College can be a money pit, filled with endless ways to get your dollar - if you're not careful. From expensive nights out on the town to food that costs a fortune, college has a way of grabbing hold of students' wallets.
"Money management amongst students is usually very poor," said Stan Markowitz, a certified public accountant. "Most college students today do not even know how to balance their checkbooks and have no concept of where and what they are spending their money on."
Markowitz said students should make a list of what they have bought throughout a week and see what was actually needed and what was merely a luxury.
"Each individual will see where their money has gone, making it easier to cut back on those things that are not necessarily needed at that time," he said.
Paul Kraut, a senior accounting major, suggested using software such as Quicken to help keep checkbooks organized.
Quicken is only one example of financial management software that can help students properly keep track of their money. Such programs can organize bills, balance checkbooks and give a detailed description of where money is being spent.
There are a wide variety of savings programs that are available to students. Student Advantage, a service that gives college students discounts on everything from air travel to textbook purchasing, is one option.
"In the past four years I have saved a ton of money using my (Student Advantage) card. I have a lot of friends at Cornell, and every time I travel there by Greyhound I save about $15, roundtrip," said Jason Miller, a senior communications major.
UB offers several services that can help a student explore wiser ways to spend money. The Leadership Development Center in the Student Union holds workshops in money management throughout the semester to help with basic skills.
Students also reap the benefits of going to school in a student-friendly city. With colleges and universities throughout the area, many retailers and vendors offer hefty discounts on their wares.
The AMC movie theater on Sweet Home Road is a perfect example - with a college ID, students can go and see movies for almost half the cost of an adult ticket. Discounts that help students save money are not limited to movies theaters; Buffalo is home to a vibrant and promising theater and art district, which also accommodates the student population.
"All the opportunities are there for you to stretch your dollar and still not be culturally void. It is up to the individual whether he wants to pursue this or not," said Eugene Lubliner, a junior communications major.
The combination of money management computer software, student discounts and common sense can help students enjoy their weekends without breaking the bank. However, students will achieve the most success by paying attention to what they are spending money on and finding ways to pay less, according to Markowitz.
"There are ways to budget your money and also be able to go out and enjoy yourself without being limited," he said.
For more information on money management, visit the Leadership Development Center in 235 Student Union, or visit the Student Advantage Web site at www.studentadvantage.com.
