How to Cut Back on Spending In College

When it comes to spending, I am probably one of the only people that can drop close to $200 a week (yes, that has happened). But, after taking a few classes and learning through experience, I have successfully learned a few strategies to save some money and save myself from debt!

 

Try eating more on-campus.

It is very hard to keep yourself from venturing out to your favorite restaurants and eateries close to your school, and it was especially difficult for me because I didn’t have my parents to help me rethink my decisions. Instead of saying yes every time someone asks you to eat off-campus, try to limit yourself to a certain number of outings a week. I restrict myself to a maximum of 1-2, but this is subject to change based on friend’s birthdays or celebrations.

 

Take out cash at an ATM if you receive a check or have money in your bank account.

This is something that I learned through trial-and-error; cash helps you to see, physically, how much money you have! Personally, I am a bit afraid each time I check my bank account balance, so keeping cash handy is helpful-you can always count how much you have available for use. It also may stop you from buying unnecessary products. When I hand over a card versus when I hand over cash, I feel a bit more guilty when spending my physical money.

 

Give yourself a weekly spending limit.

You should base this limit off of your income for the month or week. I have found it helpful to have a limit of $40 a week. This gives you some money to use on meals or other small purchases.

 

Open a savings account that is more strict.

High-interest savings accounts and CDs are great to save money for long-term goals--these accounts limit your transactions while also allowing for your money to grow.