By Brandon Moise
With homecoming and the holidays approaching, many college students will be swiping their cards more than they have throughout the semester. For some students, this may not pose an issue of concern. However, the financial stresses of events and holidays can be overwhelming for others.
Many students survive off their refund checks, and others hold part-time jobs to earn funds for expenses. According to the American Association of University Professors, "in 2017, 43 percent of all full-time undergraduate students and 81 percent of part-time students were employed while enrolled."
Here are 5 tips college students can take to help manage expenses for homecoming and the holiday:
1. Take cash out for yourself
- Though leaving all your money in your bank account is convenient, the ease of access and ability to view your balance can lead to overspending. Withdrawing an amount of cash specifically for leisure and outings can help you manage your spending and stay within a budget. Kendal Perez, a blogger from Hassle Free Savings, suggested "determining how much you can spend on discretionary expenses such as dining out and social events, then withdrawing that amount in cash, whether it's for the week or month," per Yahoo Finance.
2. Create a shopping checklist
- We have all had our moments when we go to the grocery store for one or two items but leave with a cart full of items we told ourselves we "needed." By having a list of items on a checklist, it is easier to focus on the items that are necessary. Checking off the items one by one can eliminate roaming the store idly in search of things you "think" you need. Everything Adobe stated, "Having a grocery list can reduce your food expenses by 25-30 percent."
3. Use your student email
- Many companies offer student discounts that take a percentage of the overall price of the service off. For example, Apple Music offers their monthly student membership for $5.99. Amazon also offers their monthly student membership for $12.99 and a yearly membership for $59. According to StudentBeans.com, "83 percent of students say that if a retailer offers a student discount, they are more likely to shop there."
4. Open a second bank account
- Opening a second bank account may sound like a headache, but it can help you save in the long run. By having funds stored in another account where you cannot see the balance, the "out of sight, out of mind" principle is in action. This forces you to work with what you have in your primary account, which will allow your backup account to sit with your funds untouched. Forbes Advisor stated, "Adding a second checking account also can help you budget by keeping your business expenses accounted for separately from your personal expenses."
5. Start couponing
- Couponing may seem old school, but it is a sound way to save money on necessities. Websites like RetailMeNot.com offer discounts for food, electronics, beauty and more. Though it may not sound cool, the 30 percent you could save can make a difference between eating a television dinner or a meal from a restaurant. According to Deal Rated, "65 percent of consumers routinely plan what to purchase based on available coupons."
Need more budgeting tips? Check out the following websites!