You have made it through four years of high school, the college application process, and finally know where you will be spending the next four years of your life. But here comes the next challenge: even if you are on financial aid or if your parents are paying for your tuition and room and board, you have to start paying for your own expenses. Here is a simple guide to taking care of your money, separated into four categories for your convenience.
1. Earn it
Chances are, you have a pretty flexible schedule as a freshman. Get a part time job -- make use of your free time to make some bucks. There are many job possibilities – you could babysit, bus tables at a local café, or even jobs on campus as a student assistant or tour guide. Heck, you can even look into being a sugar baby (no judgment). If you aren’t really into the whole human communication thing, you can look into jobs online.
2. Keep track of it
I recommend setting a monthly budget so you don't overspend. You don't want to be that person who is broke and can't splurge on a friend's birthday celebration. You can also keep track of your money balance by making a spreadsheet. By marking down every expense and addition, you can keep an eye out for purchases that seem extravagant or unnecessary.
3. Spend it
There are a few ways you can spend your money wisely:
Use cash when you shop
You are less likely to impulse shop when you only have a couple of Hamiltons in your wallet to last you a week.
Buy groceries in bulk
You will need it when you run out in a month, anyway.
Quality over quantity
There are times when you should save, and other times when you should splurge. It is better to buy things that will last even if they cost more. Examples of these items include basic tees, warm winter coats and a sturdy backpack. Bonus points for shopping from brands that offer lifetime warranty (i.e. LL Bean, Jansport, The North Face). After all, the cost of constantly replacing these items might end up being more than the cost of buying the slightly pricier item of better quality.
Shop in sale/clearance sections
There is absolutely no shame in shopping in the sale section. It saves you money, and allows you to buy goods of the same quality at a lower cost.
Stories like T.J. Maxx and Marshalls are good stores to shop at; you can buy brand-name goods there for a fraction of the price4. Save it
Make use of student discounts
Many stores offer student discounts, and you should make use of it. Whether it is TCBY’s 50% off from 2-5pm on Fridays to 5% off your new computer, a dollar saved is still a dollar saved. You can find a list of student discounts here.
Wait on textbooks
There is a chance that your professor will ask you to read your textbooks once this semester, but there is also a chance that he will assign readings every night. Hold off buying textbooks until your first week of class – you can decide between taking out the library’s copy or renting/buying your own copy then. You can also try looking online to see if there is a PDF copy of your textbook available for download.
Make full use of your tuition
Your tuition is expensive, and you should make full use of it. Your tuition doesn’t just pay for your stats lecture; it covers the cost of campus events, free student tutors, library book checkouts, access to the gym and a lot more.
