For many freshmen, the college experience is overwhelmingly exciting. From late-night study sessions to exploring new places in Miami, this newfound freedom gives students the chance to make their own choices without their parents haunting their every move. But what happens when a little freedom causes financial irresponsibility?
Managing your finances can pose a huge challenge for college students, and freshmen quickly discover that they can’t just act on their food cravings or impulses. Despite living on campus and having the 7-day all-access meal plan, freshmen seem to spend boatloads of money when they should be saving their hard-earned summer paychecks. Saving money isn’t difficult, you just need to understand how to spend it.
Use the dining hall
One of the most underrated food sources on campus is the dining hall. I get it; it’s easy to grow tired of the same old options, leading students to apps like Uber Eats and Doordash for their favorite meals. But have you really tried everything the chefs have to offer?
The dining halls at Mahoney, Pearson and Centennial Village offer a wide variety of options for breakfast, lunch and dinner. Designed to meet every student’s unique diet, nutritional options are widely available, such as a salad bar, vegetarian stations and plant-based alternatives. And if you don’t like what’s on the menu, the dining hall offers “build your own” stations such as “FLAME” with grilled options like chicken and burgers and the “CREATE” station for students to create their own sandwiches and wraps, similar to a deli
Market Wednesdays also offer a wide assortment of food but at a price. I personally love their acai bowls and New York bagels, but I always leave $20 closer to broke after just one meal. Maybe it’s time to start visiting once a month instead of once a week.
Schedule your meals
As someone new to the college schedule, it can be difficult to time your meals. Sometimes, the dining halls are closed right when you need a snack, especially during late-night study sessions or after sports practices. It’s important to schedule meals between classes and activities so you don’t have to resort to Uber Eats or DoorDash. Not only is the food itself expensive, but these apps usually add on a service and delivery fee, not to mention tipping the driver. DoorDash spent $835 million on sales and marketing in the first fiscal half of 2022, a $75 million increase from 2021. If you want to save money, keep your schedule organized so you don’t order a McDonald’s delivery at 10pm.
Students can download the “Dine on Campus” app to stay updated on all dining halls, food court stations and campus eateries, complete with menus and hours of operation. For those planning around the dining hall, the app provides information on the dining hall schedule, including the times breakfast, lunch and dinner will be served, the closing hours and the menu for each meal. If you miss the designated hours, another option is to use the $6 reusable OZZI containers to take food from the dining hall and enjoy it later when it’s closed.
Don’t be so high maintenance
Keep in mind that the lifestyle at UM is atypical for the average college student. It’s rare that students have access to upscale restaurants and club-table service. For most, college towns offer local options to eat out for cheap. While Miami’s beautiful beaches and inviting nightlife may tempt you to fall into the habit of spending money on Ubers, expensive food and activities, remember, you’re just a college student with a college student bank account. You don’t need to go to the waterfront five-star restaurant in Brickell every weekend, when there are plenty of cheaper, younger places. Save the Michelin-star restaurants for special occasions.
When you decide to go out, spending money is unavoidable, but try an alternative: taking the metro instead of Ubering or finding student discounts. To avoid the transportation costs all together, campus is always offering free events and socials, such as CAS Wednesdays at the College of Arts and Sciences with complimentary coffee, food and activities. Hurricane Productions also offers entertainment on campus, being the largest student-run organization. Many on-campus housing buildings also offer floor events run by the RAs with free food, like Chick-Fil-A and local vendors like The Big Cheese. It doesn’t hurt to look at an events calendar for your specific college and major to see where you can spend your time and have a free meal while you’re at it.
Many college kids can attest that you don’t have to always go out to have a good weekend at UM. If worst comes to worst, you could always study for that upcoming test! Being selective about when and where you spend can make a huge difference in your overall financial picture.
Keep track of your spending
The key to saving money is keeping track of where your money is going. That way, you can decide if you’re spending too much at specific places or in certain categories, and you can find an alternative option. Are you spending $50 at Starbucks per month or $100 at Uber? You can use budgeting and finance tracking apps or just your regular notes app to log your spending, like I do, and count out how much you spent by the end of each week.
No parent wants to see their child spending money irresponsibly as soon as they leave the house. Don’t be the student begging your parents for money on the phone; be the one saving it.