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Six Important Ways to Save Money

One of the most common struggles of being a college student is finding a balance between having a good time with your friends and keeping a balanced bank. Here are a few tips on how to stay within your budget:

1. Document everything

 
Whether there is a friend’s birthday coming up or it is time to pay sorority dues, everything becomes easier with a google doc or spreadsheet outlining finances. Look at your past monthly bank statements and determine your typical monthly spending routine. This will make it easier to plan for future events, and it will ensure that your best friend gets the gift she deserves.
 

2. Sell, sell, sell

When in doubt, check your closet out. If there is anything crumpled at the bottom of your wardrobe that you are willing to part with, just sell the item on unitiques.com or post in your college’s For Sale Facebook group.

3. Create shopping lists

While walking into Trader Joe’s or Whole Foods, you can easily get caught up the whirlwind of free samples. Before you know it, you are buying that intriguing kale lasagna dish and that deliciously sweet mango salsa, when you originally came for eggs and milk. Ditch the unnecessary items and create a shopping list: then stick to it!

4. Homemade everything, in large quantities

There is nothing quite like coming home after a long day of classes and knowing that there is a huge pot of food ready for you in your fridge. Plan ahead and make a schedule, and then follow up with meal prep for lunch and dinner as much as possible. As long as you have the time for this, it will be a huge money saver.
 

5. Cancel Club Memberships

If the card was not free, stop paying dues at stores that you never shop in. Instead, earn rewards at stores that allow free membership such as Starbucks, Panera, and Dunkin.

6. Pick your bank wisely

Each bank has a different interest rate. Do a bit of research and place your money where you know it will appreciate in value the most. To take this idea a step further, select your bank based on where you are currently living. For instance, if there are no Chase Banks near to your campus, cross the bank off your list as emergency ATM runs may add up in fee charges over the years.  

Thanks for reading! Remember that money is not the key to happiness, but, if you have enough money, maybe you can have a key made…  

 

Shannon Stocks is a Junior at Boston University in the Sargent School for Health Sciences, majoring in Speech Language and Hearing Sciences. She has always loved to write and focuses this passion on her poetry. In her free time, you can find her at spin class on Newbury Street, working on a project in the community service center, or at the Hillel House. She loves being a part of the Her Campus Team!
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