College is expensive; that's no secret, and we're all familiar with the stereotype of the broke college student barely scraping by. College students are stressed enough with academic work. We shouldn't need to worry about money too. Here are some money tips to help you save your way through college.
1) Save, save, save
Now, this one may seem obvious, but it's worthwhile. Every time you get money, whether it's a paycheck or birthday money from grandma-deposit it in your savings account right away. Don't keep it in your wallet or your checking account, because you'll just end up spending it quickly. Follow this tip, and you'll find it builds up faster than expected.
2) Cash is the key
When spending money, try to use your debit or credit card as little as possible. A piece of plastic gives you no concept of how much you're really spending, and the bill racks up quickly. When you use cash, you're much more aware, and therefore less likely to over-spend.
3) Question every purchase
This tip is the most complicated, and most important of them all. The consumer world is full of eye-candy temptations, and it's easy to revert to a child-like lack of self-control. We end up accumulating a lot of stuff, most of which we don't really need or use. When considering buying something, ask yourself these two questions:
1) Do I need it?
2) Can I afford it?
Now, be clear as to what these questions mean. "Do I need it?" The answer to this question has three main categories: necessary, practical or enjoyable. Some expenses are unavoidable, and therefore necessary. If a purchase is practical, it will reward you for a long time, and ultimately will be worth what you paid for. Avoid buying cool gadgets that you might use, thigh. Only buy something if you really think you'll use it. Finally, enjoyability. This category is the trickiest because you have to distinguish between short-term and long-term enjoyment. Short-term enjoyment is a no-go. When you're debating whether to buy that cheap, airport magnet that says, "I ❤️ NYC" as a souvenir, don't. You might be satisfied for the 10 minutes after you leave the store, but then you'll throw the magnet in a drawer, never to be looked at again. What you want is long-term enjoyment from a purchase. If you want a souvenir, but something nice that you will like looking at in the future, and it'll bring memories every time you do. Spending money on an experience is one of the best ways to spend money because you will always have and cherish the memories you got from it. Basically, if you will still get enjoyment out of something, long after the bills are paid, then it's worth spending money on; and if a purchase fits any of those three categories, then it's a worthy buy.
Now the other key question of "Can I afford it?" Is equally as important as the first. Note: there is a difference between having enough money for something and being able to afford it. Having no enough money for something is being able to cover the cost of the purchase without help, but being able to afford something means that buying it won't jeopardize your financial comfort later on. If you buy something and are still able to pay all necessary, unavoidable expenses, go ahead. Otherwise, put your wallet away
