Growing up comes with a lot of changes. One of the biggest changes is becoming financially independent. It can be a very difficult transition, especially if you aren’t used to it. Going to college was the longest I’d ever been away from my parents. I never realized how much they paid for. There were shopping days with my mom where I’d get a few new items for my closet, and times my dad would take me to lunch. Freshman year, my parents and grandparents made sure I had everything I needed to start college.
But this year was a lot different. I insisted I didn’t need as much. My family helped me out with getting the essentials: toiletries, underwear, etc, but when I got to school, I realized how fast I go through things. After blowing too much money on clothes and coffee, I realized I had to be more aware of what I was doing with my money. My financial independence has been a roller coaster ride. I learn something new every day, and of course, I make mistakes. Hopefully, by telling what I’ve learned, you can feel less alone, and make some financial changes in your life.
Let Eating Out be a Special Occasion
It’s crazy how eating three or four times a day at the dining hall (SUNY Oswego’s food is pretty good) can make you truly appreciate eating at home or at a restaurant. I didn’t think much of going out when I lived at home, mostly because I wasn’t the one picking up the check. Now that I’m paying, I’m hesitant about going out to eat, what I order, and where I go. I find myself feeling guilty afterward too. I could’ve spent my money on filling my car with gas instead. It’s definitely possible to find free or cheap alternatives to buying food so make eating out a reward for something well done, or an indulgence for a birthday celebration.
Stop Comparing Yourself to Other People
In college, everyone comes from different backgrounds and upbringings. What is true for one person may not be true for another. Don’t feel pressured to buy new clothes because you don’t feel good enough or don’t dress like everyone else. Having your own style is what makes you special. It’s a way to express yourself. If you’re happy with it, then that’s all that matters (although, I know what it’s like to be bored of your clothes and want to switch things up). We’re lucky, vintage and second hand shopping is trendy. You can get super cute new-to-you items for cheap at a thrift store.
Track Your Spending
There’s a big difference between having cash and having money in an account or on a card. For me, it’s so much easier to spend “invisible” money. I swipe my card and I don’t see my money running out. It’s important to set up online banking, an app on your phone, or just a log from your bank statements. Also, make a list to separate your needs and wants. I always go shopping and end up getting more than I planned on buying. Lastly, check the prices to make sure you’re getting the best deal possible.
Have a Cushion
After college, we will be out in the real world. There will be a lot of expenses like rent, insurance, loans, and much more. If possible, start putting aside some money in savings. Savings can help in unexpected situations, and help build financial stability.
Just remember, we are still young. Financial independence is a new experience for most of us, but there are a lot of resources to help us along the way! Making a mistake won’t bethe end of the world.