Ways to Preserve your Bank Account this Semester
The school year just started, classes are revving up the workload, club meetings are in full swing, and all you want to do is grab your favorite Starbucks drink or go out with your friends to Chipotle to celebrate finally getting that paper done. After all, who is going to tell you no? You are now a responsible adult living on your own right?
Not so fast …….. Do not forget that you no longer have that convenient summer job with a steady paycheck rolling in each week. Before you know it your entire savings will be drained as you continue to swipe that debit card. Don’t get me wrong, I love a late night ice cream run, but it is important to keep a steady budget in mind. Here are some tried and true tips and tricks that not only preserve your sanity and fun experiences, but save your well earned money as well.
Plan Ahead
Get your paper and colorful pens out! Create a budget spreadsheet or even simple t-chart that outlines your biggest expenses. Feel free to include things such as food, clothes, coffee runs, or even new holiday themed room decor from Target. Decide how much you are willing to dedicate to each category for each week. As the week goes on, make sure to record what you spend in order to keep track of how much you have left in your budget.
Bring the Fun to you
Do not be afraid to bring the fun into your dorm room. Although going out can be exciting, you can still have fun with your friends on campus. Attend a club event, go to a workout class, bring coloring books to the library, or set up a movie on your laptop and lay out a picnic with your favorite cheap snacks. You can still let loose and relieve stress without having to leave campus.
save by Saying No
Is your phone always blowing up with invites to go to your local coffee shop on the weekend or late night McDonald’s runs for your study session? I get it, it’s hard to say no. Keep in mind that it is okay to decline their offers once in a while. You may even inspire them to create their own budget and before you know it, you will be saving money together!
Wait it Out
Did your favorite store just come out with a new sweater line? Did your favorite author just release a new best seller? It is so tempting to immediately add that item into your cart. Besides, retail therapy is real. One way to avoid impulse purchases is to force yourself to wait it out. That is, wait a month or even just a week and reevaluate to see if you are still interested in purchasing that item. By waiting, you can really think about whether it is worth dipping into your weekly budget.
Saving money is important, especially as a student. With your budget by the end of the semester you will have had plenty of fun memories while ensuring that you still have a healthy bank account for your future endeavors. However just keep in mind, it is totally okay, it is actually encouraged to treat yourself. We all have bad days. If you need a spontaneous date night with your friends to help relieve your stress from that 10 page paper due next week, go for it!