These four years will be filled with endless opportunities. That doesn’t mean that your bank account needs to be spent as fast as your time. There is a work-life balance in college that student needs to figure out for themselves. While a budget is essential for every stage of life, that doesn’t mean ramen and the dining hall should be your only joys. Let the best years of your life not be affected by something as volatile as money!
The last thing people want is to get a lecture about money, so let’s just jump right into with the “how to!”
#1: Track Your expenses
Whether downloading a budgeting app or just writing in your notes app on your phone, just try keeping track of spending for a month. Starting with something as simple as this can tell you everything you need to know. There will definitely be some surprising finds on just how much it all adds up to.
#2: Prioritize Needs v.s. wants
There is a justification for everything. The hard part is figuring out just how realistic that reason is. If you’re going through a breakup, yes, that sweet treat was well deserved. If you’re thirsty, and buy a Starbucks, there was probably an alternative. As a fellow coffee addict, it hurts to even write, but it teaches a lifetime of budgeting. The Starbucks that is a block away is a trap for broke college students like us. Our schools are getting tens of thousands out of us, don’t let them have any more of your hard-earned money. A couple of bucks a day adds up infinitely in terms of college spending. Additionally, there are so many alternatives! If you’re a daily drinker, try creating your own setup. Not only will it save money over time, but it’s a fun incorporation into your daily routine. If you think you can survive without the daily caffeine hit, try saving it for more special occasions. Buying a coffee and bagel at your local cafe with a friend feels so much more rewarding than the daily quick-and-easy Starbucks. This is only one of so many more ways to save a lot of money over time!
#3: don’t let the discount fool you
There are quite a couple of “student discounts” out there. There is a necessary balance between taking advantage of an opportunity and being exploited. If you see a 10% off DoorDash “student discount,” it’s probably to just eat for free. Whereas if there is a discount for an opportunity with friends, making memories for sale is always an option! The trick is to not buy something you wouldn’t have done anyway. Don’t buy a discounted top at Target when you KNOW you already have too many. Whereas you can save your money for the type of sale, roller-skating for example, you and your friends can take advantage of!
These are just a few of many ideas on how to feel better financially during these penny-pinching years. And the most important thing is to not stress out! There is enough of that during exams. Give it your best try, and there will ALWAYS be exceptions and special occasions. Now live it up during the best years of your life!