The moment your parents drop you off at your college dorm is truly unforgettable. All the planning, shopping, registration, and campus visits led up to this very moment. However, the most anticipated feeling is being on your own and making decisions that you enjoy. Most of the decisions that make me the happiest are the ones that involve money. Though it takes responsibility to manage, imagine no one in your ear telling you what to spend your money on or how often you should be buying things. Sounds amazing, right?
But the cold, hard reality of being a college freshman hit me fast. My bank account reminded me (rudely, I might add) that my budget is not the same as my high school, “Mommy, may I have some money?” days. Now I had to figure out how to look cute, eat good, and treat myself without overdrawing my account every month. Surprisingly, it’s possible. So, if you’re anything like me, an expensive only child with a love for the finer things, but a budget that screams “girl, stop it!” here are a few tips to keep your bank account alive.
- Utilize your dining plan
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If you have a meal plan, use it! Annex and Blackburn might not always be five-star quality, but it’s already paid for. If you’re craving a rice bowl, go to The Halal Shack in Punchout. Thinking about grabbing a coffee? Get it from Bison Brew or the 1867 Cafe using your dining dollars. Save your Chipotle and Starbucks runs for special occasions.
- Learn to say no to expensive outings
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I get it, the group chat is buzzing, and everyone wants to go to that trendy new rooftop spot. But sometimes declining an invite is the best way to protect your wallet. Suggest free or low-cost alternatives like movie nights in your dorm or exploring campus events instead. Find free local events through Eventbrite or Posh.
- Invest in your future
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Consider redirecting some of the money you’d spend on makeup, clothes, or food into investments. If you’re like me and have a Charles Schwab stock account (or any investment account), you know how rewarding it can be. Watching your money grow over time is way more satisfying than buying a drink you’ll finish in 15 minutes.
- Shop strategically
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When you do need clothes or beauty products, wait for sales or use student discounts. Apps like Unidays, Student Beans, and Moocho target student audiences to give them special deals and reward points.
- Set a weekly budget
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Decide what you’re willing to spend each week and stick to it. It’s easier to avoid splurging when you know you’re working within a set limit. If you find yourself going over or underbudget, make sure to evaluate and adjust your plan accordingly.
These little changes can add up in a big way. If I can make it work while dodging the constant lure of a six-minute walk to Chipotle, so can you! Trust me, you’ll be happy when you see the big cost of your little change.