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.

Image result for dining hall college campusIt 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.

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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.

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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.

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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.