The Financial Wellness Center held a virtual workshop on Sept. 2, where “30 Ways to Save as a Student” was shared, providing attendees with suggestions on how to spend sparingly in college.
The workshop detailed how to save on common student expenses and how to avoid extra spending in order to alleviate money-related worries, seeing that financial stress can and does impact academic performance in university students.
“I feel like if I’m financially struggling, then I’m going to be stressed out all the time and that could definitely impact how I do in school, because I’m just thinking about ‘what am I going to do with money situations,’” said Amorina Acsenvil, a senior health sciences student.
Expenses like meals are almost impossible to avoid, but the Roo Pantry provides access to staple food items weekly at no cost, a resource available to all UMKC students.
When purchasing groceries, “always shop with a list” to reduce spending on unnecessary items, Financial Wellness Center Coordinator Madeline Waskowiak said.
For dining out, consider downloading the apps of frequented restaurants to gain access to special discounts. Some phone and internet providers also have benefits available for users.
“If you use T-Mobile, they have an app called T-Life, and on there they have deals for food and stuff,” said freshman pre-dental health sciences student Mimi Tran.
As commuters, Acsenvil and Tran both said gas is what they spend the most on besides food. Apps such as Upside and GasBuddy can help with saving a few dollars when filling your tank.
“You can also often save by purchasing your gas at larger retailers like Costco or Sam’s [Club],” said Anna Zimmerman, the Financial Wellness Center manager.
A fun night out can be made affordable through student discounts, like $50 season tickets at the KC Symphony and free entry to a student’s first Sporting KC game, followed by $15 tickets.
For no-cost fun and new experiences, the Union Programming Board hosts Roos in the City, a series of events that provide students with free admission to activities and events around Kansas City, such as a show at Starlight Theatre and a guided painting class.
“You can access some really fun, often expensive things, for free as a student,” said Zimmerman.
A simple tip that could pay off in the long run is to think wisely about where your income is stored.
“I’d say, with your paycheck, put half of your paycheck in your savings and then only spend half of your checking account so you can save on more valuable stuff that you want,” Tran said.
To avoid extra expenses, the Financial Wellness Center recommends setting up direct deposit into a savings account and turning off overdraft protection to prevent any fees.
For financial resources and help with money management, visit the Financial Wellness Center.
