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Strapped for Cash

By MeganC173 of John Foster Dulles High School
3.0-4.0 GPA Range

“Just pick up the phone and tell them. Dude…they’re parents, they’re going to find out anyway. That’s just the way it is.”

Ring! Ring!

“Hello”

“Hey mom! It’s me.”

Pause

“What happened? Did you get in trouble”

“Uh… no. Everything’s good… it’s just that I need a little cash.”

“Already? Haven’t you been saving up, and didn’t we just send you $100 a week ago?”

“Well yea… but you know how the school has a study abroad program? Well I already signed up and the deadline to pay is next week, and I don’t have enough money. I was saving up…but I got a little sidetracked with my money.”

“Well…okay. How much do you need?”

“$1,500.”

“FIFTEEN HUNDRED DOLLARS!?!?!?!?!?!”

This scenario is a very common problem with students who do not understand how to effectively manage their money, and if you add poor money management skills with the current economy it can become a serious issue. There are a couple of ways that students can manage their money, which in the end will save them from that dreaded call home.

The easiest way to efficiently manage your money is to track where you spend it. You may not realize how much you spend on the little things here and there. Tracking every purchase will help you decide which purchases are necessary and which ones you can do without. Along with tracking your purchases, if you budget yourself to a specific dollar amount a week you will find that your money will last longer. You should also set aside a certain amount if you know there is a big expense coming. If the school requires a big expense a couple of months later, set aside a certain amount ahead of time so you will be able to afford it. It is also imperative to compare prices before you buy. Instead of buying new books, rent or buy used ones for half the price.

Keeping these tips in mind will avoid money problems for students. Especially during our current economy, saving money is one of the smartest things to do.

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