Forget inquiring about the weather when attempting to break the ice with someone. All you need to say are two words – “economic crisis.”

Whether or not the state of the economy is going through a true “crisis” is debatable. However, most people will not debate the fact that steep prices are vastly changing the everyday lifestyles and leisure habits of many people.

Turn on any news program or open any newspaper, and it’s likely an acclaimed expert will explain how the economy got in its current state and what his or her prediction is for the future of the economy. Though college students may entertain these theories, most just want to know what they can do to get through rising prices, stagnant salaries and competitive job markets.

Gretchen Moore, accounting senior and waitress at a Metairie, La., restaurant said, “I’ve been affected by the changes in the economy. It’s hard; it’s slow at work. I’m not even making enough money to cover my bills. … I don’t have extra money to buy things like clothes and shoes, and I don’t go out to eat as much.”  

This is a somewhat common complaint among students, but not for all of them.

“I’m not really affected by the economic crisis other than it was hard to find a job over the summer because no one was hiring. … Gas prices don’t bother me because driving is not my primary means of transportation,” Peter Winfrey, history senior said.

Whether or not you feel directly hit by changes in prices, there are six simple tips and tricks every student can utilize in order to stretch purchasing and savings power.

No. 1: Stop trying to keep up with the Joneses (or the Kardashians)

According to Ron Christner, associate professor of finance, the number one reason why people are not wealthy is because they care what other people think of them.  Consequently, the more you care what other people think, the more money you spend on trying to keep up or impress. Christner said, “Most people who are wealthy do not drive the most expensive cars or live in the most expensive houses.”

No. 2: End impulse and convenience buying

In a society ruled by instant gratification, impulse buying can negatively affect your cash flow. Things such as magazines and gum located near the checkout register in a grocery store are not coincidentally placed. Grocers are raking in money you throw away on non-essential items that substantially add up over time.

“Most people don’t make a clear distinction between needs and wants … the more convenient something is, the more costly it is,” Christner said. “Life is largely a matter of discipline. You will save if you have discipline.”

For example, although a 20 oz. soft drink at the checkout may be conveniently packaged, it is not the best way to stretch your money. Even though it is clearly not a “need,” if you decide to purchase it anyway you would be better off buying a two-liter for just about the same price.

No. 3: Kick bad habits

It’s no surprise that addictions or bad habits are costly, but most people don’t realize just how costly. A four dollar daily morning cup of coffee costs a staggering $1,460 for one year alone and $5,840 for four years. You may not be willing  to completely give up things such as smoking, drinking or your morning cup of coffee, but cutting back could save money. For instance, getting coffee only five days a week instead of seven could save you $208 annually and $832 over the span of your four-year college education.

No. 4: Use every-day alternatives

Things such as movie ticket prices are at an all time high. Instead of going to a movie theatre at night, when prices are steepest, arrange to see a matinee and be sure to bring your student ID in case of any additional discounts offered.

Hair styling services and spa treatments may be posh, but not so cheap. Opt for beauty schools that offer services at discounted rates.

Because consignment stores are all the rage anyway make the most of secondhand clothing stores such as Funky Monkey and Buffalo Exchange on Magazine Street. Also, most consignment stores will either buy back old clothing, or offer clothes trading deals.

No. 5: Shop around

Before buying big-ticket items, or any item for that matter, make sure to do your research and shop around. Internet research is more economically sound compared to driving around town comparing retail prices.

Also, don’t forget about negotiation. A sticker price or tag does not mean something is nonnegotiable.

“If you think you can negotiate something you probably can … most people neglect the fact that they can negotiate prices or terms if you ask in a way likely to get a positive answer,” Christner said. 

No. 6: Use credit responsibly

A credit card for each of your favorite retail stores is not necessary. It will only lower your credit score and open you up to accidental late payment fees and overage charges because of the difficulty in keeping up with multiple cards. Reserve credit cards for emergencies only, and if you do use them pay them off in full each month to avoid interest accumulation.

When applying for a credit card, look for a card with a low annual percentage rate and no annual fees.  APR rates, by the way, are negotiable for new and existing customers.

When using checking accounts and debit cards, tally purchases and keep an updated balance of current funds available to avoid bounced checks or overdraft fees.

Rita West can be reached at [email protected].