As the broke college students most of us are, the idea of saving seems impossible. Luckily, there are some small tips and tricks to keep your money where it should be: The bank!
1. No money Sunday: Pick a day of the week and vow to spend no money that day! Personally, this is extremely difficult on some days. Every Sunday, my roommates and I always take a trip out to eat somewhere together. It innocently starts as brunch (Chipotle 99.9% of the time), then we end up running errands at the mall, maybe stopping for snacks, and by the end of the day, I have spent way more than I planned to. Even if it is just lunch and you spend $10 once a week, it can really make an impact to your wallet by the end of the month. Impulsive buying is not our friend. If this happens week after week, your bank account is sure to take a toll. Instead, get your group of friends together, make a meal at home (or the dining hall if you have a meal plan), and spend the day hanging out and recouping like Sundays are supposed to be.
2. The $5 game: Now, this tip is great for if you are dedicated to saving quickly. Every time you come across a five dollar bill, put it aside and save it. When you are getting change, and end up with a five, you must put it with the rest. It seems simple, but all those fives start adding up rapidly. However, beware; It will seem tempting to want to spend it once you realize how much you can easily save.
Two birds with one stone: Pick something else that you want to start doing aside from saving money, like going to the gym! Now, put a price on how much you would give yourself for each time you accomplish this new task. Each time you go to the gym, give yourself a dollar. Keep this in a jar and save it until you reach your goal. When the time comes, you can either buy yourself a treat or put it away and start again with a new task.
3. Create a budget: Many people do not realize how much they actually spend within a month. Having cash is even worse because there are times you cannot remember what you spent it on. Personally, this is why I enjoy having a debit card. This way, I can have an automatic log of everything I have purchased. However, you do not need to a debit card for this to be done. . Whether it be bills, rent, food, school supplies, or transportation, make a list of things that are necessary for your personal life. Once it is all written out, it will seem insane how much money you can go through! Account for how much you make, how much you want to save, and how much you need to spend. Make sure to take note of all the unnecessary purchases you make and how it all adds up. Instead of buying coffee every morning, purchase a to-go mug and make it at home. Rather than impulsively buying that adorable dress you just “need,” take a look at home and see what you already have (chances are you probably have a few just like it you forgot about). Once you take all of this into consideration, you will be on the right track.
4. Change jar: That’s right! Remember when you were a little kid and you would get so excited over simple change? Even though now it seems like twenty dollars will not get you very far, do not overlook the small stuff! Get creative and grab a cute jar, bucket, bag, whatever you want, and start saving all of your change. Instead of just letting it collect at the bottom of your purse, make it a habit to throw all your loose change into this place. After a while, it will really add up.
Don’t forget, being a broke college kid sometimes has its perks, too! Lots of places have secret discounts that are given just by showing your school ID.