FEATURE
THE SILVER LINING
Like most things in life, shopping can be a completely harmless activity if handled in moderation. However, just as it's not the best decision to go to the bars the night before a big exam, it isn't a good idea to go shopping when funds are low. Many students have developed their own ways to keep their bank accounts from dropping into the red.
A common strategy many students use is to only spend money they know they have. In other words, use cash or a debit card instead of a credit card. That way you can see the money being spent immediately after you spend it. Credit cards have no immediate consequences, and can thus create dangerous situations of overspending.
Also, research isn't required just for essays. When making a big purchase, take the time to look around and do some price comparisons. Grant Huang, St. Louis senior, says before he purchased his
MacBook Pro and his iPod, he shopped around a bit.
"I always try to look for more discount stuff, but that's still good quality." Huang says. "If I'm looking for something that is expensive, obviously I would do some shopping around and do some research into it. The expensive things, like a computer or electronics, you have to be smart about."
To help students become smarter with their money, the Office of Student Financial Aid has created a financial literacy task force. The task force covers everything from learning how to pay off student loans, how to use credit cards wisely and how to manage savings accounts. However, perhaps the most important thing is that students change their attitudes about spending.
"Right now, it's just fun to spend money," Huang says. "I'm sure that when I move out on my own, my parents will cut me off and be like; Okay, it's up to you now."
photo illustration by Ryan McGeeney
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October 2, 2008