Three Reasons Why you Struggle with Money

As students, we all have one problem in common. MONEY. And if you don't have any money problems then consider yourself in that small lucky percentage of students that has no worries. Nevertheless, we all have faced problems where we were broke or couldn't afford the luxuries we wanted. But where does all our money go? 

For starters, you should understand that we all spend money differently. Whether you own a car, live alone, live on residents or live with your parents, it all plays an important role in your spending habits. The number one example that we spend money on is school.

Maclean's Magazine did an infographic showing How Canadian university (college) students are paying their bills. Their study shows that majority of students pay for tuition from working, and another high percentage borrows money from parents. So we all have that big weight holding us back from getting the things we want.

 

School costs are an expense; with textbooks, residence or commuting payments, it pretty much empties our pockets on its own. But there are three other reasons why we, as students, struggle with money.

1) FOOD!!

This is an obvious reason. We cannot fight the temptation of food. Also, we are students with a large appetite. Every time a class finishes, all I can think about is what to eat. Food is essential which is why we are more likely to decide that we need it, rather than just want it. It is also more expensive than we think. The average student spends $80-$200 on groceries alone, not including going out for meals with friends, getting quick snacks, drinks or desserts.

2) ENTERTAINMENT

Believe it or not, but we end up spending a lot of money entertaining ourselves. This includes our monthly Netflix bill, music, phone bills, etc. Going to social gatherings, concerts, movie theaters or anything that requires payment is probably part of entertainment. We can't help but join the fun, and we need something to do so we don't get bored.

3) PERSONAL

This includes things like clothing, cologne or perfume, basically anything that is a personal need. Personal items can range from necessities to a simple want. Ever go into a store for one thing and come out with more than you expected? Sometimes when I go into Walmart planning on buying toothpaste, I come out with 10 other things and end up spending a lot more than expected.

What do you think your biggest struggle with money is? Let me know in the comments below!