College is extremely expensive even with the assistance of scholarships and financial aid. There is one thing that all college students need, but cant seem to keep, and that is money. We spend it everywhere we go. When we go to dinner, the movies or even back home, we spend money that we later wish we had saved. It is hard to say no when you walk into the clothing store and see an outfit on the mannequin that you know will look great on you. You have to buy it, don’t you? Unfortunately, that’s the beginning cycle of a fashionable college student who is not able to save their money. Small things like eating out too frequently can hinder you from having money in the bank. Here are some ways to add some cash to your pockets and your personal bank account.
1. Use cash when you go shopping
When you go to the store take a certain set amount of cash with you. If you take a debit card, you have a mindset that your budget is unlimited. The truth is, you will only spend more money than you intend to. Cash is visual and you will be able to see it go. If you want to save money, seeing yourself spend it will keep you from overspending.
2. Create a spending envelopes
A great way to manage the money you spend is to create an envelope system. You will need about five or more envelopes, and label them for certain expenses such as tithes, bills, eating out, shopping, entertainment, and other expenses that are important to you. Then put a certain amount of money into the envelope that you would like to spend on the specific expense. The key is to not take out or put more into a certain envelope. This will keep your spending organized and it will also help you save your extra money.
3. Limit your trips during the week
Everybody loves to take trips home, whether they live twenty minutes from campus or an hour and thirty minutes. Getting gas at the beginning of the week and limiting your trips during the week can help you save money. Gas is an expense that is necessary, but it does not have to put a deep hole into your pocket if you take trips once a week or once every two weeks.
4. Save your single dollar bills
After going out and spending money during the day place your singles in a jar. If you have twenty or ten dollar bills keep them in your wallet for the next few days. Every month take the money you saved in the jar and deposit it into your banking account. That money will add up and if you do it every year it will be the ultimate saving technique.
Hopefully, these tips of saving money will help you in college and later in life. We all want to have money to go to in case of emergency or in case of pop up family vacation. These are simple ways to start saving money, and it will benefit us all even in the years to come.