College is undeniably difficult in more ways than one. Aside from learning how to manage your time, you also need to learn how to manage money effectively so that you can enjoy your student life without becoming broke. Here’s how you can do so:
Track your finances
Before anything else, you should know where your money goes. You can use whatever method you like, whether that’s a traditional pen and paper method or a money manager app. You’ll be surprised at how small expenses add up! Once you’re aware of your spending habits, you’ll see where to cut down. Perhaps you’re spending too much on food takeout when you can cook in your dorm instead.
Create a regular budget plan
After tracking your finances, you can now create a budget plan. Use whatever time frame works best for you then set a percentage for each category of expense you have. Have a savings target, too! Some use the 50-30-20 rule where they spend 50% of their income for needs, 30% for wants, and 20% for savings. However, this can vary for each person so feel free to adjust based on your lifestyle as long as it’s reasonable and realistic. Use different envelopes or savings accounts for easier organization.
Maximize being a student
Take advantage of those student privileges! Many brands offer discounts and deals on their products, such as food, transportation, subscriptions, and more! You just need to take the time to research and apply. Some discounts may not seem much but they’ll save you a lot of money in the long run. Also, don’t forget to use your campus amenities such as gyms and libraries!
Think before you spend
Before a purchase, ask yourself, “Do I really need this? Any alternatives?” If you need a textbook for class, buy second-hand. Instead of buying single use products, invest in reusable and high quality ones. For example, the Jelli M1 mask is more than a reusable transparent mask—it’s comfortable for everyday use and lets you slay your fits even better with its sleek design! Another rule of thumb to avoid impulse buying is to wait a week before deciding, or even better, wait for sale periods. This February, we are offering a 20% off discount when you check out with the code CUPID20 on jellim.com. Don’t miss it!
With these tips, we hope you’ll no longer be a “broke college student.” Managing money responsibly may seem tough sometimes, but it will be worth it for your future self!
Cover photo by Jp Valery on Unsplash