College teaches a lot of things, but it usually doesn't teach financial management. Learning how to make a budget, keep track of your spending, and start saving is super important for leading a successful and fulfilling life. Patterns of behavior you make in your twenties will stay with you for decades, so do yourself a favor and adopt these habits of financially smart college girls!
1. Make a budget every week
A financially savvy lady makes a budget at the beginning of every week. Look ahead to see major events coming up that you will need to account for, but also allocate for small purchases along the way. An easy way to do this is through a spreadsheet program like Excel or Google Sheets.
2. Track your spending
Keeping to a budget is only possible if spending throughout the week is tracked. Whether it's with pen and paper or a smartphone app like Personal Capital or Mint, a smart college girl keeps track of every dollar she spends.
3. Stay on top of paying tuition and rent
Rent and tuition are the usually the biggest expenses for college girls and they can cause major headaches if left unattended. Pencil reminders into your planner so that you never miss a payment. You'll avoid the stress and have one less thing to worry about.
4. Never pay full price for a textbook
Textbooks are ridiculously expensive, especially when professors want you to have the 15th edition (even when it's the exact same as the 14th). Financially smart college girls get around this by borrowing textbooks from friends, buying used copies, or renting them. People often post their old textbooks in Free and For Sale groups on Facebook, so make sure to hit those up when the semester starts.
5. Skip name brands at the grocery store
For some people, having the right name brand is super important. It's understandable to want a real Michael Kors bag or Nike athletic shoes, but there is no need to buy name brand foods. Choosing the grocery store brand over name brands like Oreos and Rice Chex is an easy way to cut costs. The best part? Generic brands taste the exact same.
6. Sell things you no longer need
Instead of letting old clothes pile up in a corner, use an app like Poshmark to sell them. It's super easy and quick, and you'll kill two birds with one stone: making some extra cash and de-cluttering your living space. Most of these websites take a small commission that covers the cost of shipping, making the whole process super simple.
7. Pay your credit card bill in full every month
Credit cards are a great financial tool, but they will become your worst enemy if you don't manage them carefully. The real danger sets in when you don't pay your bills and the interest piles up. Thankfully, there's an easy way to avoid this — pay the whole account balance every month and you'll never be charged interest.
8. Prep your meals for the week ahead
Going out to eat is expensive and the cost of meals out racks up quickly. Any easy way to cut your budget is to skip the restaurants and make your own meals. This can easily save you hundreds of dollars a month. There are tons of great recipes online (check it out here and here) that make cooking easy and fun.
9. Borrow outfits for special events
Costume parties, formals, and other events in college often require attire that is only applicable to that specific event. Instead of spending loads of money on outfits that you'll wear only once and never again, borrow what you need from your friends! It's a great way to increase the size of your closet without breaking the bank.
10. Don't project a lifestyle you can't afford
It's easy to get jealous of girls on Instagram that seem to have it all - the red bottom shoes, dozens of roses, fancy lattes, and trips to the Caribbean every weekend. These girls get tons of attention and it's tempting to copy them so you'll also get tons of attention and likes. It's not worth it though because you'll soon find yourself in debt and unhappy, always chasing the next thing. If the only reason people like you is your Instagram feed, you need new friends anyway.
11. Apply for scholarships
Even with the help of student loans, college tuition is still ridiculously expensive. The good news is that there are literally thousands of scholarships that will pay for your education so you don't have to. Even Beyonce is giving out scholarships. Don't think freshman are the only ones who get them either — you can keep applying for scholarships all throughout college.
12. Start saving for retirement
If you're a college student, retirement is probably the last thing on your mind. Although retirement isn't a sexy or exciting topic, it's still super important. People who start saving young have tons more money when they retire than people who don't. So do yourself a favor and open up an IRA right now.
