If you’re like me and spent the summer buying ice cream, taking trips to visit friends, and splurging on cute shorts that you NEEDED then your bank account is also almost empty and crying. Not all of us saved every penny from their summer internship, but props to those who did, because as the school year rolls in so does the cost to be a college student. We have to buy the books, the booze, the going-out outfits, the uber rides, dominos binges, tasty burger runs, and trust me I could go on. So here are some tips on budgeting and how to save money while still having a blast at school.
1) If you have a job put 20% of your paycheck in savings. Make that % higher or lo
wer depending on your expenses. Pretend that account isn’t even there!
2) Keep track of what you got. Create an excel spreadsheet. This is where your IT 101 knowledge kicks in. Knowing what you have in your bank account at all times is a must. Budget money weekly/monthly or by semester for clothes, food, gas, misc. Mint is a great app to use for easy budgeting, notifying you if you ever go over your allowance.
3) Know your minimum balance. Decide on a minimum amount you want to keep in your checking account. If you end up going under, be frugal until you can put more $$ in.
4) Clothing swaps. Hold monthly clothing swaps with your friends to try and avoid the urge to shop! It’s free and convenient. Just don’t spill jungle juice on your roommate’s favorite skirt.
5) Make a money jar. Start collecting your change in a jar, you’ll be surprised to how much it adds up to by the end of the semester!
6) Share at Starbucks. Get a Venti and split the drink & cost between you and friend.
7) Resist late night snacking. This one may be hard when its 1am and you have the drunk munchies, but try your best to resist sending that pizza emoji to Dominos. Your wallet and waistline will thank you.
8) Take advantage of the free and discounted. Don’t ignore those free Uber ride codes, they’ll come in handy when the shuttle is delayed by an hour and you need to get back to campus. There are discounts for students everywhere, even if you aren’t sure where, it never hurts to ask the cashier or server.
9) Delete your apps. Get rid of your shopping apps on your phone, block the sites you like to browse and it will be that much easier to resist spending.
10) Get a sponsor. If your urge to spend money is uncontrollable, ask a friend to act as your sponsor and have them ask you the key questions before you click “Complete Order”. Do you really need that? Will you regret it tomorrow if you don’t buy it? When it doubt, just wait a day.