With costly expenses such as rent, utility bills, bar tabs, parking passes and gasoline, students are facing a lot of costs with little time to earn, let alone save money.
Jonathan Fox, an associate professor in the Department of Consumer Sciences, teaches a personal finance course. He said starting a spending diary is a great way to start battling financial troubles while in college.
"Keep track of what you spent-just the act of having to write everything down will serve as a deterrent to spending on items you don't really need," Fox said.
Caitlin McKeon, a senior in Spanish and international studies, started using an electronic calendar to keep track of her spending.
"I started the calendar because I wanted to visit Mexico, but I knew that in my current situation, it would most likely not be possible," McKeon said. "I realized, however, that with careful planning and budgeting, a trip would be possible."
After a few weeks of using her calendar, McKeon realized that a second job would also be necessary.
Entertainment and social spending can be a cause for unexpected financial troubles.
"The OSU experience is packed with sensational free entertainment options," Fox said. "Know what is going on around campus and take advantage. Some will try to drag you to expensive alternatives; show them how fun the free stuff can be."
Fox also said not buying books for classes is not the smartest way to go about saving money.
"The books are expensive and you can shop online or search libraries for copies, but not having the book is like going skiing without skis. It is only a small portion of your total cost of education and may be the most important single input," he said.
Andrew Claus, a senior in forestry, fisheries and wildlife said he is always looking for a way to save money, especially on food.
"I shop at Aldi and Big Lots because you can buy staple items very cheap and then spending money on produce at other grocery stores is more manageable," he said, "and I think that the quality of food at those places is just as good as the food at other grocery stores."
Low cost options such as Aldi, Big Lots and Dollar General are options for students to save on basic items. Saving a few dollars here and there on necessities can allow for spending on other things.
Fox said one of the hardest things about saving money while in college is balancing such a diverse lifestyle.
"Often I see students working to maintain a car and apartment (lifestyle) that would work if they didn't have active class and social calendar," Fox said, "but with all three something has to give."
Caitlin Coyle can be reached at coyle.46@osu.edu.
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