By Mylin Brown

brownm17@findlay.edu

Rising tuition, costly textbooks, and everyday living expenses continue to strain the budgets of college students, leaving many scrambling for ways to make their money last through the semester. At the University of Findlay, students feel pressure to balance loans, family support, and daily costs, emphasizing both the struggles and the need for greater financial literacy.

Nationally, more than half of college students report feeling stressed about their finances, and 65% of students worry about having enough money to pay for school, according to Trellis Strategies’ 2024 Student Financial Wellness Survey.

For sophomore nursing major Quinten DeBolt, textbooks have been a significant financial hurdle this semester. He works at Texas Roadhouse during the summer to prepare for the school year, but unexpected costs still make budgeting challenging.

“Budgeting and paying for books this year sucked, since they weren’t included in tuition,” DeBolt said. “It was a big chunk of money. The biggest challenge so far was definitely budgeting an extra $500 for books this year.”

DeBolt relies on student loans, parental support, and refund checks to make ends meet, though he admits planning ahead hasn’t always been easy.

“I think budgeting is very important for students my age, especially so they’re not in the situation I’m in right now,” he said. “I’m very broke right now. Financial literacy is a term you definitely need to learn so you don’t spend more than you have.”

Being a student athlete adds another layer of difficulty. DeBolt said that finding time to work during the semester is tough, making summer savings essential. “It’s harder to have a source of income as a student, especially if you’re an athlete like me,” he said.

Junior computer science major Will Kurtz credits his parents for teaching him money habits early. Between welding and working at a local coffee shop, he has learned how to handle his earnings responsibly.

“My parents showed me how I should manage my money,” Kurtz said. “I would definitely say I am more confident now since I have had to do it for two years already and got the feel for it.”

Kurtz has developed a strict savings plan.

“I put 70% away in savings and use the other 30% for whatever I want,” Kurtz said. He also had to find ways to save money when he had to eat. “Personally, for me it was fast food my freshman year. I avoid that now by meal prepping my own food for the week, which saves me money.”

“I feel many students struggle planning financially because that is one thing they are usually not taught before college,” Kurtz said.

While football covers his tuition and commuting saves on housing, Kurtz still carefully tracks living expenses.

“I usually make sure I am not spending more than 50% of my pay so I can slowly build my savings,” Kurtz said. “Then after I graduate, I want to look into buying a house.”

Some students turn to family or online tools for guidance, while others learn through coursework. Dr. Jaclyn Schalk, who teaches finance, emphasizes giving students a strong financial foundation.

“Outside of teaching FNCE 200, students have at times come to me for financial guidance,” Dr. Schalk said. “In particular, I have met with a number of seniors as they consider job offers and post-graduation decisions to provide guidance on financial planning, such as 401(k) and IRA guidance.”

According to Schalk, tracking daily purchases is a common challenge.

“When spending is intentionally tracked, it greatly enhances awareness of casual spending, such as coffee and fast food,” Schalk said.

Data from Trellis supports this observation: 62% of students said they regularly worry about running out of money before the end of the month, while 42% have less than $100 in savings.

Schalk believes financial literacy affects students well beyond college.

“Having an awareness of important financial decisions and the ramifications of those choices can set students on a positive trajectory post-graduation,” she said.

Schalk’s courses teach zero-based budgeting, which assigns every dollar a purpose, and encourage students to save early for retirement.

“As students approach graduation, I discuss the importance of paying themselves first and making automatic deductions from their paycheck to put money into a 401(k) or IRA right away,” Schalk said. “Time is one thing you cannot get back when it comes to investing.”

For DeBolt, the takeaway is learning from past mistakes.

“Seeing the current state that I’m in, I need to do a lot better at managing and setting budgets,” he said. “I need to save more and put more money away during the summer for school instead of spending it all.”

As costs rise, Findlay students see budgeting as more than extra spending cash; it’s about covering the basics without falling behind.