In a time of economic turmoil, BYU students are clenching their pennies to save every cent for a rainy day.

For a group of people where money is already scarce, the growing awareness of the United State's economic instability has grown to affect students' personal lives.

According to a press release issued by Peter Simones of Uwire.com, "Fifty-four percent of college students are foregoing dorm life this year to live at home and cut costs, up from 49 percent last year. College bookstores project 2008 sales will be down more than 15 percent from 2007."

Those numbers may not be surprising to some BYU students who said they are trying everything possible to budget their money wisely.

Christian Allred, 23, a junior majoring in recreational management, said saving money is a daily process.

"I've been packing a lunch for four days straight now," Allred said. "That saves me about five bucks a day."

Another student said limiting driving is what cuts expenses low.

"Even though I have a car, I drive it only once a week to go the store," said Megan Baker, 19, a sophomore in the nursing program. "Otherwise, I ride my bike."

Another effective way to budget and to keep track of money is to use online software. Keith Bond, a physiology and developmental biology major from San Jose, Calif., prefers to use mint.com to manage his finances.

Mint.com and other budgeting systems help the user follow their money, also indicating ways to save money.

Jeff Hixon, 23, a senior majoring in economics, said there is another solution.

"An easy way to keep track of money is to use a credit or debit card, so everything you do is available online to see," he said. "However, credit can be a big problem, so one should make sure to pay bills on time."

Another method would be to buy food in bulk and freeze it. Hixon said that saves him time, money and it lasts longer.

Hixon also mentioned an additional technique he uses to save money.

"I also take girls out on cheap dates," he said.

However, he said, one should weigh the effects of doing that.



Copyright Brigham Young University 29 Sep 2008