Money Management as a College Student
Living in NYC is hard. Being in college is hard. Saving money is hard. Saving money while attending college in NYC is REALLY hard.
I have never been good at saving money. Once the essentials are paid for I tend to go heavy on the “treat yourself,” with whatever money I have left. Although treating yourself on occasion is important- a real treat is having some money to fall back on in the case of an emergency.
Two things have been the most helpful for me in terms of saving:
- Excel! On Office365 they have a Personal Budget template that makes it SUPER easy to plug in your finances and get a more clear picture of where your money is going. For instance, I made one for my boyfriend and we realized he was spending $110 a month on coffee. As important as coffee is- it is not worth $1,320 a year! He now wakes up a little earlier and makes his coffee at home every morning. Those little things add up. I took a look at my own finances and set a monthly goal of how much I wanted to put away, as well as a goal I hope to reach by the end of 2017. It feels good to be in the know about where my hard earned money is going.
2. Digit! Digit is my favorite App to date. If you hook up your bank account to the app, it slowly takes small amounts of money out and saves it for you. Sometimes as little as $0.55! Its a great way to save money without putting in any effort or thought. You can also manually save money at any time by using the app. It can serve as a sort of make-shift savings, for those who don’t have one. You’re able to withdraw your money at any time, and it usually transfers back to whatever account you have hooked up within 2-3 days. I’ve saved $150 in a few months without even knowing it. It really is amazing and a huge motivator for me to remember that every penny counts!!
These are the two things that have really helped me get things in shape. Give them a try and see how it works for you!