1. Budget a Spending Goal
Set a limit for how much money you want to spend on a weekly basis. Going week by week, it’s more reasonable to meet your goal and you can set different amounts based on what your plans are. For example, you could budget to spend $20 on eating out, $50 on groceries, and $15 on impulse purchases. If you’re over your budget, try again next week! If you’re under your budget, that’s extra money you saved!
2. Make a Grocery List
Before heading out to buy groceries, go through your fridge and pantry and write down everything you need to buy. By following the list, you cut down on impulse buying (especially when you’re hungry!).
3. Carry Cash
Credit and debit cards are great, but they make it super easy to lose track of how much you spend each day. Carrying cash restricts you to a set amount, and you’ll be less likely to partake in frivolous spending.
4. Don’t Buy the Textbooks Just Yet
Sometimes the instructor mentions that using an older edition of the textbook or an international version is totally fine for the class. Some instructors don’t use the textbook at all so make sure you ask before buying one! The library is a great resource for checking out books on reserve when you need to reference a couple chapters. Textbooks are expensive, and having a $200 paperweight isn’t always the best way to spend your money.
5. Spend Your Money Where it Matters!
What’s better: buying a low quality pair of boots you’ll have to quickly replace, or spending a little extra on a pair of boots that are nicer quality, more durable, and a little bit pricier? Spend your money on items that you don’t have to repurchase so that you save in the long run! Instead of buying an iced vanilla latte every day, grab a larger bottle from a grocery store so you can pour it in a cup in the morning on your way to class. If you need your Starbucks fix, you can get free refills on coffee or tea for being a green or gold member on their rewards card! It’s a great atmosphere for studying and you get unlimited refills, so why not?