Recovering from summer expenses can seem as tough as trying to heal a sun burn, especially when you don’t have a tightly-knit budget plan. Ever had that feeling when you want a certain thing that you just can't have because you've got zero cash? Or that feeling of opening an abandoned wallet? We get you, Candy Girl, which is why we've come up with five helpful tips to get you through the school year feeling thrifty and frugal.
- Don't be an impulsive buyer.
It's important to not let your impulse swallow you whole. Buying things because you want them is sometimes okay, but be careful not to become a shopaholic. Impulse buying never made anyone happy—most of the time, you just end up regretting having spent that much money on something you didn't really need in the first place. When you want something, set an ample amount of time until you can actually buy it. That way, you can save up money for it. Don't be deceived by the sale periods or the impassable price tags. Nothing beats that feeling of finally being able to get something you've waited and worked hard for.
- List your expenses.
Lists always seem to put things into perspective, and it's a good way to monitor where your money goes. We often find ourselves surprised with how much money we've spent, we can't remember anymore where it actually went. Listing your expenses is helpful in keeping conscious of what you allot your money for—a list can go a long way in your attempt to save money.
- Open a bank account.
No one is ever too young to invest on long-term plans. Opening a bank account will allow you save up for your future efficiently. Maintaining your bank account will not only give you a sense of responsibility, it will prepare you for the expensive reality of being an adult. Just remember—saving up should be your number one priority. Instead of saving up what's left of your money, set first how much of it will go to your savings before spending it. This way, you can pace your expenses and still save a lot for your future.
- Don't be TOO generous.
Ever felt that pressure to treat your friends out for a meal or a movie? We've all been there. But sometimes, or rather, most of the time, you just have to say no. Don't give in to their teasing—a true friend would understand your hesitation. You just have to be stern about it. If you really can't say no, postpone it to a later date. There's nothing wrong with being generous, just be aware of your limits. And make your friends aware of it, too!
- Buy what you need, not what you want.
As young adults, we should already be able distinguish the things we need from the things we want. It's okay to spoil yourself every once in a while, but it's important to know when to stop. In a month, allow yourself a day or two to lavish on your desires (controlled, of course!), but after that, you have to be strict about spending, only cashing out for the things you really need. Every time you're about to spend on something, always ask yourself if you truly need it. If it's not that necessary but you really want it, allot time to save up money, and only spend on it when your savings exceed the cost.