I’m going to begin this article by stating the obvious: College is expensive. In fact, it’s really expensive. Between the rising costs of tuition, the ridiculously high prices of textbooks, buying groceries, and everything else, it’s easy to see why college students are notorious for being broke. So if you keep seeing moths fly out of your wallet every time you open it, this article might help you out. Here’s a list of eight tips and tricks to save you money and get rid of those moths for good.
1. Learn how to budget: It’s really easy to get into the habit of overspending in college, especially if you find yourself at the drive-thru every night. To kick this habit, start keeping track of things you pay for. To start out, save your receipts from every purchase you make in a week or in a month. Calculate how much you spend total; if it’s more than you can afford, begin to budget. Make a list of all of your necessary expenses, such as groceries, gas, tuition, rent, etc. Put the amount of money you can spend at the top of the list, and circle it. Then figure out how much money you will spend on each item on your list. Next, get into the habit of putting that money aside to cover each bill. You can put the money into labeled envelopes, a piggy bank, or just in your regular bank. You can keep track of your budget by taping a list to your door, creating a template on Microsoft Excel, or finding websites that will help you keep track. Keeping a budget might not be easy at first, but if you keep at it, you’ll be doing yourself a huge favor.
2. Open a savings account: Got some extra money left over in your budget after paying bills? Consider putting some of it into a savings account. You never know when you’ll need money in a pinch, like if your car breaks down or you need a giant energy drink to get you through an all nighter (followed by a huge bottle of water). Having money in a savings account will guarantee that you will have money for any crisis you encounter. You can put a few dollars away each week, or all of your extra money; whichever you feel comfortable with. What seems like a small amount of money at first can really add up. Before you know it, you’ll see green instead of red in your bank account. Who wouldn’t want to see that?
3. Resist impulsive purchases: We’ve all been in a situation where we’re shopping for a specific item and suddenly see something we have to have. It can be a pair of shoes, a really cute shirt, or in my case, a huge Slurpee and an equally large Slim Jim (don’t judge, we all have our addictions). Yet before you head for the cash register, stop. Take a breath, and ask yourself if you really need that item. Sure, it’s on sale and it’s the perfect size. Yet if you already have ten other tank tops hanging in your closet, you probably don’t need another one. Next, make a mental note of the items’ cost and walk out of the store. When you buy something on impulse, you aren’t taking the time to consider whether you really need it or if you can afford it. Instead, make yourself wait a week before going back to the item. In the meantime, save up your money so you can pay for the item; if you already have the money, put it aside. By the time the week is up, the urge to buy the item will likely be gone. If you know you will actually use the item instead of watching it collect dust, and if you have the money, then you can confidently and safely make the purchase. You’ll feel much better making the purchase from an informed decision instead from a shopping-induced hazy mind.
4. Limit your spending money:When you go shopping while on a budget, it’s best to bring cash and to leave your bank cards at home. It can be too easy to spend more on your debit or credit cards than you originally planned, since you can’t really see the money disappearing. Instead, only bring the amount of money you can spend in cash. Physically seeing and touching the money that you can spend will reinforce your budget in your mind. Also, when paying with cash, you know that you won’t be able to go over your limit. Your shopping will end once your money is gone. If you leave your bank cards at home, you won’t be able to swing by the ATM to pull out even more money either. If you think you’ll need extra help resisting the temptation, ask a friend to come with you so he or she can make sure you don’t overspend.
5. Look online for specials and coupons: This move doesn’t require an Extreme Couponing level of preparation. All you need to do is spend about ten minutes online per week. Stores typically post their weekly advertisements on their website every Sunday. These ads let you know what items are currently on sale at each store. If you browse the websites of each store you plan on visiting, you can note which stores are having the best sales. Some store websites also offer coupons to be used in their store. On top of that, some manufacturers offer coupons for their products on their websites as well. For example, if you buy the Listerine brand of mouthwash, go to the company’s website and click on its special offers/coupons section. Most websites will give you printable coupons if you create a free account with them. Furthermore, some stores, like Target, will allow you to combine store coupons and manufacturer’s coupons. Simply by doing a little research, you can instantly save money as you shop, leaving you with a little something extra in your wallet.
6. Host a clothing swap: If you can’t afford to go shopping, host a clothing swap with people you know. Invite your friends, roommates, neighbors, etc to bring any clothes or accessories they no longer want. The way it works is that everybody puts their items in a pile, and then everyone goes through that pile and picks out the things they want to take home. This can be a small gathering or a larger one, and it’s a great thing to do at the end of the school year or during spring cleaning. You’ll score some new and free items, and you’ll finally be able to get rid of the things you own that are collecting dust.
7. Go for cheap: If you don’t know anyone that wears your size or has a similar style, head for the local thrift or consignment shop. These places offer clothing at a much lowered and affordable cost. Thrift stores like Goodwill or St. Vincent DePaul take donations of clothing, furniture, etc, so there’s always a large selection to choose from. Consignment shops, on the other hand, handpick and buy the clothing they sell, so the selection is narrower and a bit pricier. Consignment shops also try to select clothes that are in style, so if you consider yourself a fashionista, you might want to head there. Regardless of which place you choose, though, you’re bound to find something to fit your style at a much more affordable cost than what you would pay for at a retail store.
8. Stay in for the night: It’s always fun to have a night out with your friends to let loose and rid yourself of the stress from the week. Yet constantly going out to dinner, to bars, to movies, or anywhere else can really make a dent in your wallet. Instead, invite your friends over for a night in. You can rent a movie, have a potluck dinner, share some drinks, and just relax. You don’t always have to go out to have fun, and if you’re broke, you won’t have to worry about not being able to afford the places you go. You can do it old school and have a massive slumber party, and stay up into the wee hours of the night gossiping and doing each others’ hair. Just because you’re in college doesn’t mean you have to live every day like it’s spring break.
Sources:
http://www.lendingtree.com/smartborrower/students/managing-your-money/budgeting-for-college-students/
http://www.thinkyourwaytowealth.com/2008/08/22/25-smart-budget-and-money-saving-tips-for-college-students/
http://www.mtgoftheminds.org/why-impulse-buying-is-bad/