Sep 16, 2016 06:20 AM EDT
Financial Planning In College: How To Be A Mindful Spender
To effectively manage one's resources in college, you would need resourcefulness especially if you need to live with a limited budget. It's also important that you become a mindful spender.
College students should also start saving money early. This way, once you earn more, it won't be difficult for you to set aside a portion of your income to your savings or retirement fund.
Saving money, though, does not mean that you should not spend money at all. Rather, it's important for you to know where your money is going. U.S. News shared 11 tips on how to be a mindful spender.
1. Think twice before you buy. Identify whether the item you want to buy is a need or want.
2. Do an inventory of the things you already have. If you don't know which items you have, chances are, you'll end up buying double.
3. Reward yourself after you've made better money choices. This will help it become a permanent habit.
4. Opt for cash. Bring actual money instead of credit cards to make you more aware of how much you're spending.
5. Use social media to follow stores and restaurants that you frequent. This way, you will get updates on the dates of their sales and even get discounts or coupons.
6. Compare prices. It may seem to require more effort when you look for competitive rates but it will save you money in the long run.
7. Check yourself. Your spending should be in line with your values. Better to spend on things that bring you happiness.
8. Be aware of maintenance costs. Try to negotiate on auto repair expenses and the like.
9. Cut your TV addiction. You can save on subscription costs with this. If it seems impossible, try to downgrade and cut back on premium service first.
10. Review your spending weekly or monthly. Again, it is important to know where your money is actually going.
11. Develop healthy habits. Cooking for yourself in college can definitely save you more money than eating out always. Check out these affordable workouts as well.
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