Empty Pockets? How to Beat a Popular Money Pit

The life of a college student means empty pockets. It seems that even though a lot of us do hold part-time jobs, they are never quite enough. We are always breaking even with our money, nothing left over. Why is this? I know that it is baffling, especially for those of us who work. However, we easily fall into a trap that is robbing us of our money without us ever realizing it.

Food. Even though a lot of us have on campus meal plans, we fall prey to the food trap. Campus food is typically repetitive and–at best– can be described as decent but unhealthy. None of us get excited about campus food, so we easily forgo it for the attractive options of the nearby local cuisine. I know that at OSU, High Street alone offers every type of food imaginable. Therefore, most of us are spending probably anywhere from five to fifteen bucks a day on food outside of our meal plans. It doesn’t seem like a lot, but if you look at it, we are spending an average of about thirty-five to a hundred bucks a week on food. This is the easiest of traps because it builds so swiftly. A milkshake here, some froyo there, order a pizza, walk to get some Chinese food, grab some soup, maybe a sub or two, and your bank account has been sufficiently drained.

How do we combat this? The most important thing that you can do is to be aware. Even keep a running tally whether in your head, on paper, or in your phone of how much money you are spending on food. Whenever you order something or buy something, just record how much it was and all week keep adding to the total with each new item. This way you will actually see the amount growing and will have a better sense of when to stop. It might even be a good idea for you to track your food by your pay periods. If you get paid biweekly, then it would be a good idea to add up your food on a biweekly basis, starting fresh after each paycheck. This way it is clearer exactly how much money is coming out of each paycheck for food alone. This awareness will not only quickly curb your eating out, but will help you manage your money in general.

Another proactive way to combat this is to buy good groceries. I say good groceries, not the junk food that we all love and adore. It is okay to buy one maybe two things each time you grocery shop as a treat, to entice you to go, but it is more important that you buy staples, such as bread, milk, butter, etc. Buy items that you know you can use in your dorm room and apartment and buy it in quantities that you know you’ll be able to consume (no economy packs, as food in great quantities will only go bad before you can eat it). By buying groceries, you reduce the amount of times you need to eat out. Having accessible meals on hand such as sandwiches, crackers and fruit, you eliminate eating out for every meal and from buying snack food constantly. This tip will not only help with your money, but with your health as well.

Finally, just budget. I know it sounds like work, but it really isn’t. First, don’t spend what you don’t yet have. Only use the money once you have it, this way your paychecks aren’t already spoken for. Then, when you get a paycheck, divide out how you want the money to be spent. Take out whatever you need for any bills, credit cards, phone bills, etc. (usually about half of what you need out of each check, so that by the time your monthly bill comes around you have all you need), then decide if there are any purchases that you need to make, such as class books, paper or ink or any bath products. Next look at what you have left and divide out how much you want to save and how much you want to spend on food and other pleasure items. This way you don’t overspend in any one area, leaving you at best broke, and at worst in the negative.

Following these tips will alleviate stress, and will put money back into your bank account. These are things that every college student needs to be doing in order to make it with at least two nickels to rub together.