One of the greatest gifts you can give a college student is money, so it’s no surprise that most people gift cash and gift cards to the college kids in their families. Stretching that money and making it last throughout the second semester can be difficult, so here’s a few tips and tricks to make sure you don’t go broke the first week back in your college town.
Never take it all with you.
The less money you have on you, the less you can spend at one time. By eliminating the option to blow through your money, you keep it for longer. Make a conscious effort to save, you won’t regret it.
Separate necessary expenses from unnecessary ones.
Make a list of necessary expenses and keep it where you keep your cash. Remind yourself of what you actually need and what you just want. Reducing the amount you spend on unnecessary items and excursions will ensure that you have more saved in the long run.
Set aside money for different things.
After you’ve determined your wants and needs, decide how much money you want to save for different expenses, such as groceries, gas and recreation. By dividing up what you want to spend, you can better keep track of your budget and your money.
Keep it in different places.
If you’ve divided up your expenses already, or even if you haven’t, storing separate amounts of money in different places can help you become more frugal. When you’re going out to eat or just going out with your friends and grab some cash from one of the stashes, you’ll take less because visually you’ve got less. Go back every once and a while and recount how much you have, redistribute it to fit your needs. Just make sure you don’t forget where you hide it!
You can even put some money away in a savings or checking account to keep it separate, just remember that it’s easier to swipe a card than it is to hand over cash.
Make the conscious decision to save.
Keep track of how much you spend. You can better budget future semesters if you are aware of how much you spend and how much you’ll need. Remind yourself of the importance of making your money last. Take responsibility for your own finances. This is all practice for the future.
College is an amazing learning experience, for a lot of students it’s the first time they’re on their own. Use this time wisely to find ways to budget and finance that work for you. You’re truly investing in your own future when you take steps to improve your spending habits.