When you’re in your college years you will see that a lot of the money you make will go to things like school tuition, books, high gas prices and many other bills. These bills make it very hard to save money to put into the bank and to keep some extra cash in your pocket for leisure. A lot of the money that you earn is probably being spent on unnecessary things though also. College students still may be learning the value of a dollar and may need some coaching on how to manage their money. If you read below you will see some useful tips on how to manage your money as a college student.
Set it aside – If you’re currently employed and you have paychecks coming your way, you want to make sure that you always put in at least some money in the bank each time you get paid. Whether you put in $100 or $5, anything is always better than nothing. Every time you get paid, treat the money that you’re putting in the bank as if it were a bill.
Where does it go? – Once you get paid set the money down and predict where it is all going to go. Whether you grab some money and say this is for my gas, this is for my phone bill, and this is for a new video game. Set it all down and see how much you’ll have left and where it all goes. This is a good way to see what you spend most of your money on. If you realize that you’re spending too much money on one thing, be sure to cut back so you can start saving.
Limit yourself – You also want to make sure you don’t go over your head with spending money on leisure. Going to the movies, the mall, sports game, ect. can be very expensive. Always make sure you limit yourself to these events.
The unnecessary – Are you a college student that buys alcohol and cigarettes on a weekly basis? If so, STOP. Cigarettes and alcohol are very costly and can drain your money out of your pockets in no time. If you’re serious about saving money, just quit all together. This can also go for students who spend a lot of money on video games, clothes and other unnecessary items that you don’t really need at the time.
How many times? – Be sure to keep record how many times you go out to the store to buy things. Try to limit yourself to going shopping. This can count for things like going grocery shopping, clothes shopping, and shopping at the mall. It’s easy to say that the more you go shopping the more you’re going to spend.
College students don’t have to be broke. If you’re currently getting an income you most likely are capable of saving at least some money. If you’re serious about saving, be sure to consider some of these tips. They will not only help you manage your money but they will help you see where all your money goes.