College students are notorious for being broke – especially in today’s world where the average student loan debt looms ominously over the post-graduation horizon. But as a student, you don’t have to give into this stereotype. Yes, you read right... you don’t have to be broke!
During your time at college, you’ll learn about your limits, both personally and financially, and you’ll learn that you, and only you, have the power to control your finances. To help prepare you for this newfound responsibility, we’ve got a few tips for keeping your spending habits in check.
To start, and this is a key for anyone making a purchasing decision, ask yourself a few questions. Do I really need this? Why do I need it? Can I find a better price? Simple, but they’ll help you avoid impulse buying.
If your answers to these questions are being influenced by peer spending pressure, try to remove yourself from the situation and realize, you’re not the same as your friends. Everyone has different income levels, lifestyles, and family situations – and yours might not allow for superfluous spending habits.
While that might be difficult, students are always surrounded by social situations filled with pressures – and it’s important to monitor your emotional spending habits, too. In the moment, spending on entertainment or other unnecessary costs might make you feel good – but will your bank account the next day?
Last but not least, budgeting and saving play a key factor in setting yourself up for a positive financial future. When it comes to budgeting, it’s simple – don’t spend more than you earn and keep track of the flow of money in and out of your bank account. And remember, there is always an opportunity to save.