College students who often have to work on a tight budget may have difficulties balancing expenditures. Everyday costs and other miscellaneous expenses add up and slowly but surely can eat up available funds.
Reducing unnecessary costs can, however, help students control their expenses and have money left over for things that they need.
Here are five things that students should stop wasting money on:
1. Parking tickets
With enrollment numbers increasing, finding parking spots has proven to be a monumental task this year. Students will often, out of frustration, give up looking for the appropriate spot and park wherever they happen to find a place to leave their cars.
Unfortunately, this tactic can be extremely expensive. Prices for parking tickets can range anywhere from $10 to $50 per ticket, according to the K-State Parking Services website. If a car is in a restricted zone, it can get towed, which could cost up to $150.
These parking violations could add up to quite a bit of money. Students who take the time to park in appropriate spots can save themselves a pretty penny.
2. New Electronics
Many students spend their hard-earned paycheck on the newest video games, biggest TVs or the latest Apple brand product that has hit the shelves. As cool as the newest iPad may be, electronics are an investment that depreciate in value.
This means that once an electronic is considered used or pre-owned, buyers will only be able to salvage a fraction of the resale value for that product.
3. Alcohol
Weekends in Manhattan for K-Staters are often filled with bar-hopping and house parties; alcohol is a staple in the lives of some college students. In fact, according to alcoholpolicymd.com, college students nationwide spend about $5.5 billion on alcohol.
It can be a dangerous habit for someone to start a tab in a bar, and in the drunken festivities, lose track of the amount of money they have spent.
Responsible drinking can serve as a good social outlet for college students, but can hurt their wallet if they aren’t careful.
4. Bottled Water
When people think bottled water, the general perception is that it is worth the money because the water is “cleaner” or “healthier.” Many claim to drink bottled water because they are afraid that water from the tap may contain germs.
Ironically, however, several notable bottled water brands, including PepsiCo’s Aquafina and Coca-Cola’s Dasani, released information that they use water from public sources, according to a 2007 article on CNN.com.
In addition to reducing waste, students can save a significant amount of money by just drinking from a tap, instead of spending $1 to $2 every time they want to quench their thirst.
5. New Textbooks
For some, the smell of brand new pages and the cracking sound of the book’s spine they hear as they open a new book for the first time may be an unforgettable experience.
It is also, unfortunately, much more costlier than a used book.
With online services such as chegg.com, amazon.com, and even special deals offered by K-State, students have a variety of sources that they can utilize to find the best deals on textbooks.
Another way students can save themselves money is to buy and sell books from each other. A student who has completed a course can gain some money back, and the buyer can purchase a highly discounted book.
Keeping a tight wallet may not necessarily always be about cutting spending, but rather could focus on the value that purchases have.
By monitoring the salvage value of each purchase, students can avoid making purchases that are wasteful and lose value as time goes on.
Andy Rao is a sophomore in accounting and finance. Please send comments to news@kstatecollegian.com.