Rising prices for everyday essentials like food, gas and clothes have hit everyone’s pockets, especially students. From saving up for college to grabbing a bite with friends, many are now starting to rethink how they budget. Even senior Lahari Beeram, who works two jobs to manage her expenses, has noticed the numbers on her receipts have gone up this past year.
“Inflation has made me cut down on my personal spending a lot,” Beeram said.
While she tries to save about 60% of her earnings and pocket the remaining 40%, rising prices have made it harder to maintain that balance many students at BHS have established as well.
“I used to spend more freely, but now I try to save more and limit what I buy because you can’t get as much for the same amount of money anymore,” Beeram said.
Bareem works at Mathnasium, while also offering private tutoring on the side. She earns $14.20 per hour at Mathnasium and $30 per hour for private tutoring. Both jobs come with their own costs, but lucky enough for Beeram, transportation is the least of her worries.
“The students I tutor happen to live in my neighborhood, so gas prices don’t typically affect how much I actually keep,” Beeram said.
Now when it comes to spending priorities, similar to many high school seniors, her top three priorities are food, anything college related and optional expenses.
“I’ve always enjoyed going out with friends, but I’ve had to budget more carefully for that too,” Beeram said.
For Lahari, payday comes every two weeks, but recently that check hasn’t been stretching like it used to.
“Because it’s a small check, as prices have continued to go up, it feels like it disappears even faster,” Beeram said.
Bareem has also noticed visible price jumps with her daily essentials.
“Things like an iced chai latte, or even a bagel at Starbucks have gone up in price. It’s subtle, but when you shop regularly, you really feel it,” Beeram said.
When asked about advice for underclassmen just starting to earn money, Beeram emphasized the importance of organization.
“Monitor everything you earn and spend,” Beeram said. “If you don’t have a banking app, keep a spreadsheet of your monthly earnings. It’s truly eye opening. Sticking to my budget while setting money aside for savings, spending and specific goals has really helped me understand where my money goes.”
As inflation continues to pick at the pockets of students like Beeram, learning how to be financially responsible now, seems to be what’s best.
