Recent decline in global oil prices since June 2014 have made life more affordable to many owing to the increase in the purchasing power of individuals within the economy. This has been a major boost to students who operate under a low limited budget; most of them being unemployed. This has seen students gain the ability to hire cars to go on road trips, independent of the school’s administrative support just because they have some extra cash that can be splashed into fueling cars. Pocket money has not reduced even after the decline of prices of commodities; hence students find themselves with a lot of money to spend. With all respects, there is nothing wrong with having a little fun. However, being naïve is likely to cost most students a lot more than their grades, reputations and others even their own lives.
College students should learn how to draw budgets from their economics classes that follow the order of preference so as not to be caught off guard short of cash. The budget should be comprehensive giving allocating money to study related objectives. The student should also put his personal needs first in the budget and then the extra cash can then be used for recreation purposes and fun. It is wise to note that the decline of oil prices is not good for the global economy in the long run. Previous stability in oil prices in the last four or five years may prove desirable in the near future. This will result in a rise in the prices of goods and services. However, a comprehensive budget for students will have allocated some extra money aside for such situations.