Mar 04, 2017 07:39 AM EST
Finance In College: How To Save Money And Have A Social Life At The Same Time
With the high cost of a college education nowadays, most of a student's salary from part-time work usually goes to dorm rent, textbooks and food. This, in turn, leaves very little or nothing left for entertainment or having a social life.
In a piece for USA Today College by NerdWallet, a student asked about how to live within his or her means but still be able to socialize and travel. However, students were warned that "appearances can be deceiving" and that just because other students travel a lot and go to happy hour several times a week does not mean that they can afford to.
Ben Graney, co-founder of the Artists Financial Support Group in New York, said that the people who are showing how awesome their lives are on Facebook and Instagram "probably got student loan debt." He added that they may be feeling the same fears as you do but they are just better at hiding it and covering it up with all the glitz and glamor.
There's no need to fret, though. There is still a way to be able to save money and be able to socialize at the same time.
#1: Plan your budget
It is important to know and acknowledge where you stand, financially. This way, you can create and plan out your budget. Find out where your money is going and introspect on where you want it to go. You can also use these four finance apps that every college student needs to keep track of personal finances.
#2: Be transparent
You may be standing in a different financial position from your family and friends. Let them know so that they can better understand why you choose not to go to some social event sometimes. Let them know of your current priorities.
#3: Look ahead
While the changes may not be as dramatic and as quick as you want them to be, you will definitely see a difference in your savings as time goes on. It is also recommended that students start to think about their retirement savings as early as college.
Join the Conversation