My saving habits tend to follow a pattern: 1) decide I’m going to save money, 2) begin saving money by not spending ANYTHING, 3) grow bored and dissatisfied, decide it’s not worth it, and blow all my spending money in one huge shopping spree. So, not a super healthy or productive way to save (or spend) money. Over the years, I’ve developed a better system for myself—one that still saves money, but doesn’t stop me from having fun or occasionally splurging.
- Repair Before You Replace
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When you’re saving up, it can seem like you’ll be saving money if you don’t fix what is breaking. However, all you’ll be doing is delaying the cost. Instead, see if repairs will cost less now. If you recognize and fix something that’s broken before it gets too far, you won’t have to replace it later.
- Splurge on What You Love (Within Reason)
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Denying yourself any joy will not help you be in the right mindset to save money. Instead, make sure what you do spend your money on is something that you care about. Make sure you research the best option of what you are buying so you can feel confident in your purchase. Compare pricing to see what you can save.
- Don’t Starve
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I tend to stop purchasing healthy groceries when I’m trying to save. Produce can be expensive, but buying your fruits and veggies is very important to your health and wellbeing. Don’t cut costs on things that are beneficial to you.
- Subscriptions
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Take a look at the different media sites you are subscribed to—Netflix, Crunchyroll, whatever—and reassess which ones you use the most. Then, weed out the ones that you don’t need. Also, there are tons of things that give you student discounts! Swap your subscriptions for ones that cost less, but keep your favorite shows.
- Look for Free Stuff
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This may seem obvious, but it may be less obvious where to look. Check the Facebook Events tab, your local community newsletters, lamppost signs, and bulletins on and around campus. You’ll be surprised at what you find!
- Visit the Financial Wellness Center
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Here at the U, the Financial Wellness Center is a free (free!) resource to help students out with their finances. They are super kind, helpful, and non-judgemental. It’s easy to set up an appointment, and I highly recommend their services.
When saving up, it can be tempting to put a hold on absolutely all your funds. But if you don’t have any fun, you’ll quickly lose your resolve to stop your cash flow and splurge. Keep these tips in mind so you don’t end up losing all your hard-earned savings to a snap decision.