I’m a college student, so, you guessed it; I’m broke.
I’ve spent my whole life saving every bit of money I’ve ever received: birthdays, holidays, graduation. It all went right into my savings account that I stored for college. Then college came, and I watched as that account dwindled, rapidly depleting itself until I could no longer spend a single penny without cringing.
There is a transition period from being supported by family; with everything money related to having to rely solely on yourself. Add a credit card on top of it and you can see debt coming like the grim reaper (let’s not even bring up college debt for the sake of my sanity). I can only sit here and wonder if those knee-high, faux suede boots were as worth the purchase as much I deemed necessary at the time.
While I cannot change my past shopaholic mentality, I can only work my way back to obtaining a prosperous savings account by cutting corners and tightening my belt. A job and a steady income would be tremendously helpful, but working while juggling school could put my GPA in jeopardy, so sticking to my summer job is my goal.
The first rule of thumb when saving money is to be fully aware of what you have. While it is devastating to look at all the money that has vanished from your wallet, it is important to keep tabs of how much you have left and avoiding the burden of debt. Ever notice all the change you have buried at the bottom of your pocketbook or stored in your wallet? Use it! That change adds up, so save those precious dollar bills.
A simple trick to saving money in the long run is buying in bulk. Do you frequently eat peanut butter? Great, go to a wholesaler just like Sam’s Club or Costco and buy a bigger jar. It may be more expensive at the moment but it will definitely be cheaper than having to keep buying more of the smaller containers. This is a good trick for any type of nonperishable food that you find yourself buying more frequently than not. Other cheap foods are canned beans and vegetables. Rice and grains can be bought in bulk for very little cost and you can come up with some pretty great, satisfying meals.
Don’t eat out all the time! If you're a college student, I’m sure you get extremely tired of eating the same dining hall food for every meal of the day. So, why not treat yourself to a sushi night? My roommate and I tend to order enough sushi to feed our whole hall in a single month, which takes a serious toll on our bank accounts. Treat yourself, but try to avoid going overboard. Easier said than done, but you will seriously see a decrease in the depletion of your cash flow by the end of the semester.
Take advantage of the resources that you have. Most colleges provide students with money that can be spent at campus cafe’s only. Use it carefully, especially when you are feeling you hate the food in the dining halls.
Are you spending unnecessary money on things you don’t need? Did you really need to get your nails done and spend the extra money to get the french tips? I’d say yes and come up with every excuse in the book to ease my guilt. Opt for cheaper alternatives, like skipping the gel or ANC and paint your nails on your own like you did when you were younger. This way you are not obligated to spend money every two weeks to keep up with your constantly growing nails. Save the treat of getting your nails done by a professional for special occasions, or when you come into some sweet cash.
Avoid online shopping! Oh, how easy it is to type that 16-digit number in exchange for that new and trendy hat that you will probably only wear once. It’s not real money, so it's easy to forget the real cost. Leave your credit card at home when you go shopping in real life too. If you stick to the cash you have, you are defaulted to only spend as much as you own. It seriously puts spending in perspective.
If all else fails, it’s just money. You will earn it back eventually, you may just have to work a little bit harder.
