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5 Ways to be Smart With Your Money

As college students, our funds are fairly limited and it’s incredibly easy to spend all your money in one weekend. We have to be aware of how and how much money we spend. Below are some tips to make you conscious of your spending and stop you from spending to much.

1. Keep a record of your spending

Use an excel spreadsheet to record your weekly spending for different categories – food, leisure, school and exercise for example. It helps to see exactly how much you are spending on what. It can also help you follow a budget or stop you from over spending.

2. Make a budget

Use the weekly spending spreadsheet to find out how much you spend per week or month. Making a budget will stop you from spending too much. It can also help you save money for a bigger purchase.

3. Don’t splurge

Pick and choose what you buy. Don’t buy pricier items without putting some thought into it. If you find a great pair of shoes wait a few days to make sure they are really what you want. Try to limit the number of big purchases a month. You can also save up for bigger items so you aren’t setting yourself back a significant amount.

4. Keep track of how much you really have

Check your account balance often. The worst feeling in the world is having a card declined. If you know you only have $30 left for the week don’t buy a $20 shirt. You also do not want to overspend your card. Overdraft fees are a pain in the butt. 

5. Apps

See if your bank has an online banking app. You can check your account balance and transaction history anytime. Use this to fill out your spending spreadsheet. There are also tons of apps to help you keep a budget or track your spending. 

Avery is a freshman at Southern Methodist Univeristy from Iowa and is planning to study Markteting. She is a member of SMU Student Foundation and SMU Dance Marathon. Avery enjoys playing golf, doing yoga and traveling. 
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