In the midst of our nation’s financial pandemonium, we ought to examine our personal spending habits. Desperate times call for people who are careful with their money. I wouldn’t feel the need to write an article chiding my fellow students if I felt like we posses collective financial wisdom, but we don’t.

I know few students I consider smart spenders or thrifty savers, and my name appears high on the list of “People Stupid with Their Money”. Not only am I in debt, but I’m pretty sure I’ve also spent the better part of my income this year on trivial crap.

This year’s been a doozie for the economy.

During the past month or so, some of the nation’s rocks of financial stability have been completely subsumed by other companies or even the Federal government. AIG, Merrill Lynch, Fannie Mae and Freddie Mac have all fallen victim to instability stemming at least in part from the subprime lending crisis.

By all accounts, we’re in a massive crisis. The economy has been flushed down the toilet and the world will probably end tomorrow. The scale of these bank bailouts is ridiculously huge. So huge, in fact, that if a race of self-aware robots were to take over the world, we shouldn’t be surprised.

I jest, because life goes on.

While Hummer H2’s aren’t flying off their enormous lots, and new homes aren’t being sold like hotcakes, our city is still spending money. In fact, it’s hard to tell whether we are actually under financial stress at all.

Coffee shops are doling out $4 drinks, restaurants are packed, young ladies everywhere flaunt Louis Vuitton bags and gas prices are even

inching lower. Either people are clinging to their fleeting standard of living, or we just aren’t feeling the heat yet. But if there is to be a massive loss of jobs, which may happen if current trends continue, would everyone be ready for it? I don’t think so.

Saving money is one thing everybody can do. It’s certainly not encouraged by the advertising media, but that probably just means it’s a good idea.

One financially wise friend of mine recommends having up to $1,000 dollars in a liquid savings account. His contention is that you never know when you’ll be injured, need a car repair or have dire need of some money. The only requirement is that you don’t touch it. You could put the money in a high-interest CD instead of your checking account to earn more. IRAs and Roth IRAs are retirement savings accounts that earn awesome interest every year, provided you’re willing to part with that money for a long time.

Think about your own spending habits. Are you going out to eat more than three times a week? Do you buy coffee on a daily basis?

The little things add up more than you’d think. I didn’t feel so smart when I realized I had spent about $200 one month just on eating out.

One-dollar homemade sandwiches usually taste better than mushy HUB food and could save you hundreds of dollars during your UW career. Clothes are budget-killers as well. Ask yourself if you can go without that new T-shirt, jeans and pair of shoes.

There are a lot of ways to curb your spending habits, and everyone should incorporate one or two of them. There’s no telling what tomorrow may bring, so prepare yourself to be able to buy food, gas, clothing and a stiff drink should the whole house go up in flames.

Stay out of credit-card debt, or what I like to call “signing your name in blood.” No matter how friendly the clipboard-waving guy on the Ave is, don’t listen to him. You’ll regret the gimmicks from a credit card signup later, long after the free pita or cheap water bottle is gone. Instead, think of ways to save your money wisely. Use your head, put some resources away, and you’ll be just fine.

Reach columnist Jackson Rohrbaugh at opinion@dailyuw.com.