The Daily OrangeCollege students should be careful with spending in bad economy
By Janae DeRusso
Posted: 3/4/09, 3:53 AM EST Section: Opinion
The Dow closed at below 7,000 for the first time since 1997 on March 2. Whether you follow the stock market or not, you can imagine this is not positive news.
While students may not often check the stock market numbers, and a significant portion of students have not yet had to concern themselves with finding full or even part-time employment yet, it is important students make it a priority to regulate their spending now.
This economic downturn has yet to slow down - the economy could take months or even years to restore itself. The future of the nation's economic health will be a concern of nearly every current college student.
Billionaire investor Warren Buffett expressed concern about the economy in a letter last weekend to shareholders of Berkshire Hathaway Inc., of which he is chairman. "The economy will be in shambles throughout 2009 - and, for that matter, probably well beyond," Buffett said.
The trivial "save money" tips have been spouted before. Don't order so much takeout. Make popcorn and rent old movies rather than going to the movie theater. Buy fake Uggs instead of real ones.
The situation is much more serious for many students. Pressure to make money to afford tuition and housing leads to schedules laden with hours of employment that would otherwise be devoted to studying or other college activities. More students are looking for work-study jobs on campus, as reported in The Daily Orange on March 3.
The job market for students after graduation certainly isn't promising either. The unemployment rate jumped from 7.2% to 7.9% in January, according to the Labor Force Survey. More jobs are being eliminated than created, which makes graduation almost seem like a formidable event rather than one of celebration.
Working to pay for classes while maintaining the GPA to remain in classes and find a good job post-graduation is a constant struggle that takes great discipline. Students are packing more classes into their schedules and increasingly graduating early to cut costs.
With spring break approaching next week, it can be a notorious wallet emptier for many students across the country. Students should remember to reconsider extra spending over vacation. "Stay-cations" aren't a bad option.
However you choose to spend your money, spend wisely. Keep track of all purchases and see how many truly unnecessary items you buy in a week. Maybe you are already a responsible spender. If not, a list of each $4 magazine and $3 coffee may make you come to realize you have some work to do. Who needs US Weekly when you can read Perez for free online?
Janae DeRusso is a sophomore public relations major. Her column appears every Wednesday. She can be reached at jcderuss@syr.edu.
While students may not often check the stock market numbers, and a significant portion of students have not yet had to concern themselves with finding full or even part-time employment yet, it is important students make it a priority to regulate their spending now.
This economic downturn has yet to slow down - the economy could take months or even years to restore itself. The future of the nation's economic health will be a concern of nearly every current college student.
Billionaire investor Warren Buffett expressed concern about the economy in a letter last weekend to shareholders of Berkshire Hathaway Inc., of which he is chairman. "The economy will be in shambles throughout 2009 - and, for that matter, probably well beyond," Buffett said.
The trivial "save money" tips have been spouted before. Don't order so much takeout. Make popcorn and rent old movies rather than going to the movie theater. Buy fake Uggs instead of real ones.
The situation is much more serious for many students. Pressure to make money to afford tuition and housing leads to schedules laden with hours of employment that would otherwise be devoted to studying or other college activities. More students are looking for work-study jobs on campus, as reported in The Daily Orange on March 3.
The job market for students after graduation certainly isn't promising either. The unemployment rate jumped from 7.2% to 7.9% in January, according to the Labor Force Survey. More jobs are being eliminated than created, which makes graduation almost seem like a formidable event rather than one of celebration.
Working to pay for classes while maintaining the GPA to remain in classes and find a good job post-graduation is a constant struggle that takes great discipline. Students are packing more classes into their schedules and increasingly graduating early to cut costs.
With spring break approaching next week, it can be a notorious wallet emptier for many students across the country. Students should remember to reconsider extra spending over vacation. "Stay-cations" aren't a bad option.
However you choose to spend your money, spend wisely. Keep track of all purchases and see how many truly unnecessary items you buy in a week. Maybe you are already a responsible spender. If not, a list of each $4 magazine and $3 coffee may make you come to realize you have some work to do. Who needs US Weekly when you can read Perez for free online?
Janae DeRusso is a sophomore public relations major. Her column appears every Wednesday. She can be reached at jcderuss@syr.edu.
Viewing Comments 1 - 1 of 1
I doens't matter
posted 3/04/09 @ 12:46 PM EST
Want a job, go into the military. They will give you good life experience, good pay, three square meals a day, and some discipline, something that's missing on this campus. (Continued…)
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