As a college student I know a lot of the spending habits without looking at today’s infographic. Discretionary spending is an area I know way too many students pour money into. Bars, fast food, movies, and activities can really add up, and I’m not an exception.
A part of the data that surprised me was the fact that students spend more on room and board than tuition. Attending college in a smaller town, my rent and food prices are pretty cheap. Tuition is usually a few hundred dollars more a year, but for those living in a large city – rent prices can be double or triple what I pay.
Financial education is very important and even though financial responsibility has been stressed my whole life, a ton of other students never had the privilege. I know to never get a credit card, only spend what you make and to live within my means. Credit card companies set up shop on campus and tell kids they can have free money. Why say no to that? Another big part of financial responsibility is keeping up with monthly fees. Car insurance, bank fees and even Netflix can be reassessed and renegotiated. Switching insurance providers and dropping your cable company can lead to hundreds of dollars saved in only a few hours. [Nationwide]