Financial Plans of a College Sophomore

Hi all! I hope everyone has had a good start to the new year! Did anyone make any exciting resolutions? I deposited my paycheck on Friday and put $100 into my savings account. This means i successfully completed my resolution of 2017 which was to save $5,000 in one year’s time so I could pay for my Spring semester out of pocket. The savings plan I found on Pinterest is very manageable if you work throughout the year. (Granted I am fortunate enough to live at home, so it is much easier for myself to save money than perhaps many of you who have rent and grocery bills to pay.) I plan to keep using the savings plan throughout this year. There are many other pre-made savings plans on Pinterest that fit with all different types of income levels! Here is a picture if anyone is interested in following the savings plan I use:

This past week we had some readings on BOLT about the serious issue of students going hungry while they are at university. Before reading these articles, I had no idea this was such a prominent issue throughout the US. I think the CUFBA seems like a great organization that would help make campus life better for thousands of students in need nation wide. Students will not be able to focus on things such as class work or homework when they are worried about where their next meal is coming from. In my education classes at BU we often discuss Maslow’s Hierarchy of Needs. As you can see in the diagram I have included below, certain human needs must be met first in order to meet other needs. The very first type of needs that must be met are physiological needs such as having enough food. Maslow would argue that a student would not be able to reach their full learning potential at college unless their physiological needs are met.

I also liked the mission of The National Student Campaign Against Hunger and Homelessness because their main goal is to educate students about these issues. Many students probably don’t have a lot of background knowledge about budgeting or saving their money. It’s a sad thing to realize that public schools require algebra and calculus classes but many do not require, or even offer, classes that teach students how to properly handle money. Why not put their math skills to good use by practicing budgeting with a made up income and typical bills they will see in the future? Not only do financially struggling college students deserve to be educated on handling their finances, but they also need to be educated on the kind of financial help they are able to receive. As college students we are all required to file our FASFA documents (I just did mine today…it was SO much fun). Sure the FASFA form tells us what kind of loans we can qualify for, but lets not forget what else the FASFA allows us to do: apply for scholarships! Aka money we DON’T have to pay back to anyone! BU offers a plethora of scholarships for all majors and/or for students in their respective academic year of study. Some scholarships require more time and effort than others, but honestly what could be a better reward than a huge chunk of change that goes towards your future?

I’ve worked at the local Giant grocery store for over two years now and I frequently have customers who use food stamps. I’ve noticed that many customers who use food stamps are around my own age. I understand the astronomical cost of college and how many students take on thousands of dollars of debt in order to achieve their bachelor’s degree. However, I am unfamiliar with the qualifications of receiving a food stamps card or how the government decides how much each person receives on their cards each month. Considering the amount of financial strain/debt many college students are experiencing I can’t help but think that many of them may be able to qualify for this financial help. Although I don’t understand the inner workings of these government run financial assistance methods, I do believe that college kids who have food insecurity would benefit greatly by applying for food stamps. Of course, many might feel too proud to accept this kind of help, but I don’t think there should be any shame in getting a little help when you’re trying to better yourself and your community by perusing higher education.

However, I must mention that I wish food stamps were used in a more responsible fashion with many of my customers. With food stamps, customers have the freedom to buy any item in the store with their food stamps card with the exception of non-edible merchandise. The lack of control on what can be purchased with these cards is where I get uncomfortable with the idea of food stamps. Too often, a grocery order of five 24 count cases of soda, two dozen donuts, a few bags of chips, a pack of Oreos and maybe a bundle of bananas will come down my conveyor belt. When the customer goes to pay the bill I will notice they are paying with food stamps. I don’t get angry that the customer is using our country’s money to fill up on junk food, but rather, I pity the customer because he/she may have never been taught about proper nutrition. Or perhaps they believe that by purchasing the cheaper foods with little to no nutritional value that their food stamps will last them longer.

It’s a sad truth that a bag of chips is $2 and a pineapple is $4. Not to get too far off topic, but a lot of typical sales are a gimmick. The most ridiculous sales I see are on soda. Ten cases, each with 24 cans of soda for only $10 before tax. The store is a mad house when that sale comes around in the summer. It SEEMS like a great deal, which is why people go nuts for the sale. Honestly, it comes down to the consumer culture of our country. We see a sale and we run full speed ahead not even recognizing what we just spent our money on. (Of course I’m not any better. You can catch me at the Victoria Secret semi-annual sale this week.) I just think its sick and twisted to take advantage of the common uneducated consumer. Take a look at the coupon book you get with your Sunday morning paper every week. Just try to find a coupon that isn’t for a Nabisco product!

In short, our society doesn’t make it easy on the financially strained to make healthy choices. But, as with many things, I believe education is the best solution. People need to be properly educated on budgeting and nutrition if they want to lead healthier and more financially sound lifestyles. I bet many people don’t realize that canned, frozen, and fresh vegetables have nearly the same nutritional value. And many canned veggies go for less than a dollar! I want people to realize that it isn’t impossible to make healthy choices while on a tight budget. This is why I am beyond excited to begin the recipe assignment to provide consumers with a cheap and healthy meal idea!

-Anna J.