Photo By Niels Steeman
College is hard on the budget, I think we can all admit. This semester, think about all the ways we can save our money and spend wisely as school starts back up. Here are a few tips on how you can change the way you use your money.
- SAVE!
All in all, I know it is a cliche but it is effective. Saving your money results in more to spend later on down the road. By holding back on spending money and avoiding spending just to spend, we can all be more conscious about our financial situation. Instead of pulling out the cash you now have to buy things you have your eye on, save that cash up for when a real exciting opportunity comes up.
- Make a budget
Create a system with categories such as food, clothes, coffee, savings, etc. and the amount you plan to spend there each month. Knowing how much money you want to spend and where you want to spend it will keep your spending on track. Being aware of what you intend to do with your money reduces the risk of impulse-buys. It is important to use budgeting properly if you want to change your current spending habits. A handy, free online tool to plan your budget can be found at mint.com!
- Prioritize
Keep your priorities straight and know exactly where you want to spend your money. Spending money without thinking through what you might want and need in the future is where most of us get in trouble. Holding off on the lesser important or pricier items might be a better idea if you want to make this semester’s money stretch.
- Record Your Expenses
Write things down! By seeing your spending habits on paper, you get a visual representation to keep you accountable. This way you can see exactly where you can improve or change your budget as you move forward.
- Add to your savings
Setting an automated transfer to your savings will help your savings account grow. Even by simply remembering to set aside a little money for your savings account every month, you will thank yourself later.
Hopefully all these tips can assist you all in the journey to being or staying financially stable!