I looked at my bank account earlier this quarter and realized I was in some trouble. Actually, I was in a lot of trouble. I crunched some numbers and decided that I have to get a job or change my lifestyle drastically. I’ve been putting off working this school year because my main focus has been school. Being an engineering major, I have very little free time to relax and enjoy the pleasures of being a college student. I started weighing my options for both choices. If I were to get a job, I would have significantly less time for my school work. Since I’m here at Ohio State for school, this point was at the top of my list. If I were to not get a job, I would be constantly watching my spending and I wouldn’t have the “luxuries” that I am so use to having. Not to mention the weekends would not nearly be as enjoyable. After more thinking, I realized there’s an opportunity cost for both choices. I must give up something to obtain something else. I was to decide which opportunity cost is greater for me. Is it less time for school work or living a lifestyle I am not accustomed to? I eventually decided against getting a job and decided to change my lifestyle. This means my opportunity cost for not getting a job is greater than my opportunity cost of getting a job. After a week or two I had enough of my new lifestyle. Shortly after I was lucky enough to get a job with no set hours. Therefore I could balance both school and work on a day to day basis.
Ryan W
T R 8:00
A friend of mine was in a similar situation. He, too is an engineering major, and would seem to have very little time for fun. He made sure, however, that after turning 21, he had time to do enjoyable things. His weekend, and often weekday, activities ended up costing him nearly $1,000 in the first month after he turned 21. His lack of studying has caused his grades to drop significantly, and he now faces the possibility of transferring schools to save his GPA and his wallet. Had he weighed out the opportunity costs, he might not have to live at home to save money, and his grades might be better off.
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