As college students, money is a big part of our lives. Whether our parents assist financially or not, university is a time when we often become more aware of expenses and the importance of budgeting. College Money Diaries is inspired by Refinery29.com and their series on personal spending. In this installment, we interviewed Gracie Riley, a senior at the University of South Carolina, about how she budgets. Gracie pays for most of the expenses herself with two part-time jobs while also maintaining full-time student status. Here is her College Money Diary:
Occupation
Student: 15 hours a week
Work
Target: $12.50 an hour, 30 - 32 hours a week
Peer Writing Consultant: $10 an hour, 13 hours a week
Total hours worked: 43 - 45 per week
Paycheck Amount (Bimonthly): $3,540
Monthly Expenses
Rent: $280 (4 bedrooms)
Student Loans: $40 a month
Utilities: $50-$60 (depends on the season)
Internet: $16
Health Insurance: Parent pays
Phone: $50
Car Insurance: Parent pays
Car payment: $300
Savings: $100-200 per paycheck
Why do you pay for most of your expenses?
I come from a single parent household with three other siblings, so I understand that in order for my dad to be less stressed, we each need to pull our own weight. My dad is doing it so that when I graduate and make a salary, I know how to manage my money and be frugal.
How has being mostly financially independent changed your outlook toward spending on activities such as attending football games and going out in Five Points?
I’m way more frugal with my money now, so I make sure to only I spend it on important things that I absolutely need. So doing things like spending money on alcohol at Five Points doesn’t always seem like a smart or satisfying way to spend my money. With football games, it’s fun to go and you should enjoy the college experience, but I always think of it in terms of how much money I’m missing out on. Sometimes it’s over $150, so at that point, it doesn’t seem worth it.
Do you feel more prepared to enter adulthood after college now that you have needed to budget and pay for yourself?
I feel way more prepared. I’ve managed to learn how to budget my money and pay all of my bills with a little left over working two jobs, so when I have a full time salary, I feel like I’ll be prepared to do the same with that. It can be super stressful to be financially independent and have “big girl” bills to pay without a “big girl” job, but I’m thankful for the preparation and maturity it’s given me.
What do you average days look like?
DAY ONE
* 6:45 am: I wake up to my alarm to shower and get ready for one of my jobs (Target). I am a full-time student, and am responsible for my expenses, so I’ve always had to work through college. On Mondays and Wednesdays, I work in the mornings before my classes. I try to start my morning by waking up 15 minutes earlier than I need to, so I can fully wake up and make some coffee, but usually grovel for every second of sleep I can, and chug the coffee while running out the door right on time.
* 1:00 pm: I’m exhausted after working an 8 am – 1 pm, and speed walk weighted-ankle grandma style to the clock to punch out. I get to my car, discreetly change into comfortable clothes (unlike my Target khakis) and head to class. I will usually run by Smoothie King to grab something to “eat” real quick, as I have a bad habit of rushing and forgetting to eat. I go to campus, find a meter, pay for 5 hours (about $4.50) and head to class.
* 6:45 pm: I’ve been in classes back-to-back since 2:20 pm and I’m starving at this point. I try to remember what food I have at home but quickly realize I suck at grocery shopping during the week, so on the way home, I’ll usually cave and get some food. Some nights I’ll go cheap, others I’ll treat myself, but usually spend between $7 - $12 on dinner. This doesn’t seem like much, but tack on the $6 smoothie I got after work, and I’ve spent around $18 on food. It hurts my soul.
* 8:00 pm: I’ve just finished eating dinner after getting home from work and class. I’m exhausted, sitting at the kitchen table with my laptop out, trying to motivate myself to work. I usually spend a little time socializing with my roommates, but then force myself to do homework, and go to sleep.
* 12:00 am: I’m in bed, alarm set, ready to pass out after the day I’ve had.
Daily Total Spent: Around $22.50
DAY TWO
* 8:30 am: It’s Tuesday, one of my favorite days of the week because I get to sleep in a little later. I wake up to my alarm and snooze in bed for a few minutes before getting up to go make coffee. My first class is at 11:40am, so I wake up a little earlier than needed so that I can relax and fully wake up to prepare for the day. I make my coffee and either eat a Cliff Bar, or make some sunny-side up eggs with toast. I’m not a huge breakfast person, so I usually stick with something light.
* 10:45 am: I’ve usually run out of gas by this point from going to work all weekend and such, so I stop and get gas before heading to class.
* 4:05 pm: My last of the three classes I have today has just gotten out, and I leave the building and head towards my car. I tutor tonight from 5pm - 10pm, and don’t have enough time to run all the way home to get something to eat. I run to Russell House and get a Chik-fil-A salad or meal, which ends up being around $8 - $10. I re-park closer to campus and pay for a meter, which for the whole day, adds up to be around $6.
* 10:00 pm: I finish up tutoring my last student, and head home for the day.
Daily Total Spent: Around $16.00
