Money: that one topic that gets everyone tense. The joke "broke college student" applies to me more than I wish. All of us have probably had to phone our parents saying, "Hi, Mom and Dad! How are you? By the way, can you give me like $200?" to which they start screaming at you because they filled your account a month ago and are asking what happened to all of it.
I admit it. I spend avidly. It can be hard, especially living in a city such as L.A., where every cool coffee place that "you have to try" costs about $10 per trip and that one item on Amazon just seemed like a really good idea at the time.
The truth: Managing your money is hard. You're not alone in that. Take control of your budget and make money work for you. Here are some tips for you on how to get through college on a budget:
1. Look at your bank account.
Yes, it is scary looking at your account and seeing your balance depleted within a week. It's happened to all of us. However, you should not fear those numbers. By getting in the habit of checking regularly, it reminds you that those numbers actually mean something and it keeps you in charge of how much you really have. Put your banking app next to Instagram if you have to, but just look. It hurts less the more you do it.
2. Mint
If you're tech savvy or just like finding new apps, the app Mint is a great finance guide to keep your spending in check. Once you link Mint with your bank account (it is safe and protected), Mint goes through your purchases and categorizes your spending by sections such as groceries, restaurants, clothing, coffee shops, and movies & DVDs, while giving them a budget for how much you really should be spending on each one. The app also gives you tips on how you should spend the rest of your money so you don't end up broke or in debt. It's a handy guide that acts as your mother saying "Stop spending your money on stupid stuff," but nicer.
3. Student Discount
This term brings joy to my heart. A lot of restaurants, stores, and various entertainments give you a student discount when you use your student email or an in-person student ID. Here's a quick list of some companies that will help you cut your spending: Amazon, Spotify, Microsoft Office (lets you download Office for free), Apple, Banana Republic, Topshop (online only), Subway, LACMA, and various movie theaters.
4. Coupons
You're not acting old. Coupons, whether they are in newspapers, online, or on apps, can save you a ton of money. It doesn't hurt to search for them. Websites like "vouchercloud" and "RetailMeNot" both have coupons for just about anything you can think of. The "hassle" of finding coupons is worth every penny in the end, trust me.
5. Share
Being in college means that you'll probably be going out with friends a lot, more specifically, spending with friends a lot. Try suggesting to your friends next time to buy groceries and supplies in bulk and share them so you use all of what you buy and spend less on individual items. Sharing cars or using Uber with each other saves gas and gas money, and group discounts sometimes work, depending on where you're going (do your research).
Some other tips are:
Save loose change, eat out less, buy generic products, look for sales, research inexpensive or free entertainment, assess the necessity of an item, and free is always good.
You can make it through the semester without blowing a hole in your pocket.
Good luck!
