Many Keene State College students agree that money gets tight around this time of year.
With spring break right around the corner, savings from working during breaks getting smaller every week and school work getting in the way of making money, students are looking for ways to save.
KSC Associate Professor of Management Linda Hadden shared advice she had for KSC students on how to better budget and save money.
She said her biggest piece of advice, although it may not help students financially right now, is to take on the least amount of debt as possible.
“If you have to use it for school then it’s okay to do it, but don’t just take out a loan for living expenses such as for a car or to travel,” Hadden explained.
She continued, “It might be better to forgo certain things, if you have a car that’s still running you might want to wait to get a new one instead of take out more loans.”
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She said if a student does decide to take on more loans for these expenses they should make sure they are aware of loan costs and interest rates.
As for how students manage their money while at school, some students say they work jobs on top of taking classes, while others say it is impossible to fit a job into their schedule.
Melissa Boreal, a KSC senior who is enrolled in five classes, said, “There’s not many jobs in Keene that can fit with a class schedule the only time I have to work is evening but then I have homework and no one is looking for people to work at that time.”
She noted that, on top of there being no time to work, there aren’t many flexible job opportunities in the Keene area.
Sophomore Brona Kilburn, who works at home during school breaks, agreed that it is hard to work while in school.
“It’s hard with a class schedule to make a work schedule always fit perfectly because sometimes you have class or meetings at different times and then that doesn’t always leave time for homework,” Kilburn said.
One student said she does work at a local frozen yogurt shop while taking classes.
Liv Gillis, a KSC junior who works at YOLO Frozen Yogurt, said, “Sometimes it’s hard to balance [school and work] — it changes every week depending on my workload, but yes it’s a lot more difficult to have a job than not have a job, definitely.”
However, Gillis said as a college student she still has to prioritize how she spends her money.
“If I need groceries then I’ll get groceries over spending it on material items like going to TJ Maxx,” Gillis said.
Students also said they prioritize how and when they spend their money.
Boreal said she budgets how much money she can spend per week and sets a limit.
As for her weekly allotted budget, she said, “I run out [of money] very quickly.”
She said she is very conscious of how much money she spends while at school.
Since Boreal is a commuter student who lives more than half an hour away from campus. She said she has to limit how often she spends money at on-campus dining options because it gets expensive.
“I try to bring a lunch when I can, but that can be hard to do because I don’t have much time to make food,” Boreal said.
Classes and homework take up all my time so I end up having to spend a lot [of money] to eat on campus,” she explained.
She said that she ends up spending a lot of her allotted weekly budget at KSC.
Making a budget is a great way for college students to make sure they don’t overspend, according to an article on US News’ website titled “Six Must-Follow Money Tips For College Students.”
The article lays out ways college students can save money and learn how to handle money responsibly.
The first tip the article explains is to create a budget where students write down all of their necessary weekly or monthly expenses and allow for a few “extras,” such as eating out or gas money to visit a friend and try to spend only that.
For students who do decide to make a budget, Professor Hadden recommended that students should be realistic about their expenses and revenue.
“A job you might not get isn’t considered income, so don’t factor that in as a possible source of income until you know for sure,” she said.
She also recommended that students estimate their expenses a little higher than they think it might be so they don’t run into problems if they do overspend.
“Try to minimize expenses wherever possible,” Hadden added.
She said even when it comes to textbooks students should look for the lowest prices possible and “shop around.”
She said some students try to maximize their revenue instead of cut back on expenses, but she said working more may negatively affect students’ grades.
She explained how working more shifts to buy more material items will result in having less time to focus on school work and the value of a college experience. The article also said to save money, students must separate their “wants” from their “needs.”
It stated if the student wants an item that isn’t a “need” then they should possibly reconsider until more money is available for their allotted spending the following week. In addition, it stated that some students withdraw cash as a weekly allowance of spending, and once that cash is gone they wait until next week to satisfy more of their wants.
Kilburn said that although she isn’t always good at it, she tries to separate her needs from her wants.
She explained, “I’ve cut back on buying clothes or other things that aren’t necessities and things that are more just wants instead of needs.”
She said that she is more conscious about spending money now than she was last year.
“I was a lot worse at it [my first year] but now that I’ve gone through that I’m a lot better about it,” she said.
However, Kilburn admitted she could do an even better job at saving her money.
She said, “Every once in a while I slip up and buy something I don’t need, but I think I’m doing a pretty good job.”
Sophomore Meghan Reilly said she too is very conscious about how she spends her money.
“I do budget,” she said, “I’m aware of how I’m spending my money and what I’m spending it on. [To save money] I don’t go out a lot — like out to dinner,” Reilly explained.
She said she realizes she can’t always worry about saving money, especially when it comes to food, but said she doesn’t buy clothes or spend it on things she doesn’t need. Her piece of advice for other students is to “watch the useless spending.”
She said her first year at KSC she would go online shopping but this year she cut back and is now focused more on saving.
Another tip the article notes is for students to use credit cards, but not abuse them. In 2012, 70 percent of undergraduate students had at least one credit card, according to the International Journal of Business and Social Science.
However, it is important for students to find which credit card fits them best, build credit and pay off the balance each month.
Professor Hadden also stressed the importance of paying credit card bills off each month. She said students should be careful how they use credit cards and understand the interest rates. She advised for students to not just pay off their minimum balance each month.
“Stop using them if you do that. Pay off as much as you can each month and don’t just pay off the minimum because that might not even be covering the interest,” she explained.
KSC students agree, when it comes to budgeting their money, they have learned to prioritize what they spend their money on.
Professor Hadden advised for students to be cautious and understand their finances.
“Different [financial] circumstances makes every student different,” Hadden said.
She added that students can get financial help through academic and career advising and the financial aid office.
Taylor Thomas can be contacted at tthomas@kscequinox.com
