If you’re anything like me, you find shopping therapeutic. Whether it’s a quick trip to the grocery store, the craziness of black Friday, or a peaceful afternoon spent online shopping, I thoroughly enjoy scanning, grabbing and clicking through potential purchases. But wait, this can be a dangerous therapy to take up when you’re living on a tight college student budget. Throughout much of my freshman year of college, I struggled with finding a balance that worked right for me. Living on campus, I didn’t have much access to transportation so I exclusively and obsessively online shopped. Online shopping is a powerful tool and with power comes responsibility which unfortunately, I’ve been guilty at misusing. So anytime Forever 21 or Nasty Gal or Urban Outfitters were advertising some massive and of course temporary sale, I had to be the first to take advantage of all the low prices.
The reality is, most store websites are always having “a blowout sale” and this tactic lures people like myself far too often. As a sophomore, I’m not living on campus anymore, so I have to take in consideration food, gas and rent which I wasn’t dependent on last year. When I made the switch from freshman to sophomore, I knew I was going to have to stick to a budget plan. We learn the most from our mistakes, so sometimes it takes an irresponsible purchase to figure out our budgeting needs, but the important thing is to keep trying. The tips I’m going to share may not work for everyone, but they’ve certainly kept me accountable and aware of my purchases.
1. Track your expenses
I know what you’re thinking, this seems obvious. And honestly, I thought I could keep track of my expenses in my head and be just fine. It’s surprising how much you learn about your spending from writing it down. Documenting how much you spend and where you spend it, can help to keep you accountable for your purchases. Try physically writing down the dollar amount you spent, where you spent it, and what you spent it on. I reccommend using a graphing notebook, dedicated specifically for your expenses.
2. Did you need that extra latte?
Once you start tracking your expense, you become more aware of your purchases. Try and notice if there’s a reoccurring trend of purchases that you regret! Maybe you bought four shirts because they were on sale but not because you needed them. Figuring out what purchases were unnecessary and overall regretful can help you to not repeat those shopping mistakes. Alongside your expense tracker, make a note of the unnecessary or regretful purchases.
3. Lists, lists, lists!
This one has kept me bridled when going grocery shopping. Write down what foods, grocery items and products you liked the best AND even what ones didn’t work for you, so that you know what to buy/not to buy the next time around. Make a precise list of your favorite foods/snacks/products and you’ll find that sticking to it will help you to make useful purchases. Plus, narrowing your options down can help to prevent overspending.
4. Be realistic
This one is important. Don’t over obsess over your budget to the point where you don’t allow a little flexibility. After all, it’s about finding a balance. Allow an extra latte, then and now. Don’t make budget goals or plans that are too restricting and therefore unrealistic but allow for plenty of growth and a few extra purchases. The most important thing is to be aware of your spending habits, and hopefully you can determine a personalized and realistic budget from there.