Sunday, November 22, 2015

Of How To Live On A College Student Budget

  1. Keep a record. I use Microsoft Excel to categorize all my spendings. Use different tabs for different categories (e.g. groceries, transportation, eating out, etc). Doing it on a monthly basis allows you to track your spendings so you can see where you can cut down.
  2. Use cash. I generally hate spending cash because cards are simply more convenient. But it's easier to stick to your budget when spending cash because you literally see your funds vanishing.
  3. Start a savings account. If you don't have one already, go start one now with your bank. Try to get into the routine of transferring money into on a monthly or bi-monthly basis. You can do something as small as $5; the point is to get into a habit. I always move the funds immediately after I'm paid so I don't forget and end up spending it. 
  4. Make a wish list. Stop impulsively buying things. If you stumble across something you want, write it down. Collecting a list forces you to prioritize what items you want/need more than others. 
  5. Cut down on buying little things. A pack of gum here and a coffee there really do add up by the end of the month. If you're a regular coffee drinker, set aside a specific coffee budget that breaks down how many coffees you can have per week. 
And if none of those seem to work, just get free meals from Tindr dates. Just kidding...

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