With the zip of a credit card, college students seldom realize how much they actually spend. At a school like Fairfield, which appeals to an affluent demographic, competition to keep up with the latest fashion and pop culture trends is nothing new. However, a great amount of a student’s (or more likely, their parents’) money goes to items that they only think they need.
A July 2006 study by the Alloy Media ‘ Marketing Group found that U.S. college students have $182 billion in spending power. Another 2006 “Back-to-College” spending survey by the National Retail Federation found that students nationwide spent $36.6 billion to return to campus. Of that robust spending power, very little of it is spent on studies.
In short, students spend too much money.
Where does the money go?
Besides social engagements, student funds are spent on gas, car insurance and cell phone charges but more often on unnecessary “stuff.”
During speaking tours on his book, “A Whole New Mind,” author Daniel H. Pink states that the self-storage industry is now a $17 billion business, much larger than Hollywood. Essentially, people do now know what to do with all of their purchases.
People think the best solution to a bad day is retail therapy. Buying a new wardrobe or mass amounts of junk food may seem like a temporary fix for a bad mood but it is not. People often fall prey to sales, and bargain shopping sometimes yields goods that are eventually thrown away.
Although the number of landfills in the U.S. is steadily declining, the Environmental Protection agency reported in 2005, “U.S. residents, businesses and institutions produced more than 245 million tons of MSW,” or municipal solid waste, better known as trash or garbage. This is nearly equivalent to “4.5 pounds of waste per person per day.”
Another question student consumers must consider: Does spending equal happiness?
While the answer may be a resounding “yes,” the joy of the latest purchase may just be temporary. Authors such as Pink discuss the finding that “incomes [in the U.S.] have risen dramatically since 1950 but satisfaction has stayed the same.”
Bigger bank accounts do not necessarily translate into increased happiness.
The greatest solution to empty pockets is to limit spending, which will also automatically decrease the amount of trash. The capitalist mentality may find this statement implausible, but it’s worth a try.
With Fairfield’s expensive education, students should utilize what is built into their tuition: use those Dining Dollars and StagBucks, but budget them. Take advantage of student discounts if spending money is the only option.
One of the greatest changes one can make economically and environmentally is to not drive as much. For some reason, students at Fairfield seem to think walking is just to get to and from classes. But try walking into town; take a friend and the distance may not seem as long.
The other option: ride the StagBus. Upperclassmen may shudder at this notion, but it does work. It may require more flexibility in order to be more available to the bus schedule, but public transportation will save money. If walking and the StagBus is too humiliating, carpool with friends and drive less frequently. Filling up at the pump may not be needed as frequently if students schedule their time and errands better.
College students should not feel the pressure to spend money in order to fit in or to combat homesickness. Saving money does require a little more effort and creativity in distinguishing needs from wants. Students should consider focusing their efforts on activities that will give them invaluable happiness and those that do not require a withdrawal from the ATM.
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