Everyone struggles with trying to budget their money, especially college students. There is always something going on and you want to be a part of it but your financial situation is holding you back. Do not worry about feeling left out because there is always something else going on. However, if you are looking to save money, here are some tips I have found useful.
1. Hide money in different places.
Make sure you remember at some point where you put it otherwise you may never find it again. This tip works because it goes with the "out of sight, out of mind." You will forget you have that money and not spend it. But make sure to put some in different places so if you do find one hiding spot, you still have more hidden.
2. Pretend you do not have money.
It is a mindset that works really well. When in doubt, just always think you do not have any money. It is a useful strategy when you are at Taco Bell at 1a.m. and you end up not getting anything. Small purchases add up so be careful when you tell yourself that it is only $5.
3. Put half of your paycheck in savings.
This works really well because after your paycheck, you will earn some spending money and you will save money at the same time. Just do not abuse your savings account because that should be there in case of an emergency. Once you tell yourself it is okay to withdraw money from your savings once, it will be hard to stop.
4. Ask yourself if you really need it.
Before you buy anything, ask yourself if it is worth it. Sometimes the answer will be yes, but most of the time it will be no. Do you really need that black tank top even though you have one really similar? Some purchases are worth it like a concert you are dying to go to. If you ask yourself these questions, it will prevent you from making an impulsive purchase.
5. Take advantage of coupons.
There are millions of coupons online and on apps. If you really need to buy something, go look for a coupon before you go. Another strategy if you could not find a coupon is to research the product and try to find the store that sells it the cheapest.
6. Shop the sale rack.
People have a mindset that the sell rack does not have any cute clothes. This is untrue because it is compiled with clothes that they do not have a mass collections of anymore and they are trying to get rid of it to make more room for different items. The sale rack will turn into your best friend once you get rid of the stigma.
7. Save your coins.
Most people when they get change either put it in the tip jar or lose it immediately because it is just "worthless change." There are now machines called Coinstar that allows you to exchange your coins for cash with a small service fee. Also, some banks allow you to do the same with the coins and do not charge a fee. This method has some in handy several times because you do not realize how much money you have when it is in coin form.
