While I may not be an absolute expert, my first semester at college was truly a wake-up call as to how fast money can fly out of your pocket. Whether you are going out to dinner, going to a party, or just grabbing a coffee, dollars add up quickly. So, here are a few tips that I use to manage my money while at school.
- Create a budget calendar
-
This may be extreme for some but helpful for others. I like to lay this out by month. I set a limit as to how much I can spend on groceries, gas, miscellaneous, school supplies, and everything else in between. I tend to do this by month. So a quick example would be- this month I can spend $90 on groceries, $20 on school supplies, $50 on gas, and $20 on miscellaneous items.
- Open a bank account
-
This may sound simple and unnecessary but it can be very helpful. I have a checking and saving account. This means that I have an account where I hold money for larger purchases (savings) and an account where I spend money more regularly (checkings). Larger purchases I have used my savings account for include a new laptop and all of my dorm supplies.
- Put a majority of your earnings directly into the bank
-
By putting a majority of your earnings directly into the bank when you get them it will be harder for you to access them to impulse buy things you don’t need. It will also add up quickly and your savings will continue to grow.
- Wait to buy items, do not impulse buy
-
If you impulse buy, those items will most likely only induce instant gratification, not long-term. That is why it is important to think long and hard about what you are going to spend your money on and why you are spending it on that item.
- Use your resources
-
Remember that you are paying for your meal plan, dining dollars, etc. All of the money that you want to spend at Chipotle and Starbucks has already been spent on your meal plan so that you do not have to spend the extra money on fast food and miscellaneous groceries. Also, remember that the dining hall serves food all day and that they have fruit and salads as well as many other things that you can take back to your room for later.