Becoming independent for the first time in college can be one of the most rewarding parts of life. You start to make your own decisions and no longer under the same roof as mom and dad. The most important skill to learn while in college that will help you in the future is managing your money. With nights out on the town, birthday dinners, caffeine addictions, and of course boots, it becomes a struggle to manage and save your hard earned cash.
FOOD
As college students, spending spare money on food is quite common. Instead of going out to eat all the time, plan a day with friends once a month to a favorite restaurant. That way you get a day to look forward to with your friends, and you can save money at the same time.
For the students who live in apartments instead of dorms, try to go grocery shopping twice a month instead of buying food daily. Planning meals ahead can be a real money saver and having food in the house will prevent you from stopping at the store everyday. Also, if you know you have long days on campus, pack snacks or a lunch! Eating out doesn’t seem like too much at the time, but it really adds up.
PARTYING
When you decide to go out, set a spending limit. It’s easy to get carried away when you are out having fun, but if you set a limit, then you know what you are spending. That way you wont be surprised the next morning when you check your bank account.
1. Share a cab with friends, or designate a DD.
2. Pre-game with friends, that way you buy less drink at the bar.
3. Head out a little earlier so you can avoid paying cover.
DRIVING
Remember when gas prices use to be $2.24 a gallon? Me neither. But, I do know that gas adds up and goes quickly! Avoid keeping your car on campus. Instead you can bike, walk or even take the bus. Maintenance of a car can be expensive not to mention the price of parking. Plus, you also avoid those pesky parking tickets. If you don’t like these options, think about carpooling with some friends. That way you save money and can get to campus faster.
SHOPPING
Keeping up with the always changing style trends can not only be exhausting, but also expensive! Like everything we’ve already mentioned, it all adds up! A fun way to save money and freshen up your wardrobe is by swapping with friends. Make a girls day out of it and open up your closet to your friends. That way you can always have something different and don’t have to spend extra cash.
Even before Macklemore had only $20 in his pocket, thrift shopping has been a great way to shop on a dime! Going to local thrift shops such as 2nd Time, Salvation Army, and Plato’s Closet, can be one of the cheapest ways to update your wardrobe. Not to mention, it’s always a fun, adventurous way to find that leather jacket you couldn’t find at the department store!
BUDGETING
Lastly, the best way to learn how to manage your money is to make a budget. Understand what you have each month and what you spend your money on. Give yourself a spending allowance and put the rest away for future expenses. Once you know what you need to spend money on and what you want to spend your money on, managing your bank account becomes less stressful.