A couple months back, I had convinced myself I needed some noise-canceling headphones. Sure, I have AirPods already, but I figured it’d be nice to study in public without getting distracted by everything around me.
Specifically, I decided I needed the newest Sony XM5s, and quickly found a deal on eBay. 200 bucks later, you can guess what’s collecting dust in my living room.
Many college students like myself are using income in a different way than when we were younger. We’re stressed and busy, so we can more easily justify making big purchases with the cash we’re working for, if only to feel a little something.
While it’s not bad to treat yourself every once in a while, larger price tags require more forethought, like considering how much use you’ll really get out of it. College students should think twice before making a big purchase.
Being a college kid isn’t cheap. Many students are only just starting to save money for the future, with a 2022 study finding over 60% of U.S. students have less than $1,000 in the bank. Worse yet, 1 in 5 have less than $100 sitting around.
For those students, one surprise hospital visit or engine crapping out could put them into debt. Unanticipated expenses are an unfortunate reality of adulthood, and they require a little bit of a safety net.
Obviously, pricier things will take a toll on your bank account. If you’re throwing a couple hundred dollars at something you don’t necessarily need on a regular basis, it’ll add up fast. Stopping to analyze if you’ll really use those headphones or wear those cool shoes could be your finances’ saving grace.
Rather than dropping a hundred bucks on some merch your artist of the month just dropped, consider throwing that toward a savings account. Some banks allow you to open a savings account with as little as $25. With a bit of discipline, you can easily spare a small cut of each paycheck to build some financial stability.
Saving your money feels like an even better choice when you remember that having more stuff isn’t necessarily going to make you any happier. In fact, psychological studies showed a link between materialistic mindsets and decreased emotional well-being.
Avid spenders might say you deserve to spend your money when you want and embrace retail therapy. Unfortunately, shopping to make yourself feel better isn’t sustainable long-term. Not only can it quickly dig into your pockets, but for over 1 in 20 Americans, it’s the start of an addiction. Often starting in late teens and early twenties, a diagnosed shopping addiction is a sincere issue that can arise from overspending.
While you shouldn’t prevent yourself from ever spending money on personal things, bigger purchases are always worth some thorough contemplation. First of all, ask yourself if you can absolutely afford it, and then if it’s really a necessity. If not, consider if you truly believe it’ll get enough consistent use to justify the price tag.
College is a good time to build a healthy relationship with money, and that includes spoiling yourself a little, but it also calls for smart boundaries. Before the next “absolute need” comes along, give it a little more thought. You might be surprised at how much you can save by simply asking yourself a few questions prior to checking out.
Turner Wittstruck is a junior broadcasting media production and ADPR double major. Reach him at turnerwittstruck@dailynebraskan.com.