With tuition, textbooks and living expenses piling up, managing money in college isn’t easy. Three students share how they make it work.
Transcript:
0:05: Welcome to Three to Know with the Columbia Chronicle, your go to source for the top three things every Columbia College student, faculty and staff member needs to know.
0:14: I’m your host, Levi Libson.
0:17: As Chicago students, we know all too well that living here can be expensive.
0:21: From tuition to necessities to even textbooks, it can quickly add up, becoming overwhelming and quite complicated.
0:28: However, we all struggle in the same way.
0:30: As such, today’s episode will be covering what fellow students have to say about tips and tricks regarding money management.
0:37: While there are certainly many methods of self-analyzing your own spending, Pedro Escobar, a first-year student here at Columbia College Chicago, believes in the 50,10, 10, 10, 20 rule.
0:48: You spend on what you need.
0:51: Right, not what you want, you could save that for the other 10% of what you have for that and for the other 10% you basically put it in savings if you ever need it for I don’t know like let’s say the hospital or or school or just whatever really.
1:07: The other 10 and 20%, giving how you wish and investing where you want.
1:11: I’ll say this, always consider.
1:15: Being careful with your money, of course.
1:18: Because sometimes when you invest in the wrong things, it will come back to bite you, of course.
1:23: So always be considerate.
1:25: Is it really worth it?
1:27: Are five words that sophomore Cristal Martinez often repeats to herself.
1:31: So is it really worth it?
1:33: Is the the biggest thing that I ask myself every time I buy something.
1:38: So, if I want to get an energy drink, I ask myself, well, like I’ve already spent $10 on food so far today, am I, am I eating into my rent budget by buying this Celsius?
1:53: We often find ourselves wanting to spend money on the little things, but those little things add up.
1:58: Being conscious about your current financial situation is important to not put yourself in a bad position.
2:03: Always look at your bank statements and look at them often.
2:07: The more you are aware of how much money you spend every day, and how much you have left, the more in control you are of your finances and even though it’s scary and like awful, it’s worth it.
2:25: Besides basic frugality, Nathan Ratliff, a junior here at Columbia College Chicago, suggests that it is also important to consider long-term investment.
2:34: I’m putting money in an investment account right now, $30 a week.
2:39: It’s been doing that for two or two years now and I have a decent amount of money saved up right now.
2:45: Having your own money work for you goes a long way in the span of countless years.
2:50: While there are several different investment strategies such as stock, high yield savings or even government CDs, having back pocket money can be extremely beneficial, especially in tough situations.
3:02: Subscribe to our newsletter on our website, Columbia Chronicle.com.
3:06: Be sure to also check out Chronversations for weekly campus highlights.
3:09: I’m Levi Libson.
3:11: Thanks for listening.
Copy edited by Mya DeJesus
