As a collegiette balancing school, friends, work, and everything in between, sometimes saving money and balancing a budget doesn’t always take a high priority. However knowing you have a little extra to fall back on and not having to skip out on something fun because you just don’t have the funds can make your overall college experience a whole lot less stressful and way more fun. College is a notoriously hard time to save, but with these tips you can set yourself in the right direction and save money without even noticing the difference.
1. Make yourself a monthly budget
While this is a tedious task that you’ve probably meaning to do for a while, there’s no better time than the beginning of the year to set aside an hour or two and plan out your expenses. Go through your receipts and debit card statement to get an idea of what you spend on, then allocate yourself a certain amount of money each month divided up into categories like rent, food, entertainment, and transportation. Just as if you were going on a money diet, be realistic. No matter how dire your financial situation is, you’re not just going to stop spending cold turkey. Give yourself a little wiggle room, and if you mess up just try to get back on track instead of giving up completetly. At the end of each month, evaluate your progress and adjust your budget from there! If anything, you’ll have peace of mind knowing where your money is going and exactly how you’ve spent it.
2. Sign up for studies
I personally have made a couple hundred dollars doing this over the years. UNC is a research university and has tons of studies and experiments that need participants going on all the time. Most pay around 10-15 dollars and rarely go over an hour. They’re all on campus so you can go between classes and pick up some easy cash to add to your weekend fund. Go to www.c4dr.unc.edu to look at business school studies, and keep an eye on those informational mass emails from the school listserv. The psychlogy department, the School of Information and Library Science and UNC hospitals are always recruting! You’ll qualify for more than you think and there really is no easier way to make a few bucks right on campus!
3. Keep the change
Every little bit counts. Make a habit of putting your coins in a jar in a visible spot- the change will really add up! When it gets full, save yourself the commission that a CoinStar machine would take and roll them yourself. Coin wrappers are free at the bank and rolling coins is a lot easier than you might think. Just park yourself in front of the TV, break out the change, and watch the money pile up!
4. Use cash for going out
If you tend to have one too many drinks and suddenly become the most generous person in the bar, leave the credit or debit card at home. Waking up to a miniscule balance every weekend can really take the fun out of going out, and no one likes to see their hard earned money just slip away as it so often does in the wee hours of the morning. Instead, take out however much money you’re comfortable with, and cut yourself off when that’s gone.
5. Make eating out a treat, not a habit
Learn to cook a few easy meals and you’ll be at least $30 richer when the weekend rolls around. Maybe that can even be your #4 cash! Instead of eating out for every meal, even if it’s somewhere cheap, make a habit of saving that room in your food budget for a special occasion.
6. Use your student status while you still can
Tons of places offer students discounts that many people don’t take advantage of. For example, you probably didn’t know that you can get 15% your purchase at Madewell and J. Crew or a free drink at Chipotle just by showing your student ID. Here’s a comprehensive list to refer to when you’re thinking of buying something.
7. Buy used
When you need to make a big purchase, you can usually get whatever it is you’re looking for in great condition for much cheaper if you do a little second hand digging around. The UNC Free and For Sale page is a good place to both buy and sell, especially common dorm/apartment items like futons and refrigerators. Last year I made quite a bit of money selling my old clothes on that page, and for more than a reseller like Platos Closet would have given me. Make sure to check Craigslist and Ebay before you buy full price.
8. Put aside a few dollars every so often
Whether or not you have a job with a steady income, make sure you’re putting money every month in a savings account you can’t access with your debit card. Having a little bit to fall back on could be a godsend if your car breaks down or something else out of your control happens, and possibly keep you from falling into debt.
9. Say no sometimes
As strong as the force of FOMO is, many times a night out is kind of forgettable and just like every other night out- in other words, totally missable. When an evening watching Netflix is just as appealing as going out, don’t feel bad about saying no. You’ll thank yourself when something truly unmissable like a great spring break vacation or your best friend’s birthday comes around and you don’t have to stress out about how you’re going to pay for it.
Collegiettes, do you have any great money saving tips that work for you? Let us know- and happy saving!