BY LEAH HOLLINGSWORTH
Lions’ Pride Staff writer

As tuition rises, money management becomes more important.

“It’s all about making choices,” Student Financial Services employee Andrew Strazi said. In order to keep on top of tuition, spending must be cut, saving increased, and budgets and journals constructed.

College students spend over two hundred dollars per month on purchases of choice as reported by Harris Interactive. This sum, or a portion of it, could be saved every month, totaling up to twenty-four hundred dollars per year.

If considering items of need, find ways to save.

When it comes to phones, “shop around for the best plan,” Accounting professor Emil Koren said. Talking to loved ones, especially for out of state or out of country students, makes a mobile plan necessary, but be wary of companies that entice buyers with extra features they do not need.
Food is another necessary expense, but there are simple strategies to spend less.

“Get pizza right here in the cafeteria,” Koren said. It is in the best interest of students with meal plans, to use the plan. Not only is money spent on the plan lost, but a student has to spend additional out of pocket money to eat outside of the cafeteria. It is a double whammy.
Keeping track of spending is imperative for saving money.

“The best way to keep track of your spending is to keep a spending diary,” Koren said. Writing down what is spent helps students realize how much they are spending and what the money is going towards. Because writing down every splurge, every time can be difficult, both Koren and Strazi said that keeping track for a shorter amount of time is acceptable. One week of journaling is enough to make an impression on students.

“You’ll be surprised at how much you spend,” Strazi said.

Spending diaries can then help students implement a budget because it will become clear how much is needed for categories such as clothes, food and supplies. Budgets limit what is spent on each category however, the limit can be adjusted as needed.

“If you need to pay tuition… prioritize your expenses,” Strazi said. For budgeting purposes, this requires allocating more money to expenses that are more important such as books and car payments, and less to expenses such as entertainment.

“Saving and budgeting is very important,” Strazi said. Putting money into the bank can help make future costs seem less daunting.

“Start the habit of saving,” Koren said.

Saving now is good practice for the future, when money must be accumulated for payments like those needed to buy a house. However, there is no standard dollar amount students ought to save.

Students should “save on a percentage amount,” Strazi said. By saving a percentage of income, an affordable amount will always be saved.

Although increasing saving and using budgets and journals are crucial strategies, being wary of spending is the key to having money for tuition. “Don’t live beyond your means,” Strazi said.