As college students it’s easy to find ourselves short on cash. With a little planning and strategy, however, we can take small steps toward bettering our bank accounts. In addition to making a budget, here are five easy tips to help you save more money for that designer clutch you’ve had your eye on.
- If you have a job or other source of income, deposit half of your paycheck right after you receive it. I can’t stress this enough–if you make money, and if you keep that money with you, you will spend it. You think you won’t, but you will. Speaking from experience, the best way to prevent blowing a paycheck is to put some of it out of sight. The more, the better, but start with fifty percent.
- See something you want but hadn’t planned on buying? Sleep on it. One of the biggest causes of debt in the United States is impulse buying. Sure, that hot pink raincoat seems adorable now, but will you still want it in a day? A week? A month? Waiting to buy something reduces the chances of wasting money on something you want in the moment, but might not be what you really need to buy.
- Make a shopping list to prevent impulse buying. This tip goes along with number two. If you’re going to the mall, and you know that you’re looking for jeans, a pencil skirt, and some new wedges, write out a list just as you would if you were going to the grocery store… and actually stick to it. You won’t believe how much money you’ll save.
- Keep a jar for all your loose change. Simple, yet brilliant. I have a change jar on my desk, and every time I come home, I empty all the extra change I have into it. Then, once the jar is full, I take it to Coinstar and cash it in. This method is a good way to save for a trip or something else specific–you can label the jar with what you’re saving for to keep you motivated, too.
- Go generic when possible. Cereal, households cleaners, tissues–pretty much everything can be found in generic form these days. And the off-brands are usually a dollar or more cheaper. If you can stand the switch, I highly recommend it.
What Do You Think?
Are there any other ways you know to save money? Leave us a comment and share with us!