If you’re 21 and in college you understand the horrifying debt that a night out has caused you. Okay, maybe not horrifying, but definitely impactful. And if you’re not 21 yet, I’m sure you’ve heard. Now don’t get me wrong, turning 21 is an exciting time in a college student’s life, you get to go out to bars and clubs, order drinks at dinner, etc. But as college students, we’ve all heard that we need to be smart with our money, and that can often be difficult.
It’s crazy to think that a large sum of my part-time job paycheck goes to cab fare and alcohol – but it most certainly does. Cabs are expensive and drink prices add up. So, be conscious and budget, because before you know it that entire paycheck will be gone.
Here are my top five tips to keep you from (completely) breaking the bank as a newly 21-year-old:
1. Only bring cash with you
If possible, only bring $20 and your ID. Sliding a credit card is so easy; cash just seems more “real”. It’s easy to rack up a bar tab or pay for cab after cab when you have a credit card and don’t necessarily notice how much money you’re really spending. If you bring out a set amount of dollars you’ll likely spend less money than you would if you bring out a credit card. However, sometimes bars will ask for another form of ID, so my advice is to bring a school ID instead of a credit/debit card.
2. Only bring one debit card, if it’s even necessary
If you’re desperate to bring out a credit card, make sure it’s a debit card and make sure it’s only one card. I know this may be difficult, because most students have more than one credit/debit card, but avoid bringing out three different cards linked to all different bank accounts. If you bring out only one card it’s easier to keep track of how much you’re spending.
3. Avoid buying drinks at dinner
If you’re going out for a friend’s birthday or a special occasion, sure, the occasional drink won’t hurt. But when you’re newly 21 buying drinks when out to dinner is so exciting! It’s comparable to a kid in a candy store – you just want everything. But, avoid it. Drinks at restaurants in Boston cost upwards of $10 and that adds up – especially when you factor in food your dinner will end up costing over $30 alone.
4. Take public transportation whenever possible
Even though it may not sound ideal, taking public transportation in Boston is a great way to save money. It’s only $2 each way, but a cab ride downtown cost upwards of $20. The T runs right through BU’s campus all through downtown Boston…and through Cambridge…and through Allston. It’s convenient! If taking a cab is necessary, try to split it with three other friends and then it will be around $5 a person!
5. Put aside money into a savings account
If you put aside a small amount of money into a savings account every week, you’ll easily save a good amount of money for emergencies…or just for a night out, whatever you prefer. I’m not saying you need to put aside $100 from a paycheck; even $10 or $20 will do the trick.