Gregory Chambers
MC301 Contributor/Staff
It is that time of year again that college students have been eagerly anticipating, refund season.
School refunds and tax refunds will soon be disbursed and the student population is buzzing with ideas of what to spend such an abundance of money on. Ideas range from glamorous new outfits, the latest kicks and funding Spring Break trips.
But are these wise decisions for the spending refund money? Most experts agree that learning to become financially responsible should begin in college, however, according to a U.S. News Report, most students leave college with a whopping $28,400 of debt.
Saving money from these refunds or not taking out unnecessary loans may be key in lowering this amount.
“When it came time for refunds, I always put mine into my bank and let it stay there until I need to spend it. It was the most responsible thing I could think to do with that money,” Kechandra Reynolds, a Jackson State University alumnus.
During refund season, many students say sales on and off campus offer tempting deals to entice students.
“There are two periods in the semester when sales spike, that’s when students first get their Super-card and when refunds come out,” said Nicacio Escobedo, manager of Tiger Tech in the JSU Student Center.
Some students feel more should be done to teach students effective methods of spending and saving money.
“College students do not know how to effectively manage their money, which is why the refund period only lasts two weeks after disbursement,” said Alise Wilson, a sophomore social work major from Atlanta, Ga.
Wilson believes the university should consider disbursing refunds in small increments instead of one lump sum to force students to budget their money.
Terrance Taylor believes disbursing refunds in smaller increments could help with student retention.
“It seems like right after refunds is when most students drop out of school. Like why are you leaving, did you come just for the refund,” said Terrence Taylor, a sophomore graphic design major.
If you are still trying to decide what you will do with your refund, here are five tips to help you spend/save wisely.
1. Pay off outstanding debts. This will help your credit score and relieve the stress of unwanted bill collection calls.
2. Use your refund to attend an intersession or Summer school if you are short on credits. Also, save some for any important exams you may have to take (GRE, LSAT, GMAT)
3. If you need to buy clothes, invest in professional wardrobe attire for interviews and work.
4. If the money is just burning a hole in your pocket, spend wisely. Know that there is a difference between things you need and the things you want.
5. Save your money. You never know what type of emergency you will have in the future and a rainy day fund will alleviate that stress.
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