The Seven Sins of Spending
BY KENNETH SCOTT // OCT. 27, 2014 //
Almost every college student struggles with money management during his or her pursuit of an education. Most of us have learned the hard way how to budget our finances.
The expansive universe that is the Internet possesses countless money management tips and budgeting suggestions for students. While these articles are great resources, I have taken the time to list the “Seven Deadly Sins” of saving money, based upon first-hand experience.
When it comes to saving money, pacing yourself is arguably the most essential aspect. In most cases, the best steps to take are baby ones…no one wants to live like a pauper. Pack a lunch on occasion, or shoot for the $3 sandwich instead of the $7 plate at the Student Center.
As a self-proclaimed “sneaker collector,” I’ve learned the hard way that spending money is not a good way to save. For me, buying clothes at a clothing store— instead of a sneaker store, which is often more convenient—helps a lot.
3., 4., 5. Lust, Gluttony, and Greed
You should never buy something simply because it “looks good.” A vast majority of sneakers in my collection were bought because they “caught my eye.” This is a terrible spending habit, especially when you wear a size 12 sneaker.
From a greed perspective, it can be viewed as absurd for a man to have 15 pairs of sneakers. There are pairs that I wear maybe once a month. To put it simply, don’t let your eyes or your appetite speak for your wallet.
In life and in money management, it’s wrong and foolish to covet what the next person has. No two lives (or wallets) are the same.
When you are a college student, it’s easy to have the mindset of “I’m young, I can spend my money now and make up for it later on in life.” This is a warped perception of financial reality because the financial decisions you make now will have a profound effect on your future.
Avoid hating your former self. Now is the time to start saving.