Financial burdens can be described as one of the main stressors for a college student. The ideas that run around in a college student's head can be extravagant, ranging from wanting to buy tickets for the next John Mayer concert to buying a plasma screen television for that house you rented on Martin St. to paying for gasoline to getting Carter hot dogs every weekend
It's one big circle when it comes to wants versus needs. Being responsible with your money is vital, considering two of the main debts a college student faces are from student loans and credit cards. The debt from student loans is considered a good type of debt because the payoff is your education, while credit card debt is reckless.
All of us would like to think of credit cards as free plastic money, but they should be viewed as loans because you're essentially spending real money that eventually has to be paid back.
The temptation of impulse buying is bound to be on the rise due to new products and technology. It's extremely important to set a budget, especially for impulse buys on video games, movies and bags of popcorn. Yes, those are all nice items, but they aren't essential to achieving a higher education.
It seems that sometimes people buy things they don't need in order to look cool and keep up with their friends. If your friend buys three chili cheese dogs from Carter then you may be more likely to buy four delicious hot dogs to look superior - or you may be trying to absorb the alcohol you consumed from one of the Village bars.
It's easy to succumb to the pressure of getting one credit card after the other to satisfy your wants, but be aware that every credit card company is trying to gain the business of college students whom they know aren't entirely responsible with their finances.
Instead of falling into consumer traps, it's wise to invest extra money into a Certificate of Deposit, an IRA or a savings account that will give you a good interest rate. CDs and savings accounts can be beneficial when trying to pursue more than a four-year degree because they can help you avoid taking out unnecessary money from student loans.
The financial world can be dangerous and full of pitfalls. As college students we must realize it's not essential to buy a name brand simply to look cool. Sometimes the generic brands of soda and t-shirts are as hip as Pepsi and American Eagle.
After all, we don't want to revert to our old habits of digging around in our couches hoping to find money to pay bills, only to end up with a handful of Cheetos your roommate dropped a month ago. In the end, financial success is up to the responsible or irresponsible choices you make.
Write to Dan at daladig@bsu.edu.
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