Adjusting to the college lifestyle can be tough, especially when it comes to spending money. It’s easy to get lost in a cycle of going out, late night snack runs, and trips to the mall. Suddenly, you have no idea where all the money you saved from your summer job has gone! We’re here to give you a few tips to keep you on top of your school year spending.
1. Keep Your Credit Card for Emergencies
As part of this semi-adulting lifestyle, your parents may have decided to let you open a credit card. It’s important to build credit so that you can rent an apartment, take out loans, and buy a car by yourself in the future. But having your own credit card can also make it really easy to keep swiping, espcially during food runs or shopping trips with friends. The small purchases you feel you’re making can add up a lot faster than you realize, and it can be a bit of a shock when you see your credit statement at the end of the month. Instead, try to keep your credit card for one or two purchases a month and in case of an emergency. You don’t want to end up in debt during the school year, because it can affect your life and spending habits for a looooonnngg time to come. Also, keep in mind that begging your parents for money to pay it off every month isn’t a cute look.
2. Use Cash for Impulse Buys
We all know the feeling: you’re invited to the mall with your friends, and you tell yourself that you’ll go but you just won’t buy anything. Fast forward a few hours, and you find yourself coming home with a few bags of new things. Rather than bringing your credit or debit cards along with you on the trip, bring cash if you know there’s nothing you really need to buy that day. Having to pull out $20 from your wallet might make you think twice about what you’re about to buy, especially if you find yourself at the third or fourth store buying yet another cute t-shirt.
3. Track Your Spending
When the cashier asks you if you’d like to take a copy of your receipt, say yes! At the end of your night out or day at the mall, collect all the receipt and see where your money went. This can help you see what categories you’re spending the most on, and where you might be able to cut back if you’re finding yourself a little short on cash. Even better, keep a note in your phone of what you’ve spent throughout the month. When you’re about to say yes to another dinner out or trip to the movies, look at how much you’ve spent on similar activities that month. You might be better off suggesting a group trip to the dining hall or a inviting your friends over for a girl’s night in your dorm.
Staying on top of your finances can be hard when you feel like there’s always something else you want to do with friends or a new trend you’re dying to try out. Don’t be afraid to suggest free activities happening on campus or hosting a movie night in your dorm when you’re low on money. Your friends will probably be happy to be saving themselves! Making money in college can be hard when you’re already so busy with classes and extracurriculars, so don’t feel like you’re the only one trying to live on a budget!