Saving money can be difficult when everyone around you is asking to go to dinner, grab drinks or hit up the mall.
Being broke is common for college students who have been spending their money on textbooks, tuition, housing, utilities, etc. Being on a cheap beer budget is no fun but there are ways to start saving that can result in having some extra cash flow each month.
Blaine Malefatto is a recent college graduate. She is working in the broadcast journalism field as a freelance associate producer. Malefatto knows the struggles of having monthly expenses.
“I pay student loans, a car payment, car insurance, a credit card and a gym membership all monthly. Living at home definitely makes it easier to balance all of that,” Malefatto said.
Whether this is something that needs to be done to have peace of mind or just something for fun, these money-saving tips actually work and can be helpful.
1. Don’t Make Impulse Buys
This can be hard, but sometimes the best thing for impulse shoppers can be to think about the possible purchase for at least 24 hours. If after a day it’s something that’s more of a want rather than a need, it’s probably not worth the money. Also refrain from shopping when bored because that can lead to more impulsive purchases, especially when going to the mall with nothing in mind.
2. Make Coffee at Home
Spending money on coffee is one of the biggest ways to blow through cash without even realizing it. According to Fox News, the average American will spend $1,100 annually or approximately $3 a day on coffee. Making it at home can be much more cost effective and most times better than getting it to-go.
A Keurig is a great investment for people who want to make coffee at home. Photo taken by Sophia DeVito.
3. Download Apps
There are a ton of different apps that can lead to having an extra couple bucks each month. “I try to save 20-percent of each paycheck if I can that week and I use this app Digit that takes a little out of my account for a rainy-day fund,” Malefatto said. She finds these apps to be helpful because she is able to keep track of what she is spending. “I also use an app, Mint, that helps me manage my spending,” Malefatto added.
The app, Digit, that’s helpful for saving money. Photo taken by Sophia DeVito.
4. Save Loose Change
This might seem like a waste of time and space, but left over coins can really add up. Get a jar and add all of the change purchases throughout the day into it. After a while, it will grow and be ready to be rolled. Rolling change and bringing it to a bank is another way to save money. Dumping it into dispensers that are located in grocery stores will take 10 percent of each dollar. When coins are rolled, all of the money is given back.
Leftover change from a couple of days. Photo taken by Sophia DeVito.
5. Unsubscribe from Emails
Inboxes get filled up with 20% off this and 50% off of that, but at the end of the day these types of emails are marketing schemes. Most of the time the items that are on “sale” are still expensive and the discount doesn’t take off as much as it seems. These types of emails can be tempting to click on. By eliminating how many come in daily, it can also eliminate the spending temptation.