As a current junior, I have run into many instances when I’m short on cash. It makes total sense to splurge on that queso burrito at Qdoba or purchase that music concert ticket because you’ve been dying to see this band play live. However, it is so very important to save, save, SAVE while beginning your college career.
Though it’s only happened several times, nothing beats the feeling in the pit of your stomach when you realize you’re all out of money and have to give dad a call. Even though my dad usually understands and is willing to provide me with some extra cash, it still will always upset me when I can tell I disappointed him with my spending habits.
After reflecting on my numerous debt slips over the years, I have come up with several tips that I personally use to avoid that cash flow streaming out of my pocket. Every time I’m handed change after a transaction (which is not often because I routinely swipe that plastic), I make sure to store the coins. I have a jar in my room that I pour all of my change in and once it’s full, I cash it in at my bank. Seriously, it works so well every time. I think my highest change deposit turned out to be around $35 or so! That’s like 35 McChicken’s!! BUT instead of running to Walgreens and buying needless products to celebrate, I immediately deposit the change into my checking account, making myself $35 richer.
Another tip I use to avoid spending all of my life-saved earnings is to create a weekly budget for myself. I allow myself to spend about $25 a week; once I’ve reached my limit, it’s done. No more spending. This is extremely helpful because as an impulse shopper, I’m more easily able to remind myself to set the H&M maroon sweater down because I’ve surpassed my weekly budget for that week.
Since I only really have two tips that I use to save my money, I researched online and found many other solutions to our dwindling cash account.
1. Separate wants from needs
2. Don’t open multiple credit cards
3. Use apps to track your budget and spending habits
4. Don’t succumb to peer pressure
5. Get a job!
Take a look at this infographic that provides facts and statistics on college student spending. What you spend your money on?
**Hard to read? Click on the image and it will enlarge!**