By Lamen Baker
ROME - The current.economic crisis has not only impacted individuals, businesses and corporations around the world, but also many college students, including those here at John Cabot University (JCU). Now more than ever, JCU students have been forced to be careful with their spending. and have found creative ways to stretch each and everyone of their Euros.
Students are making sacrifices in many forms. Jessica Scheiner, a 20-year-old from Michigan, said her professors required anywhere from two to six books for each class this semester. Scheiner said at first she didn't think twice about buying her books until she went to the bookstore and saw that many of them were over 100 Euros. "I knew I couldn't afford to spend that, much money on my books so I found other students in each of my classes that agreed to split the cost with me," said Scheiner, who plans to sell each of her books back at the end of the semester. Other students are saving by avoiding mass transit. "I live about a 30 minute walk from school, but instead of spending money on a tram or bus pass, I walk everywhere," said Joseph Hakimian, a 21-year-old from Wisconsin, who has decided to skip the metro pass in order to save a few extra euros. MichelleStern, a 20-year-old study abroad student from Chicago, has drastically decreased her monthly spending. Stern, a newcomer' to Europe wanted to acquire lots of fashionable goods, but she can't spend too much. "1 would love to buy clothes, shoes, and jewelry from all over Europe, but I have realized that materialistic things are not necessities," she said.
Other students are taking advantage of the travel opportunities while in Rome but they are saving any way they can. "When I am looking for flights online, I always try to find the cheapest one possible even if that means I have to stop somewhere or have a layover for a few hours," said Jon London, a 20-year-old from New York. Adriana Bolotsky, a 20;year-old from California, has decided to cut spending by cooking at home and hosting parties with her roommates. "Instead of going out to eat every night of the week, I have taught myself how to cook," said Bolotsky, whose expertise is cheese and spinach ravioli.
Over the past two years, the United States has been experiencing what has been called the worst global financial crisis in almost a century. Banks are cautious about lending money, interest rates on credit card have skyrocketed and people around the world are losing their jobs. Experts say students need to learn how to budget their spending in order to get through these tough economic times. John Fuller, an economics professor at the University of Iowa, in an email said, "Students need to sit down and prioritize how they are going to spend their money." Fuller added that the new generation of students must change from practicing immediate gratification to spending with restraint. "Nobody has an immediate solution to this economic crisis so students better start learning how to budget their money now," she said.