If your pastime of choice is online shopping or your Starbucks addiction is off the charts, then you likely are aware that saving money in the summer can be quite a struggle. With friends to see, places to visit, and a whole lot more free time on your hands, it can be tempting to spend away the money you’ve earned working long, tedious hours at your summer job.
However, frivolous spending in the summertime can leave you with an empty bank account and a heart full of regret at the end of the season as you worry about how you’re going to make it through the school year. So before you dwindle away every dime you’ve made on burrito bowls at Chipotle or drop half your last paycheck on that must-have pair of heels, consider some of these financially savvy strategies to lessen the blow on your bank account this summer.
1. Cut Back on Coffee
Hint: if you are on first name basis with your local Starbucks barista and he or she knows your drink of choice by heart, you might be buying a few too many lattes. Don’t get me wrong, I love Starbucks more than most people – skinny vanilla lattes are practically one of my main food groups. However, I’ve found that cutting back to 1-2 Starbucks trips a week makes a lot less of a dent on my bank account balance.
Instead of running to the nearest coffee shop every morning, try making coffee at home before heading to work, or switch to drinking tea. This will save you a substantial amount of money, and it’s healthier for you too. After all, when you get back to campus, your coffee routine can resume as usual – save it for the flex points, people.
2. Eat Out Less
While that occasional $6 sandwich from Jimmy John’s may not seem like much at first, the cost of eating at restaurants can really add up. Before you know it, you’ve had 5 sandwiches in the past two weeks, cutting $30 right out of your paycheck.
Eating out all the time can be a difficult habit to break, and it’s certainly easier than preparing your own meal. However, taking the time to make your lunch every day can really pay off, and is often better for you too.
3. Find Creative Ways to Exercise
Summer is the perfect time to get back in shape, but anyone on a budget knows that gym passes and Pilates classes do not come cheap. However, there are a lot of ways to exercise that are totally free! Try going for a run in your neighborhood, or looking up yoga or Pilates videos on YouTube. By investing in a yoga mat or some weights, you can do a lot of different workouts right at home.
Also, check to see if your community offers any free workout classes. For example, in Chicago, there are free Tai Chi, yoga, Pilates, and Zumba classes offered in Millennium Park on Saturdays in the summer. Take full advantage of these opportunities! Fitness classes should be valuable and rewarding, not a burdensome expense.
4. Decrease Your Online Shopping
Online shopping can be a dangerous endeavor. One minute you’re perusing the sale section, and the next thing you know you’ve ordered $100 worth of clothing because the prices were too good to pass up. Yet, a lot of times the items will arrive and look nothing like the picture, or you’ll try on your purchase and realize it’s nothing like you thought it would be. We all know what comes next in this scenario – the hassle of trying to make returns, the money lost to non-refundable shipping costs, or the box that sits in the corner gathering dust because you forgot to return the items altogether.
Needless to say, although online shopping is a wonderful invention, it can also cause you to spend more money than you initially intended and can leave you with purchases you may not have really needed.
5. Set a Goal
Whether this is a monetary goal that you’d like to reach by the end of the summer, or a practical goal of where you’d like to be in 2 years, planning for your future can make spending less feel a lot more worthwhile. It’s a lot easier to save money when you have a concrete reason in mind of just what you’re saving it for, whether this goal is travel, post-grad education, or a major future purchase. Planning ahead can make that number in your bank account mean a lot more than just some extra cash to spend away freely.
6. Identify What You Need (and What You Don’t)
Start by evaluating your closet, and then assess your wants. Finally, reconcile these two things to come up with your list of needs. This can also provide a solution to the online shopping dilemma. If you have 7 different pairs of wedges, you probably don’t need another. But if your pair of riding boots is looking a little worn, consider putting your money towards that investment. Identifying what you truly need can help you make the most of your money, and it will help with your budgeting too.
7. Reward Yourself
There is absolutely nothing wrong with indulging every once in a while. Reward yourself for saving money by investing in that one item you really want or need. This simple strategy will make saving money feel so much more worth it.
The HCND application is now open! For more information contact Rebecca Rogalski at rebeccarogalski@hercampus.com or Katrina Linden at katrinalinden@hercampus.com
Follow HCND on Twitter, like us on Facebook, Pin with us, and show our Instagram some love!