Mon05272019

Last updateMon, 29 Apr 2019 1pm

Lifestyles

Ask Chloe

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“As a college student how can I enjoy going out with my friends, while not wasting my savings,”-Anonymous 

Dear anonymous,

College is a time to experience all that life has to offer, which unfortunately, can costs money. With summer approaching, here are some tips on restricting cash flow. 

John Inzero, a professor of marketing and international business, before teaching, headed a design, development, and international sourcing department in the consumer gifts, housewares, and toys industries, where he learned budgeting. Inzero says, “The best way to save money this summer as well as enjoying yourself with friends, is to have a budget. List out what you will be earning, what your estimated expenses will be (gas, clothes, etc.,) and be sure to figure in a percentage, say 15-20 percent, for entertainment. Be sure to keep to your budget. And know, if things start getting tight, that there are plenty of free things can do.” 

While budgeting is important, look into “forced savings.” Robert Scott, Ph.D.,  a professor of economics and finance, stated, “People should save for many things (retirement, emergencies etc.), so I think college students should not deprive themselves of a trip or time with friends to save a few dollars…The research on this topic is conclusive, the best way to save is called “forced savings.” For example, automatically deduct money for your paycheck (a defined amount every pay period) and have it moved into a savings account. If people don’t see the money, then they are less likely to spend it. Everyone says they will save more, but with a pocket full of money it’s amazing how quickly it disappears.” 

Never feel discouraged or left out if you are not in the position to spend money. Life moves at different paces for everyone, do what is best for your future while enjoying the present. 

Good Luck,

Chloe

If you would like to be featured in the “Ask Chloe” section, you can submit your question to s1106449@monmouth.edu.

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