Incoming freshman Anna Waite is planning to study music education at the University this fall, but is concerned, as are many University students, on how to manage her money.
“I think I could do better,” she said.
She does save the money she makes, but small costs like a cup of coffee or going out to lunch bite into her wallet, she said.
So what makes money last? Working people in the community stressed the importance of saving, spending responsibly, creating a budget and avoiding debt as techniques to make money last.
Pablo Dungan, who works for a temporary worker service, said he pays all his bills before spending on fun. He said he also takes 5 percent of his earnings each month and invests the money in silver bullion and coins. Silver, he said, represents a finite resource that will increase in value over time. He warned against getting into debt by abusing credit cards.
“Debt is slavery,” Dungan said. “Don’t be a slave to a bank-live free.”
A care giver at an assisted living home, Heather Feather said it is important to create a manageable budget that takes care of the essentials before having money for play.
“Don’t let it burn through your pockets,” Feather said. “You don’t have as much room to play as you’d like sometimes.”
Dave Edwards, who runs a carpet warehouse, said taking care of his own interests first helps to make his life more pleasant.
“I pay myself first,” he said.
He said that paying bills when they are due and not before allows him to enjoy life more by having money on hand. He said that creating a budget that allocates money to necessities allows him to have fun with his money.
Frog, who has sold joke-books around Eugene for 20 years, also recommended creating a budget. He said he makes sure he is able to pay for rent and electricity and tries not to spend frivolously. When he goes out, he said, he brings only enough money for a lunch so he does not overspend. Frog also said students should hesitate before getting a credit card.
“Not having one’s a really good idea,” Frog said.
Frog said that having a credit card makes it easy for a person to go into debt, and that not everyone’s parents are willing to bail them out.
Although sometimes you have to spend everything you make, Frog said, saving a portion of your income remains important.
Francine Porter works on campus and is a student at Lane Community College. Porter said she and her husband set aside money for essentials and try not to go out too often.
“Don’t go crazy with credit cards,” Porter said. “Don’t spend more than what you have.”
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