freshman year, credit card companies called my dorm room trying to get me to sign up for their credit cards," Jones said. "I didn't even sign up but they sent me a card in the mail later that week."
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