College Strategies

Lesson 6: Spending, Saving & Financial Aid

More Spending

This section will try to teach you more about living cheaply and watching your pennies. If you hate budgeting then simply watch your dollar. There are a few places where you are allowing your money to go unnecessarily. Are you one of those students who line up every day to get a big cup of coffee for $3? Do yourself a favor; what is $3 times 5 days? It is $15, so that is fifteen dollars a week on just coffee. How much does a pot of the best gourmet coffee cost you in a store? I’d say about $5-6. Not to mention it will last you longer than 5 days! Invest in a good thermos and avoid the lineups, take your own coffee. Just calculate how much you spend on a monthly and yearly basis, and the numbers will start making sense. Now you think “it’s just a buck, what does it matter”, but even that dollar adds up and eventually becomes hundreds of dollars you can void spending. If you are a student and you are on a tight budget you cannot afford to pretend you are fancy. There is no shame in taking your own coffee to class, and at least you will not burn your hands on thin paper cups.

When doing groceries go to a cheaper grocery store. Even if it is a bit more out of the way, and completely avoid convenience stores at all times. Avoid vending machines like the plague; if you pay a dollar for something that costs about 20 cents in any grocery store, then you are being ripped off.

If you are going to get snacks, get them in a normal store and make sure you have something at home for when the cravings hit. If you are really into trying not to eat too much bad stuff, then don’t buy it at a vending machine either! That is just robbing yourself and cheating on your good intentions.

This can sound like a given; but have clear rules with your housemates about food. Don’t accept that someone else eats your food without asking for permission. It is very annoying to be looking forward to something you have in your fridge just to come home to an empty shelve while your stomach growls. It usually works to tell them to replace your food immediately if they use something.

Use your credit card like a debit card; do not feel like the credit limit is money you own, because it is simply money you owe. Credit companies love charging high interest fees and fees of all other sorts, so avoid them like the plague. If you know you don’t have money for it and will not have it in the foreseeable future (meaning the following week!) then don’t buy it! You know you have to pay for it eventually, and it is so silly to be throwing money in the pond. If you feel you might be making some debt, then research which card gives you the lowest rate. To protect your credit history, do make an effort to deposit the minimum payment at least. After a few years you might need to apply for a mortgage or a loan and don’t want to find out that your rather loose connections with your bills caused you to be denied.

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