As a freshman in college, I was very new to living on my own and being financially responsible for myself. Although I had a job throughout high school, I could always rely on my parents to give me a few bucks here and there for food, clothing, or random items. Now that I am in college about 2000 miles away from home, life is very financially different.
Even though I failed terribly at budgeting earlier this year,and even had to call my parents multiple times begging for food money, I have finally realized what I need to do to properly save money. Here are a few tips (which I clearly forgot to follow this year) that would seriously help you budget and save money during your years at college.
Leave your credit card at home.
Going to the mall to help a friend pick out a dress for formal or just to window shop? Well, leave your credit card at home. Bring a few bucks in cash and then you won’t be able to exceed your limit. If you can not blindly charge on a card, you are more likely to spend less money.
Online shopping is a waste.
Online shopping may seem convenient and easy, but it is a colossal waste of money. Not only do half of the clothes that you order not even fit, but you won’t end up liking the other half of clothes because the style looks so much better online than it does in person. There has been so many times that I have spent money to buy clothes and then nothing works out, or maybe, if I am luck, I get one shirt out of an order of 10 that actually fits and looks good.
Use up your dining swipes.
I know that dining hall food is not the most appetizing thing to eat day after day after day, but even if you grab some pieces of bread or a cup of cereal instead of spending money on breakfast elsewhere, you'll end up saving a lot of money over time.
Spend your money on experiences, not things.
One of the major things that I have learned in college is that spending your money on experiences rather than physical objects will make you happier. Personally, a scuba diving and camping trip for 50 dollars in Key West for a weekend is worth more to me than buying a Free People shirt for the same monetary amount. Experiences create memories, so save your money to spend on making memories.
Don’t buy things that you will only use once.
Even though you may want to buy something funny or cute for a frat party or holiday, if you're not going to ever wear it again, then you're wasting your money. I promise you that no one will judge you if you do not buy that Saint Patrick Day necklace.
Do not buy food or drinks while you're out.
Why not go home to enjoy the food and drinks that you already own instead of spending an obscene amount of money on the smallest meal or drink.
Only eat out occasionally.
So, my roommate loves Chipotle. She used to go four or more times a week. Now she only goes once a week. And the result? Now she's not broke!
Buy things on sale at the grocery store.
If you only buy the food that is on sale, you end up saving so much money by the end of the month. Plus, you'll end up trying new foods since sales change from one food to another so often.
Buy in bulk
You may not think that you need a 20 bottle pack of toothpaste, but when you calculate the cost per toothpaste, the cost per one bottle in a large pack is way lower then if you bought only one toothpaste bottle every month. So, buy 20 and then you'll never have to go shopping for toothpaste again and save money over the long run.
Amazon!
Especially when it comes to text books, do not pay full price for things that you can get on amazon for less than half the original price. Last semester, I payed around $200 for all of my books on amazon. Later, I looked at the prices at the bookstore on campus. If I had bought the books on campus, I would have to had paid close to $600! That’s ridiculous.
Borrow
Need something random for a night or a couple of days? Well, perks of being a freshman or living on campus is that you have so many girls or guys living right next to you. So, when I have to borrow something weird, like a costume, a large curling iron, or even a special colored shirt, I have 40 girls living on my floor and I am positive at least one of them will have what I am looking for. Then I don't have to go out and spend more money!
Before college, I never knew how to properly budget my own money so that it would last the duration of the year. After a year of trial and error on how to manage my money, I have finally learned how to regulating my spending. After much help from my more budget-smart friends and more than a few economic classes, I expect next year will go a lot better. So, if it is your first year living on your own and attempting to take care of yourself, don't worry, I don't know one person that was amazing at budgeting right off the bat. However, practice makes perfect!
