You did it! You’ve survived one month of 2015. GREAT JOB! But how are you doing on those New Year’s resolutions? You probably set some lofty goals for 2015…are you keeping up?
Tons of people will set goals about their money at the start of every year and struggle to keep them. It’s hard to set a major goal or try to make a huge lifestyle change. It’s much easier to break things into smaller, more manageable chunks. Here are our top five tips for making little changes that will make a BIG difference:
1. Eat out less: Yes, it’s fun to get off campus. It’s great to try new things! But eating out every weekend gets expensive. You have a meal plan for a reason! Try to cut back on how much you’re dining out—try once a month instead of once a week. Or try cooking a nice meal! It’s a fun challenge, and a great activity to keep yourself occupied in the dull winter months. Cooking is especially great for those who live off campus and have good kitchens!
2. Track your spending: This one is a game changer. Start keeping track of everything you spend your money on. It’s easier than you may think! There are tons of great apps that can help you, like iReconicle or Mint. Or if you’re old school (like me!) then write it down with good old-fashioned pen and paper. My little black book helps me to be aware of what I spend my money on and when I need to make a change!
3. Make a budget: Budgets sound boring, but trust me, they’re not. Budgets can help you conquer your cash concerns. How much do you need to spend every month you’re at school? Need, not want. Create a clear-cut list of what your expenses are: you need to pay X every month toward the bill for school; you live off campus and need to pay rent and shop for groceries; you want some wiggle room for entertainment, like movies and concerts. Know how much you can afford to spend, and stick to it!
(Source: paidtosave.com)
4. Make good friends: You can’t do this on your own! If you have friends who seem to hemorrhage money, you may need to distance yourself from them. Find friends who have similar goals, and find thrifty activities you can do together! Having a good financial influence in your life can be a huge help.
(Source: vimeo.com)
5. Cut back on online shopping: Yes. Do it. You and I both know that you don’t need that super cute dress from ModCloth (it’s January, last time I checked). Nor do you need to order a horse mask for your plan to dress up as BoJack Horseman for Halloween (it’s like, ten months away). You don’t need more shoes. You don’t need a cool Doctor Who poster for your dorm room. Call it quits with Amazon and all the others. It’ll save you a pretty good chunk of money! Painful, perhaps, but worth it.
And don’t forget! Last year we highlighted some of the best apps to help you stay on track financially—be sure to check them out if you haven’t already!
Last but not least: if you’re still having trouble wrapping your head around your finances, we have just the event for you! It’s called Mind over Money, and it will be taking place on Thursday, February 5 from 5–6 pm. Head on over to the Welles-Brown Room for a fun and interactive event, featuring folks from Financial Aid, the Career Center, the Consumer Credit Counseling Service of Rochester, librarians, professors, and more!