Managing money is a struggle! As a college student, staying in good financial health has been a challenging task. Over the years I have learned three simple money tips that drastically improved my finances. Avoid the draining feeling of a low balance by trying to incorporate at least two of my tips into your college living routine.
Creating a budget
Budgeting starts with tracking income and expenses. At the start of the month, I review the previous month's bank statement to understand my spending patterns. Using a spreadsheet, I categorize my expenses into “expected” and “actual” columns. This allows me to estimate the current month’s expenses based on past behavior and make adjustments as the month progresses.
If you really want to get detailed with it. You can split your money into percentages. For me, 60% of my money goes toward personal spending and 40% toward savings. This helps me keep my money organized.
Save on transportation
When I was a freshman in college I did not have a car. While it felt limited at first, realized the cost-saving benefits of carpooling with other student-athletes. I spend around $50 a month on gas. Around 20 minutes a day parking. Which is around 2 hours a week on parking alone. So I lot of time and money goes into transportation. I am not saying you have to walk everywhere. However, you can use services like ATA Bus to get around campus for free. You can even ride the bus to Walmart to get groceries. Two money-saving methods in one.
3. Limit Uber eats
I think Uber Eats is making people lazy. And causing serious unchecked financial problems. Especially for college students accustomed to instant gratification. No matter the cost. Here is my solution stop eating out and buy groceries. You can make it fun. Go shopping with your friends (with a list please). Then cook a meal together. Not only will this save money but it will provide you an opportunity to make meaningful connections.
Bonus Tip: Check out this list of financial books here to start saving your finances now.