HC

The amount of times I’ve heard the words “broke college student” (and uttered them myself) is never-ending.  Unless you have very generous parents who fund your grocery needs, drinking habits, and late-night Tutti Gusti, you probably have a job or are just REALLY good at saving money.

While difficult, it is possible to save money as a college student. Balancing a budget is key, and here are some tips to help you do so!

 

Plan to save for the fun stuff – as well as the serious stuff.

Saving up for fun events like concerts and going out for friends’ birthdays is just as important as setting cash aside for important investments.

It is so important to keep mental and/or physical track of where your money will go. Using an Excel spreadsheet may sound tedious, but will make sure you know just how much you’re putting away for Spring Break, or those cool new Nikes.

This will also help you to keep track of how much money you will have left over for a night out in the city, or going out to a nice lunch with some friends.

A good starting point is to really think about what you typically do for fun, how often do you make time for it, and how much do you usually spend on fun events?

 

It is okay to cheat on your budget.

A budget is an estimate of numbers, not a hardcore exact-to-the-dime sum of money. If you plan for some splurge spending, you will not likely have to deal with the shock of your card getting denied at Food Lion.  This also means you will not have to call your parents and tell them you’re broke every time you want to do something fun.

Setting aside a secret amount of money from every paycheck, no matter how much, gives us the freedom to have fun without feeling guilty and allows us to be spontaneous while still meeting your budget.

 

Ask yourself if you need something or just really want it.

Sometimes, you can treat yourself to the “really want” items as long as you take care of the needs first. When we impulse-buy (we’re all guilty, here), we often buy things we do not need, or sometimes even want.  This results in 3 packs of Oreos or leather leggings from H&M that we don’t need or will never wear. This is why making smart and worthwhile cheats will prevent unnecessary over purchasing.

 

You can start, stop, pause and pick-up-and-go whenever you want.

Saving money is an autonomous choice, so no one will seriously get pissed off if you’re not doing so well with it. Budgeting needs to happen on your own terms whenever you are ready for it, on financial and emotional levels. If you are not ready to be a grown up yet, no one is stopping you from spending all your money at Back Country on a Thursday night.

 

The idea is to remain realistic about what you want and what you’re going to want to do, and to make sure rent is paid before pressing “Buy” on your online shopping cart.