Going to random meetings in order to grab free pizza or asking a freshman for a swipe into The 5 are common tactics of financially struggling college students.
One-third of University students surveyed said their current financial situation is “always or often” stressful, according to Emily Hester, coordinator of the Student Financial Management Center.
Hester said the most important advice she has for students is to track the previous month’s spending, then create a budget, stick to it and apply the “rinse and repeat” method of updating the budget monthly as needed.
“A budget is a working document” Hester said. “Use it as a monthly guide.”
Hester’s tips for budgeting money:
1. Tracking your budget is the most important part. If you’re tracking, you’ll realize if you’re spending $100 per month on coffee.
2. Use budgeting apps if you don’t want to keep a written copy of your budget.
3. Look at your online checking account at least three times per week. You’ll see if someone is stealing money from your account or if a restaurant overcharged you.
4. Have financial goals and keep them visible. It is easier to say no to unnecessary things.
5. Think of purchases in terms of wants vs. needs. Do you really need it? Is it worth that amount?
6. Put saved money into a separate account. If you see all the money in one place, it’s more tempting to spend.
7. Set aside a day where you track your spending and your budget. (Example: “Money Mondays”)
8. Save whenever you are in a position to do so.
9. Establish what your spending vices are and work on them.
10. Use coupons and plan travel routes to save gas.
11. If you are shopping, leave your debit card in the car or look around the whole mall before making a purchase.
 
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Contact Claire Caillier at [email protected]