Saving money doesn’t come naturally for some, and there are certainly people who are much better at it than others. While some of us our frugal/thrifty types always in search of a bargain, others spend money like water and burn through it quickly like a bad drug habit.
Living comfortably is always nice, and drowning in debt or the feeling of being constantly broke is not good for one’s mental wellbeing. And if you’re a college-aged kid, then you already know the feeling of being broke all too well.
1. Establish the big difference between your wants and your needs
This step is a major. Establishing the difference between things you really want and things you actually need is huge. Yes, Starbucks is amazing. But at $4 a pop that adds up quick if you’re making daily coffee runs to fulfill your caffeine urge to splurge. Including the gas it takes to get you there if it’s not within walking distance. Although the old-fashioned 99 cent coffee might not be your favorite it’s still coffee and can satisfy your need for it. $4 a day adds up quick, and in a matter of 30 days that’s roughly $120 a month spent on luxury coffee that you don’t actually need.
2. Online shopping can be your worst enemy
The convenience of online shopping is almost too easy. With the superbly simple one-click techniques à la Amazon, online shopping can open a world of pleasure and excite us with the packages we receive at our door as a result. But with ultimate convenience comes a price. Online shopping is particularly sneaky by how it draws us in and zaps our bank account/credit card with the click of a button. And why we are thrilled with our new items, we aren’t too thrilled when that credit card statement comes in the mail soon after… or your parents who handle the bill for you while “your off applying yourself at school”. Do yourself a favor and stay far, far away.
3. Don’t try and live beyond your means
If you don’t have a ton of extra money there’s nothing wrong with that. By being realistic about your financial situation, whether your employed or not, this will help for your idea of proper budgeting. Buying something on credit that you really can’t afford isn’t the best idea. And it’s really going to suck when you realize living like a 20k millionare is going to come back and bite you in the ass once you’ve maxed out your available funds and credit cards to pretend to be something that you’re not.
4. Remember, you have legs
Okay, while taking a cab to get to and fro is nice, if something is within walking distance then remember those two things that hold you upright and get you from Point A to Point B just fine. As a result you’ll burn some extra calories and save yourself some change in the meantime.
5. Ramen Noodles really aren’t that bad
Going out to eat on a regular basis is a huge spending habit for most people. If you’re not crazy about the idea of cooking that’s fine, but be smart about where it is that you go out to eat. Think ahead by hitting up the grocery store at the beginning of the week so you’re not stuck in a crunch with no food options to whip up. And those 20 cent Ramen Noodles aren’t going to wreck your stomach the way that Taco Bell value menu food will.