Wise money management in college remains key

College is commonly regarded as the best years of your life, but that would mean the rest of your life will be just short of humdrum as you grow older, holding onto the memories you paid for in that relatively short span of time. In an effort to maximize your college experience and ultimately, your life, I have composed a list of five things you should and should not be spending your money on.

First, cut out spending on fast food every night or even every weekend. We all indulge on the convenience and affordability of quick meals at times, but you will pay for it later in life, with high interest, in the form of obesity and numerous health complications. Succumbing to the ease of drive-thru lunches and microwave dinners is also a bad habit to pick up so early in life, as you will only get busier after college is over.

Second, I advise all college students to forego getting a credit card. It seems like the key to life at such a young age or an essential, proactive tool in establishing credit early on, but in reality most students will accrue debt because we are vulnerable and financially uneducated. This may be the reason college students are one of the most sought after demographics among credit card companies. Remember, they are solely in the business to make money, not to cover your excessive spending habits.

My third suggestion may have you all call me crazy, but please, if you can, save yourself from the fast-paced, bill paying, stress-enduring, debt incurring lifestyle buying a car introduces you to. Payments, repairs, and upkeep on your vehicle are bills and stresses you could avoid if you go to school in an area that is small or offers public transportation. Driving also demotes adventuring and public exploration. You should embrace the area you live in and walking is not that bad.

I also advise against students spending money and more importantly their time on television. Each hour you spend watching TV shows could be replaced with actual learning. Practice another language, read books, teach yourself politics,  or obtain a grasp on taxes. The possibilities of mental growth and development are endless when you curve your consumption of cable in exchange for practical knowledge.

Lastly, college students should cut down on superficial spending. I will be the first to admit, I love new clothes and nice shoes, but in hindsight, I can admit that it is stupid to buy right now. They only get old and tattered, and the fashions of freshman year rarely make it to your senior year closet. Also, to the ladies, spending money on hair extensions and nail tips should not become a monthly budget. Utilize simplicity and embrace yourself, to truly find yourself and attract those who are genuinely interested in you, for you.

Now, I want to list five ways to better spend your money.

First, in response to my number one expense I advise against, is good quality food. Do not let the extra three bucks discourage you from buying the healthier option. Buying groceries two or three times a month and cooking your own food may even end up being the same price as, if not cheaper, than four and five trips for fast food every week. Practice cooking now so you can have something tangible to offer in future relationships.

Second, open an investment account. In contrast to spending with a credit card, depositing into investment accounts lower your “burn rate” and make you more attractive for lower interest credit cards, better mortgages, and loans you may need to take out in the future. And with the economy making a gradual comeback, now is the perfect time to learn the lingo of stocks and bonds and place your money in a position to earn higher interest rates and returns with less. Just be patient and conscious to the economic surroundings as you build habits that are casually practiced by the world’s most rich and prominent people.

My third suggestion is my favorite: travel. Take trips now before you have to consider things like time away from work. Take a bus, train, or plane to a new place in the world, even if it is to the next major city outside of your own. Traveling is a great way to start conversation and building rapport with those in a position to offer you opportunities.

Also, as students, we are offered so many exclusive opportunities. West Chester Student Activities Council offer trips out of town for as low as five dollars. Airlines and hotels usually have tons of student discounts, and study abroad programs are a great way to visit other parts of the world without the hassle of building an itinerary or personally booking and budgeting for room and board, and you can get away from traditional schooling for up to a year while still obtaining those cherished credits.

My fourth suggestion is to buy gifts and give to charity. This is the best time to build lasting relationships and networks with people and institutions. Modest gifts and expressions of gratitude are always appreciated and do not have to cost you much. Send those that gave you extra help and attention a “thank you” card to their office or Christmas cards for the holidays. People really appreciate getting mail other than bills or advertisements, and charity is an important exercise to start young. It teaches fundamental giving and budgeting, as you have to sacrifice funds for something that is bigger than you.

Lastly, buy business attire. The goal of college is to graduate and transition into professionals, but this is unlikely to occur without the proper clothes. A nice blue tone and grey tone suit is essential. Also, invest in some neckties and a nice blazer that may cost you about two to three hundred dollars. It seems like a lot, but it will remain useful to you for years to come. In the world of professionalism, presentation is crucial. You do not want unflattering professional attire being a characteristic that employers and clients identify you with.

I hope you consider utilizing these spending tips to have a great college experience while creating a solid foundation for an even greater life once college is long over.

Shawn K. Trawick is a third-year student majoring in communication studies and political science.  He can be reached at ST819517@wcupa.edu.