There is a certain horror that comes along with checking your bank account as a college student. At the beginning of the school year everything is great; your bank account reflects the hard work you put into your summer job and you don’t feel the need to worry about your funds for the rest of the year because, hey, as far as you’re concerned that $2000 will be sure to support you until late May, right? Wrong. So, so wrong. Before you know it it’s late in the Spring semester and that $2000 you saved up from waiting tables has dwindled down to a mere $54.13 that needs to last you until the end of finals. You know what that means; endless nights of Ramen Noodles for dinner, switching from Bud Light to PBR when you go out (yikes), frequently transferring money from your savings to your checking account, and, if times are really tough, taking public transportation everywhere you go in order to preserve the little gas you have left in your car. So how do you avoid these desperate times?
1. Get a job during the school year.
Although it seems like the most logical and self-explanatory solution, finding a part time job is easier said than done. Just having a mere $7.25 hourly income into your bank account on a weekly basis can make the world’s difference. And let’s be real: when I say world’s difference, I mean it can be the difference between eating generic brand spaghetti every night or (wait for it…) treating yourself to a $7 burrito at Chipotle. Living large, I know. Seeing a continuous income into your bank account will alleviate stress and allow you to better budget your money.
2. Limit your nights out.
If you notice yourself having a little too much fun with your girlfriends, try and limit your usual three nights out on the town to maybe one or two nights out. Believe it or not, those drinks and 2 a.m. late night snacks will start to add up. You won’t believe how much money you will save by simply not spending your usual $15 every night you go out.
3. Take advantage of coupons and student discounts.
The coupon book you get in your ASU mailbox is a beautiful, beautiful thing. Sure, that 10% off coupon may seem insignificant and pointless, but saving one dollar here and there will quickly add up. Also, be sure to take your Appcard everywhere. And I mean everywhere. The majority of locally owned restaurants and stores in Boone offer student discounts, so don’t hesitate to ask!
4. Keep track of your IOU’s.
I owe you: the three promise filled words that will quickly lead you into debt. “Yeah girl, I’ll pay you back that $10 tomorrow!” “I owe you $20 from spring break still? I’ll get it to you on Wednesday!” If you find yourself saying these things to your friends on a weekly basis, then first you should stop reading this and go pay back those poor girls, and second you should slow down on those IOU’s. Before you know it that $10 that you owe your best friend when you forgot your debit card last week will turn into $25 because of the other $15 you forgot you owe your other friend. That $25 will leave a large dent in your bank account, so try and pay off one IOU at a time in order to avoid a drastic drop in your bank account.
As the school ear comes to an end, don’t be too hard on yourself if you find yourself on the phone with your parents, pleading for a few extra dollars to get you through the last few weeks. We’ve all been there and we’re all learning (sometimes the hard way) how to budget. If you have a low bank account, just think of it as a visual representation of all the good times you’ve had this semester.