Unless your Kimora Lee Simmons or Donald Trump chances are
you have limits on the amount of money your able to spend.
The ability to manage your money in school is important to
keeping debt to a minimum while being able to enjoy the fun
activities college life has to offer. Of course, as a part
of a college budget, it's okay to spend money and purchase
the items you want when you can afford it. And if you take
the time to be a good shopper, your money will go a lot
further - without breaking your college budget!
If you follow a simple student budget, you will have more
money available to afford the activities that make college
an experience you'll always remember. What's more, you
will avoid college debt which means a brighter and richer
future for you, your family, and your friends. That is how
you will reach your financial goals and enjoy the things in
life that make you really like doing.
Listed below are the top money saving tips for college
students that will make your college budget stretch further.
1. List what you want - This is a fun exercise that will
help you spend money on the things you truly want. Take a
pad of paper and write down everything you want. That new
sound system, house on the beach, new wardrobe, car, toys,
electronics, whatever it is no matter how big or small
write it down. Now that you know what you want list them
in priority. What is it you want the most; put that at the
top of the list and work your way down.
With this list you maximize your college budget and are
able to purchase the items you want the most. Seeing the
items you want to work toward can provide strong motivation
for you to earn the money necessary to buy them. Knowing
what it is that you want the most and what will make you
happiest is a key component for a developing college
student budget that allows you to get the items you want
while not overextending yourself.
2. Daily Splurges —Those small everyday purchases
that on a college budget plan add up more than you may
realize. A four-dollar coffee, during the week, adds up to
over $1200 a year of needless spending. That's a 4 star
trip to Mexico with your friends for 5 days. What would
you rather buy with the $1200?
3. Shopping for entertainment - It can be fun to window
shop, but only if you don't lose control every time you
spot a "bargain." If you have the will power to keep your
student budget, definitely go window shopping and enjoy
yourself.
4. The good deal shopper - If you have a closet full of
clothes with sales tags still attached, your discount
shopping may cause you to get into college debt. Avoid debt
by purchasing items that you truly need and will use. If
you're experiencing buyers regret after a purchase, don't
be afraid to return those items.
5. Compare prices - If you follow the steps above you will
avoid buying on impulse and stick to your student budget.
This gives you the luxury of being able to compare prices
of a particular item so you can take advantage of discount
stores and the Internet for tracking down the best price.
6. Off-season Shopping - Buy your snowboarding gear in
spring and your summer gear in winter. This will stretch
your college savings longer and it could save you at least
30% to 80% off what you would pay just a few months later.
7. Be creative - A little creativity goes a long way,
especially when you're tight on funds. Instead of paying
$120 for designer jeans, spend $35 for discount jeans pay a
tailor $12 to add stitching that mimics designer jeans. You
will look great and have money in your newly stitched
packet.
8. A Money Diary - Most of us have cash that vanishes each
month—to unknown stops for coffee or a quick burger.
To understand how you spend your money, write down
everything you spend money on: every coffee, every burger,
every bus or taxi fare. Keeping a money diary will help
you keep on your college student budget.
The purpose of these money saving tip for college students
is to make you aware of how you spend your money, and it is
the first step in developing a budget. There is a good
chance that after an entire month of doing this, you will
begin to think a bit more before you spend. After 30 days
of keeping a diary, ask yourself: what have you learned?
Are there areas where you feel you spend too much?
9. Opportunity Cost - With every purchase you make there is
a direct cost (cash) and an opportunity cost. The
opportunity cost is the cost of something in terms of an
opportunity forgone. In other words, what else you could
do with the same amount of money. What is the opportunity
cost of spending $470 for an iPhone? It may be very high if
it means you will not have the $470 for something that is
more important to you.
To maintain your college budget, this is a good exercise to
repeat from time to time as your income and circumstances
change. Five years from now your spending habits will be a
lot different than they are today.
Since there is a limit to the money in the college student
budget plan you need to live within your means, let's get
real about your budget and your finances. Once you master
these money saving tips for college students, saving money
to live your dreams will become easier.
----------------------------------------------------
Vince Shorb, young America's success coach and author of
'Financially Free by 30' shows young adults how a simple
college savings plan can give them the money necessary to
invest and retire young. More information about the first
multi-media program designed to help young people live a
dream lifestyle and a free 5 step video course can be found
at http://www.FreeBy30.com .
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