Money diaries of USD students

Make budgeting your best friend

ANNA VALAIK / ARTS AND CULTURE EDITOR / THE USD VISTA

Money is incredibly taboo. In some ways, it’s a good thing; no one really wants to be asked about their finances, considering it’s quite personal and can reveal habits that someone otherwise would like to keep more private. 

On the other hand, though, not talking about money can mean you may keep yourself from improving your finances, seeking help, or simply just asking important questions about saving. 

Rather than looking at money as something to be afraid of, it’s important to acknowledge that everyone makes, has, and spends money. So, with this in mind, we have a special opportunity to learn from one another and tackle the taboo that is money. 

The USD Vista decided to ask two students how they spent their hard-earned money during a four-day period, hoping to shed light on spending habits, normalize conversations surrounding money, and get to know how college students are using their cash around San Diego. 

Megan Cardiff – Junior 

How did tracking your money change the way you spent it/ looked at it over the course of these four days? 

I spend too much money on food, and I’m aware of it. However, this exercise made me want to not go out to eat as much and use my groceries at home. It also made me realize I spent money too frivolously these past few days. 

In your life, what do you think is worthwhile spending your money on? 

Experiences, good meals with friends, things to improve myself such as health and wellness items. As I’ve gotten older, I’ve noticed myself spending more money on organic food, supplements, and investing in my health. I would never have done that previously. 

Where do you see yourself spending too much or regretting your purchases?

I probably spend too much on matcha. I also order so many clothes that I never wear but I just didn’t enter any into this money diary because I didn’t order from Princess Polly this week. 

What’s one helpful thing you have learned about money in college, and how have you applied it to your own life? 

It’s not never ending, and saving is really important. I put 40% of every one of my paychecks into a long term savings account that I won’t touch until I graduate. That’s been very helpful, and I know I’ll appreciate that down the line. 

Jake Ryan – Senior 

How did tracking your money change the way you spent it/looked at it over the course of these four days?

It really didn’t affect the way I looked at money but maybe it should have. I just kind of went with it and didn’t pay much attention to the fact I had to record my spending. 

In your life, what do you think is worthwhile spending your money on?

I like hanging out with people in social settings, so that’s where a majority of my money goes towards. I’d rather spend on an experience than clothing, random items, etc. 

Where do you see yourself spending too much or regretting your purchases?

I spent way too much at bars, probably. I am the classic guy buying people drinks and treating people just because I want people to enjoy themselves. I also love eating out, so sometimes I don’t use my groceries, which I need to be better about. 

What’s one helpful thing you have learned about money in college, and how have you applied it to your own life? 

I have learned I don’t have the best spending habits and tend to spend money on dumb items. However, I feel like I can take advantage of this knowledge going forward because I now recognize my tendencies and know how to stop myself. This will be helpful when I’m making a more significant paycheck. 

Like every college student, Cardiff and Ryan both have their own unique spending habits. Cardiff spent the bulk of her money on food and drink, which she suspected before beginning to track her spending. 

She noted how much she values investing in experiences, which was evident in her habits; she likes to treat herself to items that she believes will improve her health and wellness, like a healthy lunch from Parakeet Cafe. 

Ryan had similar spending habits as well because the bulk of his money went towards food and drink, too. 

Because both Cardiff and Ryan are over 21, they had to take into account how much going out to different bars and restaurants costs in San Diego. 

Since this city is extremely expensive, and most bars and restaurants charge around $15 per cocktail, it’s no surprise that their drink bills were quite high. 

This is something all USD students have to take into account—the city in which they live costs a pretty penny to live within. Groceries, eating out, and alcohol (for those over 21) all weigh heavy on most college students’ bank accounts. 

This experiment further illustrates the need for open conversations surrounding finances, especially for college students. 
Spending habits look different from person to person, but all people can learn something from budgeting websites (Mint and You Need a Budget), finance classes, and advisors like parents or teachers. 

No matter the financial situation, location, or yearly salary, all people should and can take a step back and really look into the nitty gritty of how they spend their money. 

Making small improvements, like lessening the amount of time one eats out, can make all the difference when it comes to saving for higher education, rent, retirement, or a dream vacation. 

Once a person masters their budget and discovers what they want to spend versus what they want to save, they will become much more comfortable around the topic of money. 

Handling personal finances will not stop after college; instead, it will most likely only get more complicated. 

For this reason, try to start tackling negative or unproductive spending patterns now. 

One way to do that? Try this experiment out. Write down every single item you purchased in the course of a few days or a week.

Once that is completed, really take a look at where your money is going and where it maybe should be instead. Money tracking and budgeting will get you on the right track to ensuring financial stability. By practicing this method of budgeting throughout college, you will thank yourself later in life.