Money Tips for College Students

By: Lilly Kate Diaz ‘20

I’m sure we’ve all joked about being broke. (Who hasn’t been the broke college student?)

But as adults, we have to have some responsibility with money. 

And as we pass February and the following months, we will experience some type of drainage from our wallets. 

So, as I have done some seeking of ways to save money, I figured that I should pass down 5 tips that I think are super useful. These tips don’t need to go in order, but you can if you want!

1. Differentiate Between “Needs” and “Wants”

I think this is probably the hardest (yet easiest) step when it comes to saving money and using it wisely. If you’re a visuals type of person, make a chart of your wants and needs! If you’re not, just make a list! For example, that spring break trip to Cancun should be a want, not a need!

2. Realistic Budget Goals

Even though this article is supposed to be about saving, it doesn’t mean that you should NEVER spend money because that just doesn’t help you get the things you need. For example, you can make a budget for things that need to be taken care of and paid for. Don’t forget to save some money for personal expenses!

3. Overestimate Expense/Underestimate Income

When you overestimate expenses, that usually forces you to chill out with the spending and lets you focus on things you NEED (I will keep stressing this until forever) and things you may WANT. Underestimating your income also allows you to again, focus on things you NEED/WANT.

4. Expect The Unexpected

In case of any and all emergencies, you should have some money saved for that. For example, earlier this year my laptop crashed on me, I lost some stuff (music, pictures, and some documents) and because I saved some money, I was able to buy a new laptop! You should always expect the unexpected and have some money stored away for emergencies!

5. Don’t Beat Yourself Up

Last of all, don’t beat yourself up. We make mistakes, sometimes we’ll make the reckless purchase on new shoes, food that we could’ve made at home, etc. AND THAT’S OK. As long as you have some money for needs and personal expenses, it’s ok. Just because you have a budget does not mean that you have to worship it and be strict with it.

And there you have it! Here are some tips that I hope will be useful when spending/saving money! You can also check out the FSA’s website for more help and info! Happy spending and saving!

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