College is not only the period in your life when you really need to learn how to manage time, but it’s also the period when you learn to manage money. When you’re coming straight from life at home, where you don’t have to pay rent, utilities, or for supplies and food (thanks mom and dad) and are shoved into self-dependency, times could feel rough. If you’re living off the check grandpa sent you last week, a meal plan (for the lucky ones), and your last paycheck from your summer job at the ice cream stand, breathe!
With my Kardashian-like spending habits except scaled down to Chipotle and Forever 21, I normally found myself just pennies away from over drafting. Don’t be freshman me! If you’re trying to effectively save cash and manage money, check out these tips I put together for you. By Christmas break, you’ll be rolling in the dough, or at least not crying to mom on the phone that you can’t even afford a 7/11 coffee.
Sell Your Clothes
Don’t lie to yourself, you’re never going to wear that sweater. And those clothes your mom got you for your birthday? The ones exactly the opposite of your style? Get rid of ‘em. Round up all of the clothes, shoes and accessories you don’t need and take them to your nearest thrift store or consignment store. Depending on the quality, brand and timeliness of what you’re selling, you could make a pretty good amount. Don’t have any good thrift stores or consignment stores near you? Sell them online or on your phone. Check out apps like Vinted and Poshmark which allow you to sell or even trade your things at a whatever price you want!
Save Your Change
It seems pretty intuitive to pay the amount owed with as much change as possible. Who likes lugging pennies around? For instance, if you owe $1.50, it seems easier to just pay that exactly, if you have change, than to pay $2.00 and get $0.50 back. Well, I’m here to tell you differently. Start saving by paying the amount in whole dollar bills and keeping your change. $0.75 here, $0.44 there, you’ll have a whole piggy bank full in no time! Take it to your bank or a Coinstar machine. Therefore, when you’re running low on cash and you need a bottle of vod… chocolate milk for the weekend, you’ll be set!
Use Money Apps
Due to some of us just swiping our credit cards and looking the other way, it’s easy to lose track of what you’re spending money on. Luckily, some people teamed up with some computer guys and created an app to make our lives a little easier. The app Mint is free to all. It allows you to connect your accounts to it, set budgets and then it tracks your spending. Other apps, like Acorns, help you learn how to invest your money. Sounds pretty grown up, no? In the end you’ll be more aware of your spending and learn better saving tactics. Yay!
Sell Your Books
Finally, the end of the semester is coming to a close sooner than we think. Unless you need to keep them, textbooks can easily be sold. Depending on the condition, original price and edition, you can sell your no longer needed books. The price is pretty good, too. eCampus.com and Knetbooks.com both have really easy to understand buyback options for books. No excuses!
Most of all, I hope these tips help you manage money during college! I know they have helped me over the years. Did we miss anything? Drop us a comment below!