Spending Diaries

College students are notorious for spending money they don’t have.Half of all seniors graduate from public universities with an average debt of nearly $16,000. According to the National Center for Education Statistics, for academic year 2003-2004, 69 percent of all students attending public universities received some financial aid. Of the 45 percent of students who took out loans, the average amount borrowed was $5,600.

Despite this data, when it comes to finances, do college students ever think farther ahead than the weekend? To find out, three friends and I wrote down every purchase we made during one week last October. The results provide an interesting look into where our money goes.

Gage Delprete ’08
21, Marblehead, Massachusetts
Major: Painting, College of Humanities and Fine Arts
Summer Job: Terry’s Ice Cream in Marblehead.
$10/hour plus tips, 20 hours/week.

Gage Delprete’s Spending Diary

Monday, October 1
Cable bill $24.00
Two lbs, honey mustard wings $24.00
Tuesday, October 2
Newsprint drawing paper, duct tape, U-store $21.99
Wednesday, October 3
Swedish fish and Powerade, C-store $3.08
Thursday, October 4
E-Z Clean palette, paint cleaner,
paint cleaner jar, and canvas, U-store $25.51
Groceries, Trader Joe’s and Stop & Shop $44.00
Friday, October 5
Uno card game and two-liter Coke, Target $6.69
Saturday, October 6
Dinner and parking $2.40
Total for the Week $151.67

Gage says:
“This was an expensive week. I usually spend $40 a week except when I have to buy art supplies. The wings … I don’t really know what to say about that; it was an eccentric purchase.”

Financial Situation: After paying cell phone, food, and insurance bills, Delprete had $400 left for school. All but $150 of that was spent on student fees and renting U-Hauls (Delprete transferred from UMass Dartmouth in fall 2007). Delprete’s parents give him $698 a month for rent, food, and, through a state program, utilities. Rent and utilities are usually around $500. He gets free tuition because he was adopted, and his parents pay the fees, except for $1,000. He pays that amount with a loan he takes out to build up his credit.

Susie Ditrolio ’09 20, Attleboro, Massachusetts Major: Kinesiology (pre-med), School of Public Health and Health Sciences Summer Job: Ditrolio has been a lifeguard for Attleboro’s recreation department for four years. Last summer she was head lifeguard and made $10/hour, 35 hours/week. On campus, she is assistant manager for the John Quincy Adams wellness center at $9/hour, 10 hours/week. She also works at Subway for $8/hour, 9 hours/week. These jobs are the reason she will be able to afford school next semester.
Susie says: “I try to spend only $20 a week so I stay on target.”
Susie Ditrolio’s Spending Diary Monday, October 1 Coffee, Herter Express $1.25 Wednesday, October 3 Reese’s bar, Brett snack machine $1.25 Thursday, October 4 Skittles, Brett snack machine $.95 Friday, October 5 Groceries at Shaw’s $14.47 Total for the Week $17.92
Financial Situation: Ditrolio lives on campus but does not have a meal plan. She pays for her tuition and room, which costs her about $7,400 a year. She receives $1,000 in scholarships and takes out $5,000 in loans every year. Ditrolio adheres to a stringent budget; she keeps no more than $20 in her checking account at any time.

Melissa Garber ’09 20, Langhorne, Pennsylvania Major: Journalism, College of Social and Behavioral Sciences Summer Job: For the past five years I have worked at Pennswood Village, a retirement community, for $7.50/hour, 20 hours/week. This past summer I worked for Hostelling International, in Truro, on Cape Cod, for $8/hour, 50-60 hours/week. During fall semester I worked at Subway for $7.50/hour, 9 hours/week.
Mellisa says: “I probably shouldn’t be spending this much on food, considering I have a meal plan.” ”
Melissa Spending Diary Monday, October 1 Iced tea and bagel, People's Market $2.75 Tuesday, October w Band0Aids, C-store $.79 Thursday, October 4 Coconut-date rolls, People's Market $1.15 Iced coffee, Blue Wall $1.75 Friday, October 5 Pop Rocks mega chocolate bar, Blockbuster $1.49 Saturday, October 6 Oil change, Auto Express (Mom's credit card) $30.45 Groceries, Stop & Shop $2.69 Slice of pizza, Antonio's $3.00 Sunday, October 7 Tea roll and sangria, plus tip, Fresh Side $10.00 Violent Femmes and Matchbox 20 cassettes, Turn It Up! Music $5.25 Ice cream for two, Herrell's $5.80 Groceries, Atkins $20.78 Total for the Week $85.99
Financial Situation: As an out-of-state student, I paid UMass Amherst $30,378 for tuition, room, and board for the 2007-2008 school year. I take out loans to cover most of the cost. After I graduate, I will pay off half of my loans; my parents will pay off the other half. I pay for my own books, $300 to $500 a semester. My parents give me $100 each semester for laundry.

Justin D'Alessandro ’08 21, Marblehead, Massachusetts Major: Communications, School of Behavioral Sciences Summer Job: D’Alessandro has worked at the UPS store in his hometown for the past five years. He works for $10/hour, 40 hours a week.
Justin says: “I only spend money when I need to or to have fun, but given my bank account, I’d rather spend $30 a week.”.”
Justin D’Alessandro’s Spending Diary Monday, October 1 Bagel, People’s Market $1.50 Trident Minty Sweet Twist, C-Store $1.19 Order of wings $5.00 Thursday, October 4 Beer and one hour of pool, plus tip, Michael’s Billiards Bar $9.00 Friday, October 5 Dinner for two, plus tip, House of Teriyaki $34.40 Movie rental, Blades of Glory, Blockbuster $4.50 Saturday, October 6 Groceries, Stop & Shop $111.42 Beer, Spirit Haus $12.99 Total for the Week $180.00
Financial Situation: D’Alessandro lives off-campus and does not have a meal plan. His rent is $440 a month, plus $50 in utilities. His parents pay his rent and utilities and give him $250 a month for food. His tuition costs $9,921 a year; he takes out loans and will be paying them off after graduation. His biggest expenses are food and alcohol.

Spring 2008

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