College kids give tips on stretching a dollar

Dear Straight Talk: I'm leaving for college this week and am nervous about finances. I have taken out loans, a grant helps with my dorm and tuition, but there's not enough to cover everything.

Through high school, I had to pay my own bills, so I don't have savings. I am leaving with $100, a laptop and my bicycle, hoping to find part-time work once I get there.

Do any of the panelists have tips on how to stretch a dollar in college? My dorm meal-ticket only covers 14 meals a week. And how do you make friends when you have no money? — Tim

Brie, 19, Santa Barbara: I recently started school with only minor help from my parents. I share an apartment with three other girls, but it's still pricey as this city is expensive. I was lucky to get a job after a few weeks, but before that, I really had to watch my wallet.

I shopped at Trader Joe's and bought things like ramen, which really is cheap and tastes pretty good. You can do lots with friends without spending money. If you're in a beach town, go to the beach — or host a BYO party at your dorm.

Ashley, 23, Auburn: Join a club, ride bikes, hike. Check out local events and farmers markets. Don't buy anything nonessential. Lots of college students spend on beer and pizza. Jobs are scarce, but my cousin had a gig taking notes for people who missed class.

Leif, 21, Berkeley: Be proactive. Establish a lifestyle that isn't about spending money. Most colleges have free clubs, and if you pursue low-cost activities that you are passionate about, you will find like-minded people.

Katelyn, 16, Huntington Beach: Be wary of credit card offers!

Catherine, 23, Amherst, Mass.: Money is not required to make friends. Small classes are ideal for meeting people, so try to avoid too many giant lectures. Attending campus parties and joining sports or clubs really helps. There are tons of fun things going on constantly, just read the student paper.

Look into work-study jobs for struggling students; they are designed to accommodate class schedules. Fun entertainment for the cash-strapped: on-campus movies and parties, hiking, camping, free art shows, finger painting, card and board games, bike rides, farmers markets, building forts. Check restaurants and theaters for student discounts.

Dear Tim: Finding a job is essential, so follow the tips given by hiring managers in our June 7, 2009, issue: "Does your teen need a job? Clip this column!" They work. Avoid credit cards like the plague. Make friends instead. Friends will always be your best insurance against hard times. Your dollar-stretching opportunities are in the food, toiletry, clothing and entertainment departments.

As the panelists describe, great entertainment costs nothing. Clothes? Cheap and plenty at Goodwill. Toiletries? Beg from girls who might have an arsenal. Food? Yes, men your age can put away the groceries; I understand your worry. The most effective thing you can do for your wallet (and abs — and to make friends) is learn to cook.

Top recipe recommendation: pinto beans and rice from scratch. In bulk, they are cheap, and cooked with just salt and water, they taste delicious. People have lived on them forever.

Fry hamburger with bell peppers and onions, wrap everything in a tortilla, adding cheese if you can afford it. Shred cabbage and carrots for a salad tossed with vinegar, olive oil, salt and pepper. This meal is tasty, easy, cheap as it gets, refrigerates long and well and is highly nutritious.

Trade with roommates and friends: They buy the food, you cook. At the cafeteria, stash "leftovers" in your "doggie" backpack. Parents and relatives: Every broke college student appreciates care packages that include food, toiletries, batteries, zip-close bags, school supplies, laundry detergent and rolls of quarters. Checks are wonderful, too.

I'm happy to share that credit card reform law was passed in 2009 and was phased in this year. It is designed to protect young consumers (under age 21) from being wooed into a vicious debt cycle. The college student was formerly a hot target for card companies who signed up students at school events, often with promotions of free pizza and T-shirts.

According to 2008 data, students were graduating from college with an average credit card debt of $4,100, up from $2,900 only four years earlier. In 2008, only 15 percent of freshmen did not carry a balance on a credit card. Now, if you are under 21, you need an adult co-signer to get a card. Hooray for reform!

I maintain that making good friends (by being a good friend yourself) is and always will be the best credit in the world. College is a time when many lifetime friendships are forged, and here's something about stretching a dollar that makes those connections that much more meaningful — while turning boys and girls into resourceful men and women. — Lauren

Lauren Forcella co-writes Straight Talk with a panel of 30 teens and young adults. To ask a question or become a panelist, click www.StraightTalkForTeens.com or write to P.O. Box 963, Fair Oaks, CA 95628.