Page 31 - 2015 Summer - To Dragma

Five Tips for Saving Money in College

Tuition, books, activities, dues and meals - the cost of attending college is enough to make anyone a little
nervous. Leaving home for college is a learning curve in more ways than one. One of the significant ways is in
money management. Here are some tips to help you have a little more wiggle room in your wallet.

Tip 1: Make a budget and stick to it.

It doesn’t take a rocket scientist to understand that creating a budget is a very important step in
money management. However, identifying your budget is only half of our first tip. Sticking to
the budget you’ve created for yourself is a must! For those of you who haven’t yet lived life
on a budget, believe the rest of us when we say that sticking to your budget can be difficult
at times, but it is rewarding in the long run!

Tip 2: P lan ahead.

From weekly meal planning to monthly bill payments, nothing is too big or too small
to plan for financially! Planning ahead allows you to stay within your budget and save
in the long run. Will you need extra money in the months ahead? It’s wiser to plan
and save a little each month for your formal, beach weekend or holiday shopping in
advance rather than relying on credit cards.

Tip 3: Avoid impulse buys.

We’ve all been there. You just went to the mall to help your friend pick out a new outfit for her
date next weekend and next thing you know, you’re seated in the shoe department waiting
for the sales associate to bring you a half size bigger in the boots that caught your eye. It all
happened so fast! It is important to recognize that your next move determines the fate of that

budget you worked so hard to create in Tip 1. Please listen to this advice - walk away for at
least 48 hours. If you still have to have the boots, decide how you will fund them in your
budget and go buy them. Chances are, however, that your initial desire will fade and you
just saved yourself (and your budget) an impulse buy.

Tip 4: Live by the motto: “If it’s for free, it’s for me!”

Take advantage of all the free activities provided on your campus, in your dorm or at
your apartment complex. Campus organizations and clubs often use cook-outs or ice cream
socials as recruitment incentives. Don’t be shy - these events are a great way to meet new
people and enjoy a free meal or dessert. In addition to campus offerings, be sure to check out
what specials local businesses in your college town have to offer students.

Tip 5: Learn how to say no.

Do yourself a big favor and learn how to say no without guilt when your friends expect you to
eat and/or go out several nights a week. Suggest a cheaper (or free) activity or skip out on what
you cannot afford. You are the one who knows your financial limits, so accept that you may not be
able to keep pace with a friend who seems more well off. You will thank yourself later and may discover that
some of your seemingly wealthy friends are broke before the semester ends!

Issue no.3 • Summer 2015 To Dragma • 31