A lot of people assume that it's okay to be broke when you're in college, since you're still studying. The worries of where you should put your money shouldn't bother you that much since you have schoolwork to think about and it's your parents' job to finance you. But, in case you haven't realized, doing so would affect you in the long run!
Being careless with your money even at such a young age could lead you to many years of being broke even when you're not in college anymore. That's why you should learn as early as now how to wisely spend your money so you don't end up being broke every few weeks.
Whether you're given allowance everyday, every week, or every month, taking the time to learn how to handle your finances will be worth it. Aside from seeing the clear difference between a want and a need, here are five simple tips that will help you avoid being broke in college.
1. Removing coffee from your daily routine
One of the things students think is a necessity for them to be able to function well in class is coffee. Yup, we know how helpful it is if you have coffee with you to help you stay awake. But let us tell you a secret; you don’t really need it to be able to do well in college. What you need to do well is a good breakfast and knowledge about the discussion. If you really want coffee, just buy cheap ones which you can mix your own. Imagine how much you would be able to save if you stop buying a cup from fancy coffee shops everyday!
2. Packing your own lunch
This is one of the most useful ideas a lot of students have come up to save enough money and avoid being broke. By bringing your own lunch everyday, you wouldn’t need to buy from your school cafeteria or nearby fastfood chains. Plus, you would know the ingredients of the food you put in your body. If you live with your parents, nothing surely tastes as good as those home-cooked meals by your mom.
If you're the kind of college student who owns a car, there's nothing wrong in driving it every once in a while to school. Also, ride-hailing apps bring so much convenience especially when we're running late or off to somewhere far and unfamiliar. But as much as it’s more comfortable to take these options, it’s always cheaper to commute when you ride the bus or jeepney. Just imagine how much many you’ll save from it!
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4. Having self-control
What’s the use of the chance to save money if you’re not even good at budgeting? As much as you hate to admit it, you've probably saved so much money from your allowance if only you can handle money well. It’s easy to learn how to list your usual expenses down; the hard part is avoiding the things that you clearly don't need and ending up splurging. But remember, once you get the hang of it and see how helpful it is, you’ll be happy you started it.
5. Getting a part time job
This is optional, but if your allowance doesn't really cut it and you feel like you have enough time to work part-time without sacrificing your studies and health, then go ahead. There’s a lot of companies who are willing to let students work for them as part-timers which is also a great training experience. Plus, this is also something that would make your resume look good!
At the end of the day, being broke will depend on how you discipline yourself. By not giving in to peer pressure and focusing more on what really matters the most, you're going to come out of college more practical than the others. When an opportunity to save arises, don't think twice and take it. You'll be grateful later on once you notice that you're not getting broke anymore!
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