Cut the extra spending, save some money
As a college student money can be tight. From tuition and textbooks to fast-food and iced coffee, it’s hard to know when and where to cut back. You’re on your own for the first time, maybe you’re starting a new job, have a paycheck and, well, you may lose control with spending now that you have access to a little bit of money. Not to fear because budgeting can be your friend and helpful partner as you make your way through adulthood. So, if you need a few tips keep reading.
Start by looking at your bank account, where you spend your money and find the average amount you spend a week. It may be a frightening thing to do but it’s a step you need to take. Once you have the average amount, it’s time to ask yourself how much do you want to cut back or start saving?
From there look at the different ways you can do so, or here are some things you can just start doing.
That morning Starbucks coffee, as much as you may want it, think about how much overall you’ll be spending on coffee you can make at home. With the amount you spend on let’s say seven coffees you can make dozens at home for a much more effective price. If you can’t quit Starbucks, consider cutting back the number of times a week you stop by.
Or, if you have a meal plan USE IT. Budget the money on your student card for coffee or the occasional meal at the SUB, the more you take advantage of your meal plan the more money you’ll be saving.
If these things don’t apply to you, write out the numbers and list of things you want to save for. Take a certain amount from each paycheck and put it aside, literally. If possible, get some envelopes and a safe hiding place. Withdraw the amount in cash that you’d like to put away and store it in an envelope. You can even label your envelopes and split it up to save for different things. Moving money out of your account in this fashion could help fight your unnecessary spending as it’s not at your disposal anymore.
If you’d like to go a more virtual route, try Cash App. You can easily move funds into your account and you can even order a free debit card that comes with your account. Start placing your spending money in that account and track it, or only use the card for certain personal spending.
However you decide to budget, start now. It won’t be easy to do but the longer you keep with it the more you save. So cut the fancy coffee and drink you can home brew; your bank account will thank you.
