As college students, saving money can be very difficult. You spend one week’s paycheck going out with friends, buying coffee every morning, grocery shopping, and filling your car with gas, so it seems almost impossible to put away money for the future. Luckily, we’re here to assure you that it’s not! You can save money and still have fun and enjoy yourself.
Check out these tips below to learn how you can treat yourself and not break the bank.
1. Budget yourself.
If you don’t pay attention to how much you’re spending, it’s much easier to overspend. In order to avoid having an empty bank account, set aside a certain amount of money that you think you’ll need for the week for food, transportation, and any other expenses you may have. What’s critical here is that you stick to it. If you give yourself a budget of $75 a week, for example, keep the rest of your money out of sight so that you won’t be tempted to spend it. Remember to only dip into your savings in the case of an emergency, like if you need to get your laptop fixed or you need to buy a new phone because yours broke. Then, when an out of the blue cost appears, you’ll have enough saved up to prevent yourself from panicking. You will be amazed by how quickly your savings will accumulate and you’ll be able to relax knowing that you have money saved for a rainy day.
2. Buy groceries instead of eating out.
Although making your own meals can be time consuming, especially during the busy school week, doing so will help you save a lot of money. You can even prepare meals ahead of time over the weekend, so that you’re not in a bind when you’re running around during the week. When you need something quick, that’s when you tend to go out to eat and then you wind up spending all of your money on fast food. The same thing goes for coffee. Instead of going to Starbucks or Dunkin Donuts, give yourself a little extra time in the morning and make your own coffee at home. Limit yourself to maybe one meal or coffee out a week, so that you still have something delicious to look forward to. Make it a treat rather than a regular occurrence. Your bank account will thank you, I promise.
3. Say ‘no’ sometimes.
Nobody wants to say no to a night on the town with friends, a concert, or a late night run to the local diner, but every once in a while, you may be better off staying in. While it’s important to enjoy your time in college and participate in a lot of fun activities, saving money is just as important. Make compromises with yourself. Instead of going to a concert once a month, maybe go once every two months. If you went out to dinner last weekend with your friends, maybe cook a meal at home this weekend and make an experience out of it. It’s all about moderation, because you still want to splurge on occasion, but it becomes dangerous when it’s an everyday pattern. Do yourself a favor and don’t be afraid to turn down an opportunity. Don’t worry about missing out on the fun, because saying no will make the next dinner, movie, or trip all that more exciting.
4. Buy only what you need.
Whether you love shopping for clothes, makeup, sneakers, games, or decor for your dorm room or apartment, it’s a habit that you need to kick in order to save some money. If you don’t need that pair of shoes or that bracelet, put it back on the shelf. The majority of what you’re spending is unnecessary and if you cut back on shopping, you have more money for necessities like food, transportation, textbooks, and more. You deserve to treat yourself when you’ve worked hard for your money and you should from time to time, but saving your money will be much more rewarding in the long run. Maybe even add something you really want to your birthday list, so the next time Mom asks what you want, you’ve got an answer for her. Buying one pair of jeans might not seem like much at the moment, but if you buy a new pair of jeans every week, those dollars add up quickly. You won’t regret having that extra money when you really need it down the line.
5. Work more.
A really great way to save money is to increase the amount of money you’re taking home. Maybe you can pick up an extra shift a week at your part-time job or become a Brand Ambassador for a company. You can even make a little extra money by filling out surveys for various products and websites that are willing to pay you for your opinions. Any little bit counts and if you’re finding that your current paycheck just isn’t cutting it, maybe you can babysit or become a dog walker on the side. There are so many options for college students to make money and if you have the time to spare, having a greater income will definitely help you save more.
Follow these tips and you’ll watch your savings account skyrocket in no time!
