Los Angeles is a city of temptations, to say the least. With all the glitz and glam, it is easy to get caught up and spend $100 on a night out, but over time, these nights add up. Sadly, I’ve experienced this firsthand, and I’ll be honest, it took me aback when I checked my bank account after a weekend of going out. With the cheapest LA latte being $7, so many shopping centers or trendy new restaurants to try and the egregious parking rates, the city calls for some serious budgeting and thought in order to continue living within one’s means, especially as a college student. Luckily, I’ve picked up a few tips and tricks to share so we can all be a little more budget friendly while still living the city girl life we’ve dreamed of.
To start, remember that there are perks that come with being a college student, other than that degree at the end. So many companies have a student discount just waiting to be taken advantage of. Downloading the app UNIDAYS can open you up to many discounts on different stores such as American Eagle and Aerie. What I’ll admit is even more useful, though, are the discounts you can find on different services. For example, you can get Spotify and Hulu for only $5 a month with proof of being a student. Additionally, students can get a six month free trial with Amazon Prime and then a discounted monthly rate of only $6.49/month thereafter. Even Adobe has an amazing 60% off Creative Cloud for students! These discounts help to alleviate a lot of the stress that comes with living as a student. While it may not seem like a “necessity,” having adequate access to services like Amazon Prime and Spotify make the college experience much better. It will come in handy when you need that book for a class ASAP or you need some music to study with.
Not only does being a student provide these external discounts, but it is important to remember all the resources that are available to you internally! You do not pay all that tuition for nothing. There are so many services available to students exclusively at UCLA such as access to Powell Library and access to different programs through the school. You often do not need to buy your textbooks or download that expensive software when it is covered in your dues! Take a look through the UCLA website and see which services might be fitting to you and where you can save.
With those student necessities out of the way, let’s talk about what to do when you inevitably do go out. You are in LA after all, and there is never a shortage of activities to do and spend money on. Nonetheless, there are workarounds in order to have fun without going into debt!
Starting off with transportation, let me start by saying it is the worst. The traffic is always incredibly congested, and parking spaces are few and far between. You’ll be lucky if you can pay under $10 to park for a few hours. An added layer of inconvenience comes when you have to pay for your monthly parking. Having a car in Westwood can be incredibly expensive with parking spots ranging from $100-250 a month. With all these fees and difficulties, it might be easier to opt out of having a car in the city. Instead, my advice is to utilize public transport! Without a car, using Ubers and Lyfts can add up incredibly fast with the cheapest ones usually being $15 each way. Los Angeles has a huge bus system that can take you virtually anywhere that you need to go for only $1 each way. Some of them even have free rides just depending where you are going. And, if you are staying in Westwood, take advantage of the Bird scooters. Bird offers community pricing for students, meaning you can get them for ½ off of regular pricing, so a ride could be as low as $1.75.
Once you are out, be mindful about what you are choosing to do. There are a lot of low price or free activities to do in the city. With beaches being a 15-minute drive away and so many different hiking trails, it is always an option to go outside and get active! If you do choose to go out to Beverly Hills or that exciting new bar in West Hollywood, that’s perfectly fine too, just in moderation. Try to limit these excursions to once a week instead of every day of the weekend.
Lastly, as a general budgeting rule, try to stick to the 50/30/20 model when it comes to your money. Each week, look through the money you have available to spend and divide it up. 50% of this money should go to necessities. This includes food, rent, bills etc. 30% of this money can go towards things that you want but do not necessarily need. This is where trips to brunch or the occasional Uber can factor in. Finally, put the last 20% of your income towards your savings for a rainy day. You are always welcome to put more, or add any leftover money in here as well. You’ll thank yourself when the day comes where you do need it.
At the end of the day, spending is inevitable. If you splurge on a concert ticket or a nice night out, it is not the end of the world! Just remember to be mindful of your own spending and where your money is going. It is possible to be fiscally responsible while still having fun! So go ahead and spend that money, just make sure not to overdo it.