- Don’t buy food, or at least buy less. This is probably one of the most relatable money-wasters for college students. We all need to eat food, but we don’t all need to go out to eat. Make use of your meal plan by using it. If you don’t have a meal plan, or have a limited one, then buy your foods from the supermarket to get a better deal.
- Search for deals. It’s easy to buy where and when it’s most convenient, but that doesn’t necessarily mean it’s the best option you have. If you’re looking for clothes, search online for other stores that might have similar things for less. Similarly, look at different brands when buying food. You can save a lot of money by buying “off-brand” foods.
- Avoid impulse buying. Many college students, especially younger college students, have very small funds in their bank accounts. As a result of this, a $20 purchase is often a lot of what they have in their checking accounts. For this reason, it’s wise to sleep on these decisions. Ask yourself “Do I need this?” If you’re not sure, then have a good night’s rest and decide in the morning. No matter what it is, it almost certainly will still be there a day later.
- Create a zero-based budget. If you’re unfamiliar with this term, it’s basically assigning a function to each dollar in your monthly budget. For example, you can allot $50 for going out, $100 for your savings, $60 for food, etc. If you stick to this plan, then you’ll have no trouble at all saving.
