As awesome as it would be to pay for things with smiles, unfortunately, you need the green to get the goods. Money is a fun thing to have until you spend it all and you don’t have anymore. As broke college students, it’s important to know how to manage money responsibly. You don’t want to Jordan Belfort it on pay day, and have no mula to pay for important things, like bills and food. Here are a few pro-tips on how to spend and save wisely.
1. Make a budget
Before you do anything, you should absolutely make a budget for yourself. Calculate how much you make per week or per month, and divide the money into sections. Allow yourself to spend a certain amount of categories such as food, clothes, bills, and entertainment. Leave a little money left over in case of emergencies for the future. If you spend all your money on wine and nacho flavored Doritos, you’re not gonna be able to pay for repairs if you get into a fender bender next week. It’s always better to be extra cautious than to assume that nothing will happen, because you never know what life will throw at you (whatever it is, it’s usually really expensive). Try not to spend more than you have, unless you’re fully prepared to pay it off immediately so you don’t ruin your credit score.
2. Sign up for email lists
As annoying as it is to have an inbox filled with a million emails from retailers, if you actually take the time to read them, they could be really helpful. The emails will alert you to sales, new clearance items, and coupons. The most important part about this is that they will tell you when the sales end. If you don’t have money in your budget today, you know you’ll have time to buy the boots you’ve been eyeing for $15.
3. Sign up for rewards
No lie, signing up for rewards is the best thing ever. Rewards open up a whole new world of possibilities full of points, coupons, and free gifts. Some stores will issue you points for each item you buy that can go toward money off items in the future. Some places, like restaurants, will give you a stamp card where you buy 10 meals and you get the 11th free. It’s worth collecting rewards cards because you never know when you’ll need them. Even if it’s for a place you don’t go a lot, the reward card is free and at some point in time you’ll benefit from having it.
4. RetailMeNot
Coupons. Are. Amazing. The problem with physical coupons is that you have to cut them out and carry them with you, and you never know if you miss one that you’ll really need. The beauty of the app RetailMeNot is that it has every coupon a store has to offer right at your fingertips. When you pick your favorite stores, the app alerts you of coupons and when they expire. It has almost every store it it’s database, and it will give you a notification of savings near you. So, if you’re passing a Target, RetailMeNot will send you a little message telling you what items are on sale or what coupons are available (like you needed another reason to go to Target)
5. Target Cartwheel
Speaking of Target, if you don’t have the Cartwheel app, then you’re living your life wrong. On this app you can scan items in your cart before checkout, and when you’re about done checking out you scan the barcode Cartwheel gives you, and wha-la! Instant savings! The downside to this is that very few items are eligible for savings, but it’s still worth having just in case you do decide to buy that random fruit infused water that costs $6.
6. Ibotta
Another amazing app to have is Ibotta. Unlike apps like RetailMeNot and Cartwheel, Ibotta doesn’t save you money, it gives you back your money. When you’re going shopping, whether it be for fun things or things you need to live (food), Ibotta can tell you what items from the store you’re going to can give you money back. Even if the money is just a few cents, it adds up quickly. The money can be transferred into a PayPal or gift cards to your favorite stores, like Sephora, Target, Amazon, and other fun places! Unfortunately, Ibotta doesn’t have every store known to man, but it’s still worth the download.
7. Treat Yo’ Self
Okay, one last thing, but it’s super important. One of the things that always gets me is having a treat yo’ self day, week, month. You definitely need to treat yourself, after all, you really do deserve it. Unfortunately, going on a treat yo’ self bender can leave your bank account feeling empty and sad. But fear not! There are still ways to show yourself appreciation without spending your entire paycheck! One way, that I personally love, is getting FitFabFun boxes! They’re seasonal boxes (Summer, Fall, Winter, Spring), and it’s about $50 per box (plus free shipping in the U.S.). $50 is a lot, you say? Yes, it is, but here’s the catch. The items featured in the box are priced at over $200 (and they’re full sized, yay!) The Spring 2017 box had makeup, hair treatment products, nail polish, a tapestry, jewelry, a makeup bag, and more… and the items individually would’ve cost $375. So really, $50 is a steal! If you don’t want to commit $50 of your paycheck every season, you can check out Ipsy. For $10 a month (plus free shipping in the U.S.), Ipsy will send you five beauty products. If you’re looking for clothes, shoes, and accessories rather than beauty products, my go-to website is JustFab. When you sign up for membership, you get exclusive deals and offers, and you get points for every item you buy! It’s monthly, so you’ll get an email reminding you that if you don’t buy anything for the month, you’ll be charged and get points in return. While that sounds really unappealing, you can always skip the month and you won’t be charged!
So those are my 7 tips for a happy wallet! While we’d all love to lead a Kardashian level lifestyle, we don’t have bank accounts that will support that. Follow some of the tips provided, and you’ll be glad you did! After all, mo’ mon’ means mo’ fun! Happy saving!