- Category: Volume 87 (Fall 2015 - Spring 2016)
- Published: 09 March 2016
- Written by THE OUTLOOK STAFF
The Outlook’s Advice on how to Save Money in College
As the semester begins to wind down, and the summer plans are right around the corner, the anxiety of where our money is going becomes prevalent in our minds. How does a broke college student make ends meet when we already have the full time jobs of going to school? Well, The Outlook Staff has a couple tips that will help lessen the burden of the hole in your wallet.
One of the key words to saving money is responsibility. Since we are in the stages of becoming full grown adults, and we begin to take on more tasks, it has a more loaded meaning. One way to be responsible is be aware of what you have. One editor mentioned, “I think just being responsible and aware of your account balance and spending ratio at all times is important to managing your money.”
Now what do you do if you’re an impulsive shopper? One editor adviced, “Don’t treat yourself as much as you want to because you’ll regret it. Use your money sparingly.” However, it is easier said than done, and it happens to the best of us. If you are found guilty of this, maybe setting up a goal with how to spend your savings after a certain amount is a great motivator to get you started.
One editor mentioned, “Have a goal that you are saving for. If you feel like you’ll spend your money have someone you trust save it for you. You’ll save so much money if you don’t buy food all the time.”
We can all agree that using our money to make memories is a lot more satisfying than to buy clothes. “The only time I’m totally cool with spending money is when it’s for travel/tickets/things that I can actually experience,” said one of the editors.
“I spend most of my money on experiences,” agreed another editor. “I think that spending say $250 on Disneyland tickets is much wiser than spending it on clothing or other material items.”
If you work at a place that pays in cash, putting it into your checking or savings account could prevent from unnecessary spending. From experience, one editor explained, “Whenever I make cash, I put it in the bank immediately so I don’t spend it. My debit card also transfers a dollar in my savings every time I use it.”
Many of us enjoy going out to eat, it could take a toll in our pockets. Setting a limit on how many times we go out could help. “As much as you want to go out to eat all the time, try to limit yourself to say once a week. I realize now that after going out to eat all of the time, not only is it unhealthy, but it’s expensive”
One important thing to take away from all of this is do not be so hard on yourself. “I think just not being so hard on yourself is the best way to manage money. You can spend on something else without being completely guilty about it. As long as it’s not a regular thing,” said one editor.
Be responsible and stay away from the food court shopping if possible and create more memories. We can all agree, college is about fun and you should spend money to have fun, but keep it under control and try to save as much as you can.