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Financial Firsts

A page within Oral History Program

College Studentness: the living, working, social, and emotional conditions associated with being a college student at UW-La Crosse, from 1909 to the present day.

Becoming a college student means navigating a new set of “firsts”—doing something for the first time independently. These “firsts” include rites of passage like moving away from home, experiencing new living conditions (dorms and communal bathrooms), setting your own schedule, and meal planning. Another kind of “first” involves the first steps that college students take towards financial independence: making a budget and sticking to it, opening a credit card account, filing taxes, paying tuition, and perhaps paying rent and utilities. At OHP we’re focusing on these financial “firsts” in honor of the Week 12 theme for UWL's FYS 100 curriculum: “Finances.”

Our most recent interviewee from the "College Life: What We Remember" oral history project illustrates a common way that the financial dimensions of college studentness start to shape a person’s thinking. Darlene (first year at UWL: 1989) worked multiple jobs while attending UWL: she was a bartender, a math tutor, and photo tech for the office at UWL that made student IDs. Needing to work to support herself while in college made her think differently about the cost of her courses: in her interview she commented that she realized she was committed to attending classes because “I had to show up ‘cause this was real money to me. And I figured it out that a two-day-a-week class like a Tuesday-Thursday class was $17.50 a class. So that $17.50 was real money to me, and if I learned one thing, that was going to be worth it. No matter what, I always dragged myself to class.”*  

Darlene’s experience highlights two themes that also show up consistently in other kinds of primary source evidence related to college studentness at UWL: (1) how expensive a college education is, and (2) how college students navigate their new identities as financial actors (people who have to make financial decisions, and as we show below, are also the audience for the marketing of financial products like checking accounts and credit cards).

[*OHP is currently transcribing and copyediting this interview.  It will be publicly available in early 2025.]

Comparing Tuition Prices and Banking Ads

College has always been an investment, with the promise that studying and paying tuition will lead to the degree and experience a person needs to launch into a successful career. However, the price of this investment has risen substantially over the past few decades. The cost of tuition in 2013 was eight times higher than in 1983, university housing costs tripled, and meal plans more than doubled in these thirty years. Taking a look at the price for college from 1983 and 2013 in the UW system Factbooks shows the large jump in the price of a four-year degree.

Since college has always been an investment, banking companies have consistently targeted students with ads in publications like the Racquet Newspaper and the Alumni Magazine. As attention to financial literacy and wellness have increased over the past few decades, banks have shifted how they promote their services and credit cards to students. By examining banking ads from 1982 to 2012, we can see that older ads took a different advertising approach than recent ones, by using slogans like “Get Out of Debt” or “Do you want Credit Cards?” We can also see that methods for obtaining credit cards have also evolved, moving from filling out a form and mailing it in, to calling a phone number, to visiting a website. We’ve assembled some examples of banking and credit card advertisements below. 

“Do you want credit cards?” The Racquet [newspaper], April, 27, 1995, 4. “Do you want credit cards?” The Racquet [newspaper], April, 27, 1995, 4.
“Are you an honor student in personal finance?” The Racquet [newspaper], September, 8, 2005, 5. “Are you an honor student in personal finance?” The Racquet [newspaper], September, 8, 2005, 5.
“Use your dollars with sense,” The Racquet [newspaper], September, 16, 1999, 4. “Use your dollars with sense,” The Racquet [newspaper], September, 16, 1999, 4.
Photo of CitiBank coupon, The Racquet [newspaper], 1986. Photo of CitiBank coupon, The Racquet [newspaper], 1986.
“Instant credit,” The Racquet [newspaper], 1998. “Instant credit,” The Racquet [newspaper], 1998.

Financial Tips and Advice

Student newspaper articles offering advice about saving and credit cards are another kind of evidence about how college students navigate their transition to independent financial actors.  In Racquet articles dating from 1994-2015, authors give students advice on opening checking and savings accounts, money management, credit cards, and the importance of saving money to pay off student loans and other expenses. Take a look at financial advice given in the Racquet from 1994-2015 and compare it to advice for current UWL students on UWL’s It Makes Cents webpage. 

Additional Primary Sources

Working While in College

Many students take on jobs to pay for housing expenses, earn extra spending money, or get a head start on paying off student loans. Two of our “College Life” interviewees, Michelle (first year: 1982) and Katy (first year: 2018), discuss their experiences holding down jobs while also being full-time college students. We’re supplementing their experiences with two Racquet articles offering advice to students who plan to work while attending college. 

Michelle (first year: 1982)

Clip Length: 3:57

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Transcript

Michelle: I worked at my father’s gas station in the [Wisconsin] Dells, but because I was a commuter and only worked- or only went to school like usually two days a week, I always worked on the weekends and one or two days, but I was able to study at work. It wasn’t busy in the winter, so I could go a half hour without even a customer coming in [Scratching noise] and I got a lot of quality study time. [Chuckles] [Scratching noise]

Kevin: Alright, now when you were working at this job, [Scratching noise] do you remember how much you were getting paid?

Michelle: Well I had worked there for years. I think I had started at seven dollars and seven thirty five an hour. But when I was in school I was up to ten, ten dollars an hour which was actually okay at that time. Thirty years ago. [Chuckles]

Kevin: Yeah that was quite a bit for the late ‘80s early ‘90s if I do say so.

Michelle: Yeah.

Kevin: That's above what our minimum wage is now.

Michelle: Yeah.

Kevin: Now do you happen to remember roughly how many hours a week you were working?

Michelle: Probably thirty-ish. Now in the summer definitely more, but while I was attending school, yeah probably thirty. And I would not have been able to have done that had I not been able to study. I used my time wisely, and, you know it was my dad’s gas station so he was happy to have me studying.

Kevin: Alright. So now you were almost working forty hours a week and you were still taking a full school schedule, do you remember how you balanced your school and work and life schedule?

Michelle: Well I didn’t have much of a life. It was literally school, driving, working. There were- there was nothing- there was nothing really else because there was no time. I mean that’s what I did and it was, I don't know, I don't remember it being- I remember being very thankful that I could do my homework at work. I got paid to do my homework, and that was a really good thing.

Kevin: Alright now do you have any tips for students today trying to balance their work, and college, and life schedules?

Michelle: I definitely wouldn't work more than maybe fifteen sixteen hours a week. I think that’s what they require. But if you're taking eighteen credits and working, that’s different then if you’re taking twelve. But I would make sure it’s a job that… I don’t know. That you know, that you’re really comfortable with, not a high-stress job. And definitely put your school first. I mean, I know some kids absolutely have to have the job, but I would say put your education first and, you know, find a job you make lots of money for a short amount of time like serving or bartending or… something like that. Put the education first. That’s what you're there for.

Katy (first year: 2018)

Clip Length: 3:49

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Transcript

Katy: Sometimes it can be, it could be tough. Just cause, like, for me, Eta Sigma Gamma meetings were 7 to 8 on Mondays. Like every other Monday. But then, every Monday, as an RA, you have staff meetings at 8 O’clock, so like sometimes those days would get a little long like, just, or the evenings would get a little long if I had to run from the U all the way back to Angell, in like 5 minutes to get to staff meeting. But I mean it’s not, it's not like a huge, it wasn't a huge thing. Intramurals wasn't too bad, either. Just ’cause I, I think I did those on the weekend, like whatever day I had, I think it was like a Sunday or something so it wasn't too bad. It at least didn't interfere with anything I would have going, going on during the week. So that was nice. But no, you just–you just have to manage your time effectively, and sometimes as an RA that can get hard. But I mean, if you plan it out while, like you know, planning your, your days that you're on duty and that kind of stuff. it's not too bad, and you know you live where you work, too. So it's not like you have to account for like travel time, or things like that, so, as long as you, as long as you manage your time, it’s not too bad.

Megan: Why would it be beneficial for a student to get a part time job while being in school?

Katy: I would say, I mean, it's really nice to have spending money, like, even if it's just a little bit. You know, especially as you like, meet all these new people Freshman year. It can, it kind of, I don't know– they kind of, like, go side by side. But you, I feel like it's kind of common to go places with these people ’cause you, you like, oh, you meet someone with a car, and like oh, “that’s my friend with a car.” Like if you don't have a car, then it's like perfect. We can go all these places together, cool, so, like, I just kind of, I feel like freshman year I would often find myself like getting take out or something with some of my friends, because like that's what we were all doing that. So it was like, perfect, like I got– I work at the desk. So like I got the money, perfect. You know, gas money, obviously, money for tuition– if you are paying for your tuition. That's important, too. Yeah, I think, I mean, it's always, it's just good to– so like again, kind of helps you with time management. Just like figuring out a schedule, a routine. Kind of getting out of the community a little bit too, depending on where you work. Like, might meet some cool people, or like someone from across campus or something, or like, I don't know. Might– might meet someone important. I don't know. So I think, yeah, just kind of helping with your finances. With that– it never hurts. I don't think, unless you're working too much, then it might hurt. But having a little extra money in the bank doesn't hurt, so.

Additional Primary Sources

Can You Relate?

Regardless of how you are paying for college, understanding and managing your finances while a college student is a vital life skill. In this blog post we have compared previous and current tuition prices, banking and credit card ads, and financial advice given to students to show the change and continuity in UWL college students' experiences as financial actors over the past four decades. Our "College Life" oral history project interviewees and voices from the Racquet describe their experiences while working in college and how it can bring in extra cash for students. What financial firsts have you experienced in college? 

How Alumni Can Help

OHP definitely views our work as a collaborative effort.  There are three distinct ways former college students at UWL can help the “College Life: What We Remember” project.

1. Share what you remember by participating in an oral history interview. History continuously evolves as more information is brought to light.  Our “College Life: What We Remember” oral history project is in its early stages: right now we only have 15 interviews.  In Fall 2024 and Spring 2025 we’ll be conducting another round of interviews.  Do you have memories about your college years at UWL you’d be willing to share with our project? We’re hoping to learn more about multiple aspects of college life.  But as you can see from this blog post, we’re especially hoping to learn about what alumni remember about working in college and their first time managing their finances. 

If you’re interested in participating in an oral history interview, please fill out this online survey to let us know.  You can also contact us at oralhistory@uwlax.edu to find out more about the “College Life” oral history project.

2. Provide additional kinds of primary source evidence.  A topic we would have loved to explore more in this blog post is the experience of filing taxes for the first time in college, however, we could not find substantial information on what resources UWL used to assist students with taxes. Does anyone still have memories or materials related to the first time they filed their own taxes as a college student?  If so: please contact us at  oralhistory@uwlax.edu.

3. Make a financial donation to sustain our project.  OHP relies on donations to fund our student internships and keep our oral history work going.  You can make a gift online through this link: Donate to OHP.

Production Credits: writing by Tiffany Trimmer and Shaylin Crack, research and conceptualization by Shaylin Crack, web design by Olivia Steil, collection processing by Shaylin Crack, Julia Milne, Isaac Wegner.

 

“Cartwright Center cafeteria,” ca. 1960, courtesy of University of Wisconsin Digital Collections and UWL Murphy Library Special Collections.