My Piggy Bank Doesn't Love Me:

A Look at Students' Everyday Costs

By Kelly Miller

I didn't know he would try to take advantage of my naïve trust or that he would only call if he needed more of my hard-earned money.

Yet I smiled at the credit lender in agreement, and thus began the most toxic relationship of my life -- with a little piece of plastic.

From that moment on my credit card was always at arms-length, a life jacket until my next paycheck.

$15.48, bright cotton shirt at American Eagle Outfitters -- not exactly necessary, but it could fill my need for some more work-appropriate clothes. Perhaps it's time to clean out my closet.

The thick bill arrived. The numbers, and the fine print in multiple languages, stretched for pages. The minimum monthly payment outnumbered the balance in my bank account.

I ignored it.

The end of the month came and went. Another bill arrived in the mail, and I stacked it on the other.

The bills taunted me every time I left for school, until I finally scraped enough to make a late payment, which marked my credit rating with a scarlet letter and doubled my interest rates indefinitely.

Yet I continued to use my credit card until I finally took a look at my spending and began saving to pay off my debt.

Calculator in hand, I tallied up the little everyday purchases. That early morning latte and lunch nabbed between classes -- they gobbled up much of my income. Pulling through the Starbucks drive-thru alone was costing me at least $5 a week, which adds up to about $260 a year.

But I wasn't alone.

Many students struggle to fight off debt that accumulates from the rising costs of tuition, rent and a fun-loving college lifestyle.

$3.24, Starbucks tall nonfat, sugar-free vanilla latte to stay awake during my morning block of classes.

The average Arizona college student owes $18,026 after graduation -- not including credit card debt, according to the Project on Student Debt. More than 56 percent of college students have at least one credit card, and 41 percent carry a balance month to month, with a median debt of at least $1,000, according to the project.

Terri Riffe, author of the book "Money Matters: First Steps to Financial Freedom for College Students" and director of the University Teaching Center, believes college students have been taught to live in the moment and not consider the long-term consequences of impulsive or unnecessary spending.

"Living for today is human nature, particularly for young people, because 60 years old feels likes it's going to be somewhere in the far-off century, but it happens so fast," Riffe said.

$24.08, random shopping spree at Target. Came in for shampoo, came out with shoes and shampoo. Must avoid walking around the store -- eyes on the prize at all times!

Unnecessary spending can be controlled by separating the wants and needs in your budget, Riffe said. Students need to think through a purchase beforehand, she added.

Following Riffe's advice, I started to question the necessity of every purchase. Yet in the wee hours of the morning, I found it harder to classify my urge to get some source of caffeine into my system as impulsive rather than necessary.

$3.02, small soy latte and croissant at Canyon Cafe to keep my stomach happy since I was running late to my first class and missed breakfast.

Robert Saul, a theater education senior, said he struggles with paying off debt and controlling unnecessary purchases.

"I really hate spending lots of money going out to eat, at bars and generally anything that encourages a greater expense than 100 percent necessary," Saul said. "It bothers me because I know I could be spending less, but at the same time you got to let go at certain times."

Participating in theater productions limits the number of hours Saul can work as a lifeguard at the UA Student Recreation Center, but he often makes an effort to cut costs whenever possible, like sharing meals with friends. Still, he admits that vacations and eating out are his weaknesses.

"I'm in the mindset that you're only young once," Saul said.

Maybe my quick stops at the Student Union Memorial Center food court in between classes weren't exactly necessary either.

$5.95, lunch at Panda Express but quickly feel nauseous after my first bite and leave most of the food on my plate. What a waste.

With so many dining and entertainment opportunities to spend hard-earned cash on in Tucson and on campus, students may not be surprised to watch their budgets suffer.

Seth Rochlin, an engineering management senior, said he is very conscious of the fact that his money is often spent dining out.

"I'm not delusional about my going out," Rochlin said. "I know it's expensive."

As a volleyball coach, Rochlin's income is not steady and he has learned to manage his money to get from one paycheck to the next.

Rochlin also actively saves money, unlike a majority of college students and the rest of America. The U.S. Department of Commerce announced that 2006 was the second year in a row Americans were spending more and saving less, creating a national personal saving rate of negative 1 percent.

"From a pretty young age, I don't know if it was conscious or not, I've always been pretty frugal and good with money," Rochlin said.

$500+, car breaks down and needs new clutch immediately. Set up payment plan with my parents since I don't have nearly enough money to pay the bill. Cry.

"Americans, generally speaking, spend everything they make," Riffe said. "The thing is, never get your hands on that portion of income you want to save and invest."

The key is always living within your means and making conscious decisions to save whenever possible, she said.

$18.61, grocery shopping at Trader Joe's for snacks and lunch. Don't have to buy food on campus this week.

Soraida Gavino, a nutrition senior, said she has gone to extremes to save money. She often skipped eating meals on campus to save money. Though this strategy worked for a short time, she said, she made herself sick in the process.

Now, she's adapted a much healthier financial strategy by buying only necessities when she's out shopping.

"I have friends who can do whatever they want with their money," Gavino said. "But when you can't, you have to be a little smarter about your spending. If I absolutely need something then I'll buy it. If I can picture myself living without it for a couple days, then I probably don't need it."

My attempts to eliminate any unnecessary spending often left me debating in the middle of stores, taking items out of my basket.

$0, restrain myself from buying tea at the U-Mart and fill one of the sad-looking water bottles from the back of my car at the water fountain instead.

The spending and saving habits college students develop in school will greatly impact their financial future, Riffe added.

To avoid any more temptation, I cut up my credit card and vowed to take more active steps toward controlling my spending.

After all, there are some things money can't buy.

For everything else, there's saving.