By Elizabeth Bunnell

Students face many issues while adjusting to life in college, including learning how to budget money. College offers lots of social activities and it can be difficult to balance while working or trying to save responsibly. 

The National Center for Education Statistics reports that in 2020, 40% of full time college students were employed in contrast to 74% of part-time students were employed. 

“Being employed can help a student pay for classes and other living expenses; it can also be associated, either positively or negatively, with a student’s academic performance,” according to the National Center for Education Statistics.

There are many different employment opportunities for students wanting to work in college, including on campus jobs. The university employs over 1,000 student workers in jobs such as tutoring student athletes, working with the recreation department, and other hourly jobs. 

“There are times when it is hard to balance work and social activities, but for me, working in college is what allows me to participate in social activities so I always try to keep that in mind when I am having a hard time finding the right balance,” sophomore Georgia Peters, Business Dean’s Office Assistant, said. “I am also fortunate that in my on campus job I have a lot of flexibility which helps me balance my activities and work. Ultimately though sometimes I just have to prioritize work over social activities.”

Oftentimes students are told college is about enjoying time with their friends and making the most memories you can, but where do students draw the line between a social life and saving money?

“Being involved socially is definitely a challenge for me trying to save money. I love to spend time with and go do things with my friends and over time, the expenses to do things like go out to eat, go on road trips together, buying a new outfit for a function, or going to an event can add up. It can sometimes feel like you have to choose between being social and saving money,” Peters said. 

Financial situations can be a burden on many students’ lives. Whether it’s a daily, weekly, or monthly concern, no student wants to stress about money. 

“To be stressed about money in college is hard because schedules are so busy and there is so much going on,” sophomore Addison Halley said. “You don’t want to miss out on the fun things college has to offer but you have to be smart and know what’s worth your money.”

Halley works at an after school program two to three times a week in Bentonville. 

“I think that if you are only looking in Fayetteville it can be hard to find job opportunities,” Halley said. “I am fine commuting because it fits with my schedule.”

According to the University of Pennsylvania College Employment and Student Performance report, “four-year students who are increasingly employed throughout their college tenure receive on average significantly lower marks in their coursework.”

Employment in college may affect students in many different ways. 

“For me, working doesn’t have too much of an effect on my academic performance,” Peters said. “To a certain extent the time I am at work is time I could be doing homework or studying, but as long as I stay on top of my class work outside of work I am fine.”

Part time employment can be difficult for students to manage with busy schedules and academic demands from school. 

“I work at a car wash back home over summer and breaks. I’ve worked there for three years. During the school months I just work once a month to keep my job for breaks,” freshman Colin Barker said. “Trying to save money is hard since I have little to no income and have things that I need to buy during school. My biggest financial burden is finding scholarships and worrying about how much I will have to pay in the future for my loans.”

There are many different money saving options for students. Sophomore Lacie Johnson explained the biggest financial burden students face is paying for off campus housing. Johnson’s biggest piece of advice for students trying to save money is to cook their own food and avoid eating fast food. Johnson works as a waitress at Walk On’s Bistreaux. 

It’s not always easy for students to make the decision to save money.

“I have gotten pretty good at balancing my social life and a job,” Johnson said. “One of the biggest challenges I face when trying to save money is the cost of off campus housing, as well as the very tempting, but sometimes pricey, social events or activities. While I understand saving money is important, sometimes after a long week of school and work I just want to let loose and do something fun, which is usually never free.”

It’s important for students to remember that lots of students face financial stresses and there are lots of opportunities to work and save money while in college. There are lots of options for students wanting to save money while still wanting to make the most of their experience.

“My number one piece of advice is as a freshman, use your meal plan the way it was intended,” freshman Colin Fisher said. “We have so many options, so you can definitely save your money by not eating out.”

Fisher worked at a bank over the summer, but had to quit when he started school. He explained that his key to budgeting is setting aside $50 for meals and social activities.

“If it’s more than $50 I have to politely decline,” Fisher said. “As a result, I find my friend group doing things that are either free or very low budget, but we still have a lot of fun.”

Attending the University of Arkansas provides college students numerous opportunities to get involved on campus and explore the community, but that is not without some financial cost. Balancing work, life, and school can present challenges for students, but there are many other students trying to do the same thing.