It’s no secret that most people struggle with finances during their college years, juggling tuition and personal spending, but UMKC students are sharing their habits on how they maintain their financial equilibrium despite it all.
In order to make sure he’s not spending too much, Nauzif Mustafa, a freshman majoring in accounting, asks himself if the purchase is really worth it. However, he doesn’t think he has good spending habits.
“I try my best, but the main part where my spending habit lacks, is my thing for outside food,” said Mustafa. “No matter how much I try to save up, I’ll always go to Taco Bell or Canes.”
Even though he struggles in this financial aspect, Mustafa has some tips that he recommends for others to follow.
“Look for convenient options. Just check if you’re going to regret the purchase later. If it’s something you desperately need, it’s fine, but if it’s something you’re craving you want to make sure twice,” explained Mustafa. “Try to get things on discount. If you’re looking at two similar things, or they have a lot of alternatives, go for the one that is one discount or more affordable.”
Ahn Nguyen, a business analytics and intelligence major, believes that she has good spending habits. She shared that while she doesn’t spend much, and can sometimes purchase over her budget, a lot of her spending is mood-based.
“I always check my balance before I make any decisions bigger than what I’m supposed to spend,” said Nguyen. “I always say, okay, this month I’m supposed to only spend $200 per month, but if I go over, I’m supposed to make more money to replace the balance previously in the bank account.”
Michaela O’Brien is a second-semester biology lab major and states that in order to maintain financial wellness, she and her friends hold each other accountable. They collaborate and schedule their spending together.
“I have my roommates to hold me accountable,” said O’Brien. “We schedule our times, like if we’re gonna go out to eat or if we’re gonna go grocery shopping, we schedule it in our week so we know at what point we need to have what amount of money.”
However, not all students on campus believe that they have good spending behaviors. Although they don’t always spend excessively, some believe that there is room for improvement in their spending habits.
Easton Jenkins, a freshman biology major, who doesn’t believe he has good financial behaviors, plays a similar mental trick on himself like O’Brien.
“I have to ignore how much money I have in order to not want to spend the money I have,” said Jenkins. “I still pay for what I need to, all my expenses are covered, but I always use most of my money by the next paycheck.”
For those seeking more help regarding their spending habits and behaviors, UMKC has a Financial Wellness Center where students can get resources in financial literacy, budgeting and coaching.
