Tales of a Money-$mart Trojan
By Ellice Ellis ‘20
It’s said college is the best time of your life. When else can you party on Thursday, have 24-hour access to a library and, if you have a meal plan, eat unlimited food with one swipe of a card?
Despite the luxuries and freedoms of being a full-time college student, there is nothing quite like being ‘college broke.’
I can recall my freshman year when there were times I had over $500 dollars in my account and times when I went to El Huero or Boba Time with my friends just to go along for the ride.
Despite having a job, a bi-weekly allowance from my parents, and extra scholarship money to blow, I was very broke and irresponsible with money my first semester.
My dining dollars were exhausted before midterms. I “wined” (just kidding I’m not 21) and dined like a socialite, took too many Ubers and failed to have a set budget or money in my savings account.
By the time winter break hit, I was set to return to my hometown of D.C., but I realized I had no savings to sustain myself over the holiday. I couldn’t buy presents, go out with friends, or even see a movie without asking my parents for money.
A big part of going to college, especially far from home, is learning how to become independent. By the end of the first semester I realized that having less than $10 to spend a week before my next paycheck is not how I wanted to live. I made the decision to become more fiscally responsible through budgeting and finding alternative ways to get some extra cash.
First, I completely downsized the eating out, snacking, and late night trips to Starbucks. With unlimited swipes in the dining hall, I set a goal of ‘eating out’ once a week and only having one cafe drink. I started to utilize my to-go cups and made tea at home. I bought chips and salsa to put in my fridge so whenever I had the urge to run to Seeds or another restaurant, I could reach for those instead.
And as a way to ‘pay myself’ for every dollar I spent on food, I added some money to my savings account. If this doesn't’ work for you try saving 25% of the money you spend on dining out and fast food.
Now that I live in an apartment with no meal plan, I make a rough plan of what I want to eat for the week and buy groceries that can be stretched across multiple meals.
Buying frozen pastas and other types of meals may seem convenient, but many meals you make from scratch can cost less than $2 a serving. Compare that to a $3.99 one-serving fettuccine alfredo from Trader Joe’s!
Aside from food, I started using different applications and services that tracked my spending.
The free app MINT has become my lord and savior. MINT shows you the balance of each account, while helping you create custom budgets and track your spending. Mint also offers daily savings tips and allows you to set alerts when you go over your set budget.
This flexible and user-friendly app has been a lifesaver for me; for example, if I want to buy new shoes or headphones, MINT tells me how I can tighten my budget in one area to save $50 or $60 bucks.
In pursuit of becoming ‘money-smart,’ I inhabited the ‘penny-wise student’ role. Playing the ‘student card’ and utilizing resources on campus is a great way to save money and get tons of free stuff. USC offers regular social events, mixers, club meetings and other entertainment, which often come with free food. Take them up on their hospitality.
Just last night I got a free Roscoe’s waffle after attending USC’s Black Campus Ministries Welcome Back event.
I also started to organize my social life around campus events. Attending college in LA is fun and provides lots of opportunities to visit museums, go to parties, or see movies or concerts. However, exploring a new city and trying new things can be fun but expensive. Take advantage of our campus as a place to hang out with friends. The School of Cinematic Arts has free movie screenings, there are great talks and lectures on campus, and the Fisher Art Museum is super cool!
Taking advantage of all USC has to offer not only helps you make the most out of your tuition but it also provides an opportunity for you to save tons of money when it comes to your social life.
Lasty, I maximized my student status by using a student discount whenever I could. Before I purchase something I want or need, I research to see if there is a student discount. (Search online for “student discount” and the item you want.) UNIDAYS is a great site to find discounts. Companies like Apple Music, TIDAL, Amazon Prime and even Greyhound offer discounts for scholars like us! Take advantage of them and keep your eyes open for deals.
Facebook groups and discussion boards are another way to find free stuff or sell items you already own. The USC Fashion Exchange group on Facebook is a great way to sell your clothes and find cute stuff.
This way, you can make some extra income by selling what you don’t need while finding a new outfit for the UCLA game or Saturday’s party on the row. As a former clothing hoarder, this group has been a lifesaver and has prompted me to downsize and minimize when it comes to my once-enormous wardrobe.
Free and For Sale is another group where other USC students post anything from Ikea bed sets to USC swag for free or super cheap.
Don’t be afraid to ask for something you need or buy something second-hand. One Trojan’s trash is another Trojan’s treasure!
Nobody makes perfect financial decisions. I still think I spend too much money on clothes and could utilize LA’s public transport much more often. But if you actively try to live within your means through budgeting and saving, you’ll feel better about buying that five dollar latte or seeing that 3-D movie.
College is a great time to set the foundation for the rest of your financial life. The habits you form now will follow you and come as a great help when you buy your first car or start your full time career. Being money smart helps you become more organized, less stressed and gives you peace of mind at the end of the day.
As businessman Dave Ramsey said: “Gain control over your money or the lack of it will forever control you.”
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