Money is a commodity that no one can live without, as much as they would like to. Thinking about how there is little to no money in an account can be daunting and scary, even more so for college students.
I know that if I am not careful with my money, eventually it will run out and then I won’t have money for food or any item that is considered a necessity.
The average student spends over $2000 for their education when they have access to a credit card and as many as 25 percent of students spend more than they have.
For students in South Dakota the average debt after graduation is close to $30,000, which is why students need to be cautious with what they spend their money on.
Students get confused when the term necessity is used, so it’s important that in terms of money, students are aware of what is, and what isn’t, a necessity.
A necessity is something that is needed, not something that is wanted. Clothes are only a need, for example, when the majority of other clothes have golf ball-sized holes in them, and the tops of the sneakers are so frayed that toes are easily visible.
Clothes aren’t a need when the only reason for the purchase is to be part of the latest fashion trend or to make the inside of the closet look like the clothing rack at J. C. Penney’s.
Often students want to live outside of their means, they know how much they earn, or if they’re blessed how much their parents give them, and how long that money will last for after the most recent bill payment.
Students need to realize that money doesn’t grow on trees and will run out if they’re not careful.
When that money does end up running out, there’s a chance that all of a sudden they won’t be able to afford food towards the end of the semester as they wasted it all on a fashionable sweater that, in reality, they didn’t need.
Commodities such as fruits and vegetables, personal hygiene products like toothpaste, or any other item that is necessary in order to live and function, are a need.
Students need to realize that money is a key component of their future and they will need it to help pay off student loans.
Money adds up over time and if the majority of that money is spent on wants, rather than needs, then that money will be gone and students won’t be able to use that money for school.
Students need to save their money more and only spend what’s necessary now if they want to have less to pay off, as far as student loans go, in the future.
Living in the moment will only carry students so far into the future. While it’s important to enjoy the present, it shouldn’t come at the cost of students draining their bank accounts.
There are a lot of things I want to buy. More often than not, I have to avoid the craft aisle at Walmart, because I know that if I buy those items now, I won’t have enough money for more important items, such as medication, later.
Students should abstain from instant gratification while they’re in college and instead concentrate on their future when they spend their money.