Managing money a challenge for some students

FAMU Quadrangle and Lee Hall. Photo courtesy: Kaylah Burns

Students have been struggling to maintain proper spending habits. Apart from the academic expenses expected from them, some students have had trouble managing their money on their personal needs.

Aside from school-related expenses, such as tuition and books, the main thing that students have been spending most of their money on is food. Based on the 2018 College Explorer Market Research Study, students spend an average of $4,097 per year on food delivery or eating out.

The same study also reported that this habit of constantly eating out causes a number of students to struggle with affording to eat in general. An article from admissionsly.com written on this study said more than one in three college students find that “affording an adequate amount of food is a difficult task for them.”

Computer science major Ayanna Mason is a second-year student who lives on campus. Mason said that she had similar difficulties when it came to spending her money on food.

“Most of my money has gone to food this semester and eating out with my friends,” Mason said. “It’s just hard to resist that urge especially when you’re already craving something. I think if it wasn’t for food, I would be better at saving my money.”

Entertainment and social events are two other reasons why students have struggled with their spending habits.

Nightlife in Tallahassee is popular among students as well as on-campus events where both may require students to purchase tickets.

Fourth-year accounting major David Greene said that he had to sacrifice going out with friends in order to manage his money better.

“I used to go out all the time my freshman and sophomore year but I didn’t realize how much money I was wasting until I had to pay rent,” Greene said. “Once I got my own apartment I barely went to clubs.”

Greene went on to say how he still struggles with his spending habits.

“Aside from bills and rent and all that stuff, a lot of my money goes toward personal things like clothes or food,” Greene said. “I saved a lot of money from working over the summer because I know how much I like to spend once I’m on campus.”

The 2018 College Explorer Market Research Study showed that college students end up spending more money on personal needs than on their academics. The study showed that over a four-year period students spend “12% more than the average expenditure on academic needs.”