SIFE Financial Corner

U-News Staff

Each week, the Students in the Free Enterprise (SIFE) Team from the Henry W. Bloch School of Management, with assistance from a group of respected business people, will answer your financial questions.

What are some small issues that can become major drains on students’ financing?

There are many everyday goods and or services that can become major drains on a bank account.

A common mistake that many people make is spending too much on gas or oil changes.

Unless your model of car specifically calls for a higher grade of fuel, you don’t need it and it could be a waste of money in the long run. Many car services will tell you an oil change is necessary every 3,000 miles. This is a common myth. Most new car models can go between 5,000 and 7,000 miles in between oil changes.

Another common mistake that causes people to waste money is indulging in unhealthy habits.

A pack of cigarettes may not seem to cost that much, but the costs really do add up. In addition to the money you spend on cigarettes, this habit is also going to cost you extra on your health insurance policy. Another unhealthy habit that can consume a good deal of money is indoor tanning. Not only is this habit bad for your skin but also can be bad for your bank account due to a new 10 percent tax, which went into on effect July 1, 2010.

Dining out frequently is also a bad habit that can cost you a lot of money.

Depending on where you eat most meals will cost you between $10 and $25 per person and that doesn’t include a tip. If you go out to eat a couple times per week that could potentially cost you up to a couple hundred dollars a month, so instead of doing this try making some simple recipes at home and save your money.

Purchasing beverages one at a time can lead to a major drain on your wallet.

Whether it is soda, coffee, sports drinks or water, buying each beverage individually can really add up. Instead of buying individually, buy in bulk and bring one of these beverages with you to class, work or the gym.

These are only a few of the ways that can cause a major drain on your finances. Others include: buying brand name instead of generics, making impulsive purchases, buying items you won’t use, and paying ATM fees. My challenge to you is to see how many of these little problems you can eliminate from your spending habits and I think you will be surprised at how much money it will save you.

 

There are many everyday goods and or services that can become major drains on a bank account.

A common mistake that many people make is spending too much on gas or oil changes.

Unless your model of car specifically calls for a higher grade of fuel, you don’t need it and it could be a waste of money in the long run. Many car services will tell you an oil change is necessary every 3,000 miles. This is a common myth. Most new car models can go between 5,000 and 7,000 miles in between oil changes.

Another common mistake that causes people to waste money is indulging in unhealthy habits.

A pack of cigarettes may not seem to cost that much, but the costs really do add up. In addition to the money you spend on cigarettes, this habit is also going to cost you extra on your health insurance policy. Another unhealthy habit that can consume a good deal of money is indoor tanning. Not only is this habit bad for your skin but also can be bad for your bank account due to a new 10 percent tax, which went into on effect July 1, 2010.

Dining out frequently is also a bad habit that can cost you a lot of money.

Depending on where you eat most meals will cost you between $10 and $25 per person and that doesn’t include a tip. If you go out to eat a couple times per week that could potentially cost you up to a couple hundred dollars a month, so instead of doing this try making some simple recipes at home and save your money.

Purchasing beverages one at a time can lead to a major drain on your wallet.

Whether it is soda, coffee, sports drinks or water, buying each beverage individually can really add up. Instead of buying individually, buy in bulk and bring one of these beverages with you to class, work or the gym.

These are only a few of the ways that can cause a major drain on your finances. Others include: buying brand name instead of generics, making impulsive purchases, buying items you won’t use, and paying ATM fees. My challenge to you is to see how many of these little problems you can eliminate from your spending habits and I think you will be surprised at how much money it will save you.

E-mail your questions to the Student in Free Enterprise Team at [email protected]