Some college students bond over their major or their similar personal interests. One thing that most college students have in common is that they have been the “broke college student” one too many times. Most of us only work part-time jobs and are sometimes forced to waste money or fast food or overpriced snacks since we’re always on the go. This year we can be proactive and manage our spending so that we can minimize our financial woes. Here are some tips for managing your money in the new year:
1. Make a budget
It could be a weekly budget or a monthly, as long as you plan out how much money you will spend on what. This way you’ll have less impulsive or unnecessary purchases and can even make room for savings. Excel has cool templates to get you started. You can also download Mint. Mint is a budgeting app that links with your bank account to categorize all of your purchases. You get notifications when you go over your budgets and it even analyzes your top spending categories!
2. Save that change!
Instead of telling the cashier “I have 15 cents” just break the dollar and save your change. For some people, depositing money into a savings account is too much. Saving your coins is a great alternative. Don’t spend any of your change on vending machines or at the store, just put it all into a jar or piggy bank. Before you know it, you’ll have accumulated a large sum of money.
3. Stop spending money on bad habits
*Emoji eyes* Cigarettes, weed, cookies, whatever. You’ll kill two birds with one stone.
4. Walk past those sales
When Victoria’s Secret sends you an email about the start of their semi-annual sale, do NOT go. Low prices can make us spend unnecessary money. Your dresser is already full of body mists, no need to add more.
5. Limit driving
Although gas prices are a lot lower than they were a few years ago, the cost of a gallon still adds up. Opt out of using your car sometimes, try walking for shorter distances and public transportations when you have to go farther.
Ultimately, not being broke comes down to managing your money well and knowing when to say no. Saving money doesn’t hurt either. Put these tips to use and 2017 will be a rich year for you!