Welcome to (or back to) campus. As a new (or returning) student to the
University of Minnesota, we wanted to throw a few tips on budgeting
money your way. One big reason to think about budgeting money is
because it can directly impact how you budget your time.
We always recommend full time students work no more than 10-12 hours
per week (this includes weekends). What we find (and by "we" we mean
experienced students, as well) is that many more than this, and it
becomes hard to find the time you need to study.
So,
to help you keep your work hours under control, here are some tips to
reduce your expenses. Do this, and you can cut back on the number of
hours you need to work.
*First: there are many things we can live without. Most of us are
rather privileged in our lives, and are used to a lifestyle way beyond
what we need. So, consider buying less stuff. Don't get that new CD.
Don't buy another MP3 player. Don't add one more shirt or pair of jeans
to the 14 you have in your closet. Have one fewer $5 beer at the gopher
game.
*Eat in, instead of going out. If you're getting together with a group, grab some groceries and cook together.
*Use the free dial up service you get from the U instead of buying cable-modem or DSL service.
*Don't
get cable TV or satellite. Regular broadcast channels will be fine.
(And this in itself will help you study more, by being less tempted to
watch ESPN or the History Channel.)
*Consider
giving up the car for a while. The cost of insurance alone will be
huge. Or at least leave it at home, so you aren't paying for parking.
*Go
for cheap or free activities. The university puts on free or cheap
movies, museum galleries, performances, concerts and activities all the
time.
*Combine studying with social time. Form a class study group. Or study
with other friends. You can do this in your dorm, at your house, in
Coffman, or a coffee shop, for example.
*Cell
phones. Hey, you've already got a phone in your room or apartment. You
can get by without a cell. Or at least look at ways to get on a cheaper
plan.
*Consider student loans. Really…think about it: you can work a bunch of
hours now at $6-8 something/hour. And these extra hours can delay
graduation, hurt chances of grad school or other competitive programs,
and at the very least bring down your grades. Or, you can make use of
student loans (typically at very low, subsidized interest rates), and
then work many fewer hours after graduation (earning $15-20 or more) to
repay them. It just makes sense.
These are just a few ideas that we think are good places to start. Follow the links below for more ideas.
Free and cheap activities around campus:
The Student Activities Office is at: http://www.sao.umn.edu/
The SAO is the University of Minnesota's center for campus-wide
programs and activities, leadership opportunities, skill development,
and student organization training, advising and registration. Follow
this link to find a student organization in just about any interest
area, activities planned by the Minnesota Programs & Activities
Council (MPAC) and so much more.
The campus-wide Events Calendar
web site is your 24-hour social calendar, full of hundreds of exciting
events on-campus. Check out film screenings, Gopher Athletic events,
intramural sports, musical and theatrical performances, lectures,
student group meetings and special events.
Most of these events are free to attend; some even have prizes and free
food! So join the fun! You might discover an interest you never knew
you had....
The university is a hotbed of culture! For a listing of goings on at
art galleries, museums, theater productions, dance programs, concerts,
lectures, and films, go to the U of M Arts and Culture page.
For budget assistance, check out these ideas:
Take a class: FSOS 1301. 1 credit, online. Description: College
students are referred to as "America's newest class of debtors" by the
media. They are targeted for easy-to-get credit cards and also may have
large student loans. FSoS 1301 is a course that provides first year
freshmen students with factual information about basic money management
skills. The great thing about this class is that the topics covered in
class can be applied to every day life, even the life that exists
outside of college. This is an on-line, interactive learning based
class.
