College students know firsthand how brutally hard school can be. With so many deadlines and exams to cloud the mind, many students may find it challenging to manage their spending habits. Keeping track of expenses while in school can be overwhelming; however, there are easy ways to track and reduce those unnecessary expenses.
The first thing that you can do to reduce spending would be to create a budget. Budgeting is a great way to reduce spending because it allows you to allocate money to fund various expenses each week. For example, if your goal is to spend $100 per month on groceries, then with the help of a budget, you can track how much you spend weekly on groceries. With this intact, a budget can determine if you need reevaluate the allocation to an expense.
An additional way to save on expenses would be to determine your needs versus your wants. It’s easy to go out and spend $5 on a cup of coffee; however, think about, if you saw a five-dollar bill on the sidewalk would you pick it up? While it may be a weird question to ask, purchasing an unneeded item adds up and after a while, becomes very expensive. If you determine your needs and stick to them, to a certain extent, you may find that you are able to save much more money in the long haul.
For more additional information of budgeting and other ways to save, visit http://web.extension.illinois.edu/cfiv/fwcollege/5402.html for financial tools related to saving money.
Written by: Nicholas Marolda, Financial Wellness Peer Educator, University of Illinois Extension, Spring 2018
Reviewed by Kathy Sweedler, Consumer Economics Educator, University of Illinois Extension.