Issue date: 11/5/08 Section: Features

Media Credit: Martin Wood [Click to enlarge]

Let's face it. The economy is in the toilet and the proverbial finger is getting closer and closer to completely flushing it any day now. Unemployment is going up, it's harder to get loans, stocks in companies are losing their value and people everywhere are generally starting to worry. What is a college student to do? Well, the answer is to save money.

Just saying those words sounds easy enough, and it can be when people use the right methods out there to help provide a little extra cushion to their bank accounts. Nick Rasmussen, a business administration major, has a few.

"I'm going out to the bars a lot less, driving the speed limit, you know, not accelerating hard; generally limiting the amount of driving I'm doing," Rasmussen said. "And I'm making my girlfriend pay for a lot more things than usual."

Cutting back on going out to drink can certainly help with alcoholic beverages averaging anywhere from $5 to $15, but what about for those who spend money on a different kind of addicting drink? According to the Coffee Business Statistics Report, about 50 percent of the population of the United States, roughly 150 million Americans, drink some kind of brewed coffee, espresso, cappuccino, latte, or iced/cold coffees. With the average price of an espresso-based drink being $2.45, and brewed coffee being $1.38, the money adds up fast. Let's do the math. If someone buys a regular cup of coffee every day at $1.38 a cup, that's $9.66 a week, which is $38.64 a month, and a whopping $463.68 a year. With that extra money you could go out and buy your own espresso machine.

Coffee and other beverages aside, there are still several ways for the average college student to save money on a daily basis. Economics professor Suzanne O'Keefe points out a few of those cost-effective strategies.

"What you need to do is try to economize; try to spend less so you don't have to go into so much debt," O'Keefe said. "Don't go out for that cup of coffee every morning; just make it at home. And don't go out to lunch; bring a bag lunch. Those kinds of things can make a really big difference in a student's budget."

There are some other less obvious ways to save money as well, like not wasting the $4 on a box of chocolate covered raisins at the movies or getting the small soda size even though the extra grande size is only .50 more. Speaking of the movies, it isn't complete social suicide to go to a matinee showing either; you can usually save up to $4 a ticket.

Of course, if you're looking for some tips that don't involve the cinema, government major Mike Magill may have some for you.

"We don't go out to eat as much, we don't travel as much, and we've even been putting off buying new clothes. Anything we can do, we're doing, like paying more attention to recycling and taking in our recyclables ourselves to get the money for them," Magill said.

Staying home, doing the laundry yourself rather then using a dry-cleaning or professional service, and recycling are all good ways to pinch that penny just a little harder. One of the most environmentally friendly and cost-effective ways to stop the hemorrhage of money from your bank account is as simple as jumping on that bike that's collecting cobwebs in your garage.

If you're not a cycling enthusiast, pick up your skateboard or scooter or even try walking to campus if you're able to. Driving may seem easier, especially with prices at the pump going down every day, but as O'Keefe states, it's still not that affordable to make the commute.

"It's still really expensive to drive in to campus, depending on how far away you live. See if you can find someone to carpool with or just finding an alternative mode of transportation," O'Keefe said.

With a light rail station located within walking distance of the university and several busing options available to students there are fewer excuses for students to drive. Just for the sake of argument, however, let's say you live too far away to take advantage of these modes of transportation; then take O'Keefe's advice and find someone to carpool with. It'll be easier to park because there are special carpool parking spots available on the first floors of Parking Structures I and III.

The gas pump isn't the only place to stay frugal however, one of the easiest ways to cut back on spending is going to the grocery store. Spending more money in one trip will save you money over the long ru. If instead of going to McDonald's after school, hit up the local bargain grocery store and stock up on low-priced items that will taste better, most likely be better for you and not cost as much as the always convenient fast food chain, even with that darn dollar menu.

Become familiar with the term "farmer's market." It's a place where you can get high quality fruits and vegetables for a much lower price then your average Raley's or Safeway.

There are ways to save money around every corner; the key to finding them is to embrace your inner frugality. Tap into the Scrooge in all of us and always remember to pick a penny up; eventually it will pay off.

Matt Rascher can be reached at mrascher@statehornet.com

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