academla:

In the wise words of ABBA, “money money money, must be funny in the rich man’s world.” Unfortunately most students are hardly part of the rich man’s world, so here I’ve compiled a list of tips regarding how I personally manage to save and budget my money!

general tips

• ask yourself: do you really, really need this, right now? my parents make so much fun of me because i will spend half an hour in a store and end up not buying anything, but this is a really important and effective way to prevent purchases that you could justify, but don’t actually need. i LOVE christmas shopping and gift shopping, but i have to limit myself to one gift per person. do they really need a second gift? even if it seems cute and perfect? no. you want a second or third vest, but do you need it? you have a washing machine and you can wear that vest more than one time before washing it.
• keep money in perspective. if you see something that you think is a good price, check yourself by measuring it against a practical essential. for example, you could get that $20 top, OR you could get 9 toothbrushes for the same amount of money. (that’s kind of a lame analogy, but you get what i mean)
• do not spend unnecessary money just because it’s a sale! make sure to still ask yourself if you need it. even if it’s a great sale, remember that it’s still money that you’re spending. spend it wisely! it’s better for your purse if you spend nothing because you don’t absolutely need something than if you spend even a little bit on something you don’t need.
• BUDGET/TRACK YOUR SPENDINGS. (see below)

budgeting

• download money-saving apps. I keep track of my spendings by keeping a binder full of all my receipts, taped to paper and inserted chronologically. And I use spending tracker by MH Riley Ltd (free on the app store), which allows you to log expenses and income, set budgets, and create categories. You can see pie charts for a breakdown of how much you spend on each category as well! I’ve used it for a couple months now and it’s been really useful because I can also see how much I spend in a big spending month (December) vs a normal month. I honestly spend a lot less money than I feel like I do - so it helps me stress a little bit less about money - and when I know that I log every purchase, it helps me save more and be more conscious of what I’m spending (similar to the effect that paying with cash instead of card has).
• budget before each month/semester/season. You’ll have a general plan of what’s going to happen in that time frame (trips, classes, weather) and can plan expenses accordingly - estimate how much you’ll spend on whatever you’re planning to do. Leave yourself a cushion (I usually overestimate by a lot on purpose haha) and allow for food/leisure/shopping expenses. It can also help to work backwards, starting with a baseline amount of money you want to spend and either dividing it up by week/month (spend x amount of money per week), or breaking up the sum into categories as previously mentioned.

shopping tips

• sign up for rewards at pharmacies. i am a hardcore CVS customer and saver, and i’m not sure about other pharmacies (from my experience, they aren’t nearly as good when you need to save). one time i saved 52% on my purchase! they’re great with giving you extrabucks and with a card, you can often take advantage of a LOT of deals.
  
• clip coupons to your heart’s content! seriously. coupon clipping is nothing to be ashamed of. i am that person that shows up to the counter with a stack of coupons #noshame.
• settle for non-brand name products (sometimes). this isn’t a foolproof rule; there are some items where the less expensive version is actually bad compared to the more expensive brand names, but usually the cheap brand of food is okay/tolerable too, and can be significantly less expensive, and if you go with the generic brands, the savings stack up. 
• shop online. look out for in-store deals. old navy is my all time FAVORITE to online shop. they have excellent deals, esp around the holidays. stores have sales relatively frequently; if they don’t have any sales going on (other than their sale rack, which is always a good place to check first), go back again later.
• go straight to the sale section. this is pretty obvious.
• look at unit prices. the best deal is really based on the unit price. i get that sometimes you just want the least expensive item, but if it’s something like a baking essential and you want to get the best quantity for the price, check the unit price first.
• if you are small enough, check the kid’s section. kid’s clothes and shoes are generally less expensive. an adult small is usually equivalent to a girl’s L or XL, and a boy’s M or L. an adult size 6 shoe is usually a girl’s size 3. they make some wicked cute sweaters and t shirts and shoes for kids, and you can save up to 50%! especially on small things like flip flops, plain t shirts, etc.
• tell stores when your birthday is if they ask! i know a few stores do ask for your birthday (vera bradley is the one that jumps to mind first), and if they do, TAKE ADVANTAGE OF THAT! i got a legitimate coupon from vera bradley for the month of november out of it and was able to get a wallet at a great discount!

‘checks and balances’: college student style

• shop with cash. when you pay with cash and not a card, you see how much you’re spending. i get paid in cash when i babysit, and that’s usually my spending money for the week. if i’m out of cash and i’m going shopping, i’ll withdraw like $40-60. when i have the physical money in my hand it’s easier to reality check and budget than if i swipe a card, even if i have a number in my head already.
• take your time. okay, this isn’t always an option, but impulse buys are what often get people - those little things at the line in forever 21, or the candies by the cash registers at k mart. take time to deliberate over whatever it is that you’re buying.

saving on practicalities

• rent textbooks. i know there are a lot of websites out there where you can supposedly download books. i haven’t looked at any of them (here’s a masterpost by @blogresources that includes a section about free textbooks), but i know i prefer having a physical book. you can rent most textbooks (i can’t make guarantees, but from what i’ve seen/heard) on amazon for a fraction of the price, and they will give it to you for the entire semester. for example, i need a textbook, and i could buy it for $143 or rent it for $22.
  
• don’t buy fancy stationery. use that as a major splurge, but honestly, you can get by just fine with $1 notebooks from the pharmacy and pens and pencils that will do the job. i have found plenty of pens that cost less than $3 that i love.
• carpool / bike / walk / take PT when possible. it depends where you live; i know that sg has an amazing PT system. it takes longer to get places, but costs like $3 from one side of the island to the other. if you live in boston and places are available via the T, take advantage of that, and so on with all the cities out there. if you can reasonably bike to somewhere, do it. walking is always best. but don’t let yourself get hypothermia! if it’s cold, take a taxi or car. gas prices stack up big time, and it doesn’t really make sense to have a car in college anyway! 
• don’t eat out. don’t go to starbucks. these are small things that chew up a LOT of money each month. i limit myself to eating out once every 1-2 months, and set a $10 limit when i do so. starbucks/dunkin donuts = splurge. bring water/drinks and snacks with you, especially if you know that you’re going out and will likely get hungry!
  

disclaimers

• REMEMBER TO TREAT YOURSELF SOMETIMES. set a budget each month and if you come out under the budget, it’s okay to treat yourself! don’t use up all the deficit if you can, but treat yourself to something nice that you don’t explicitly need but that you’ll use.
• make allowances for social events! if you are hanging out with a friend, going to the movies, going out to eat, etc, be mindful of your money but don’t turn down an invitation just because you don’t want to spend the money. going to a movie once every 1-2 months is okay! you can find someplace inexpensive to eat, or agree to eat before going and just get ice cream (less expensive) after.
• moderation is key. this all sounds really restrictive, but do remember that moderation is okay here. you shouldn’t sacrifice your comfort and health just to save some money. everything will be okay in the end, and stressing about money isn’t good for anyone.

please message me if you have any other specific questions!

(via studyandlush)