Being a student is hard. You have to keep up your grades, have a social life, and take care of yourself. It’s even harder being a student when you don’t have any money. The looming student debt cloud follows you around, but you don’t want to be the lame person who only studies and sleeps. Fret not, students, there are ways to budget the money that you do have so that you don’t end up in even more debt.
Use your phone.
You’re probably on your phone all day anyways, might as well use it to keep track of your finances. There are apps that round your spending to the nearest dollar and then invests your spare change for you. Some apps even categorize your transactions from your credit and debit cards and compare them to a budget that you can adjust at any time.
Set a spending limit for going out.
Remember YOYO, the relative to Drake’s motto YOLO: you’re only young once so you should spend some of your time at school going out and having fun. But without limits, it can be easy to see your bank account depleted at the end of the month. Instead, set aside a set amount of cash for going out so you can limit your spending!
Treat your bank account right.
Avoiding your bank account is a well-practiced talent, but bite the bullet and make sure you check it regularly so that you can set alarms and make your payments on time. Also, make it a goal to have a rainy-day fund saved in your account just in case something happens.
Take advantage of being a student.
As much as being a student can suck when it comes to money, it also comes with perks. Stores and restaurants often have student specials or discounts to attract your business. These specials can save you precious dollars to put toward your next night out. You can also use your student status to borrow textbooks from the library rather than buying them at full price.
- Buy generic rather than brand name.
We unconsciously trust brand name items over generic, but after a closer look at what makes the product, they’re usually the exact same make up.
- Shop at the dollar store.
it’s not the coolest place to shop, but they do offer many staple items at a discount that save you even more money.
- Use coupons.
Tap into your extreme couponer persona and search far and wide for coupons for your purchases. Like the experts, you’ll feel the rush of saving 15 cents.
- No impulse purchases!
If you don’t need the item to survive, it’s better to pass on it until you can afford it or it goes on sale.
- Disconnect your credit card from online stores.
The extra step of filling in your credit card manually will give you time to think about the importance of your purchase.
Smart choices and planning will help keep your finances in control!