Opinion | Saving money benefits consumers in one way or another

Individuals are finding ways to save money for the benefit of their future selves.


Matt Sindt

Photo illustration by Matt Sindt.

Naomi Rivera Morales, Opinions Columnist

As many expect a looming recession, some individuals are partaking in money saving strategies.

During a recession, consumers spend less, which leads to a significant impact on economic activity. During this period, the National Bureau of Economic Research measures and tracks the nation’s economic status.

Economic recessions occur for a variety of reasons. These reasons include a stock market crash, a decline in consumer confidence, bubble bursting, and increasing interest rates.

Analysts are still divided on whether we will see a recession in the future. Moody’s Analytics suggests a slowdown in the economy rather than a recession.

“Slowcession” is a forecast that the economy will undergo a difficult period of almost no growth but will ultimately avoid an actual contraction. It’s an argument that others also believe.

At the University of Iowa, students are experiencing the pressure of a wavering economy, leading them to find more effective ways to budget their money.

UI student Danielle Montgomery wrote in an email to The Daily Iowan that she is having a hard time budgeting her money and recently made changes to her spending habits.

“I’ve started a monthly budgeting plan to make sure that I don’t spend any money outside of what I plan for,” Montgomery wrote. “I also keep a daily log of what I spend and when so that I can see exactly where I’m spending too much money. You got to know where the leaks are so you don’t drain all of your income.”

Montgomery wrote that students should track their spending and can save money by not eating at restaurants and by using public transportation. On campus, the Cambus is available for students to use for free.

Olivia Comer, another UI student, wrote in an email to the DI that they are saving money by hanging out with friends on a budget.

 “Instead of going to see a movie at the theater, we pop popcorn, buy M&Ms, and watch a movie in one of our dorms,” Comer wrote.

Comer also goes to The Airliner in Iowa City for $1 pizza slice nights on Sundays.

“It is beneficial in that I’m forced to be more thoughtful when it comes to spending my money,” Comer wrote.

UI student Sophia Considine wrote to the DI that she does not bring money with her when she knows she will be out to help save money.

“I try my best to only use my meal plan, Hawk dollars, and flex meals,” Considine wrote.

As college students, most of us are already aware of our spending habits. However, when economic hardships come into play, students are quick to think about more effective solutions to save more money.

Though these times can often lead to exhaustion, we are at least finding ways to become more money conscious toward our present and future spending.

Columns reflect the opinions of the authors and are not necessarily those of the Editorial Board, The Daily Iowan, or other organizations in which the author may be involved.