As an aspiring college student, nothing will feel more liberating than finally moving into your own dorm and making your way through the world. However, now that you're on your own, you need to be more careful than ever, especially when it comes to shopping. Though using your own money to pay for things is exciting, it's crucial that you don't go overboard. In fact, college is one of the best periods to start saving as much money as you can. In this article, we'll be providing you with a few ways you can shop smart and effectively as a college student.
Create a Strict Budget
Money is going to be incredibly tight at times, so having a good budget in place can help you refrain from spending too much. Budgeting is the most important financial skill anyone can have. If this is your first time, you may not know how to start. First, list your current income such as your primary and any kind of passive income. Then, subtract what you earn from your monthly expenses such as bills, food, and splurges.
This gives you a rough estimate of how much you'll have left. Every budget is different, but there are certain methods you can try to maintain balance with your finances. One such method involves the 50/30/20. This is when you take 50 percent of your income and use it toward all the necessary expenses. Afterward, you can use 30 percent for whatever comes to mind, like a nice dinner out. The remaining 20 percent is put into a savings account.
Make Financial Security a Priority
If there's any kind of expensive investment you want to make, it won't do to not have financial security first. Financial security is basically the amount of money you can fall back on in case you need it. As a college student who's probably just got their first part-time job, financial security can seem difficult to accomplish. However, this isn't exactly the case. Rather than slowly saving up money, you can procure a lump sum in the form of a student credit card. Student credit cards are designed to help college students start building up their credit early while giving them some money to use.
What makes these credit cards unique are the benefits that come with them. While they basically have the same purpose as traditional cards, student credit cards come with a zero percent interest rate. This means that whatever is spent on the card, it can be easily paid back without having an added amount on top of the primary payment. Furthermore, if you're able to prove you can maintain good grades, then the lender may reward you with a bonus. The benefits will vary depending on who you take the card from, so bear that in mind as you compare each company.
Use Coupons and Discounts
No matter what store you go to, there's always going to be a sale, discount, and weekly deals you can take advantage of. Not to mention, most of these deals can be combined with coupons, which can lower the amount even further. This is how people shop smarter. Sure, there will be some items that you'll have to pay the base price for, but using every deal you can get for your order can significantly reduce the bill.
You can take $150 all the way down to $80 if you know what you're doing. Furthermore, most stores have their own special mobile app that houses tons of deals you won't find anywhere else, so be sure to download them. While we're still on the subject, you might want to consider signing up for your favorite store's reward program. Those who join a rewards program get deals exclusively for members. Members can also use the store's own currency to save money on their orders as well.
Refrain From Shopping When You're Hungry
A common problem today is that many go to the store as soon as they feel hungry. However, this is not a way to save money while food shopping and can lead to you wasting money. So much so, it would be no different than eating out at restaurants every day. This is why you should meal plan instead.
Meal planning is when you look up recipes for meals you're craving, buy the ingredients and cook enough to have leftovers. What's funny is that at a restaurant, you'll be charged $15 to $20 for a single meal that doesn't have a big portion. In fact, did you know the average person spends almost $4,000 every year on eating out? When you cook the meal yourself, you're left with double, or even triple, the amount you would have gotten at the restaurant. By meal planning, you can save hundreds of dollars each month.
