by Editor Abbie Miller

A naïve 2 years ago, I wrote the following after having gotten my first real job:
“I’m really relieved. I was beginning to think I would be spending the next 2 to 4 years as a completely broke college student, worshiping morning, noon and night at the altar of Ramen, and clothing myself in thrift store threads.”

In hindsight, I think I jinxed myself. Those words were strangely prophetic.

There’s one thing most college students have in common; it starts with a “financial” and ends with a “concerns”. And I am no exception.
Unless you have full ride scholarships or complete financial aid, there’s often a bit of scrambling and penny-pinching going on at this end of the college spectrum.

As a student myself, I’m learning (the hard way) how to save, when to splurge, and when to exercise a bit of good old fashioned self-discipline. Here’s what I’ve got so far:

• For starters, dedicate your finances to God. Realize that “your” money was given to you to begin with. Give Him your worries and insurmountable obstacles, your wants and your wishes. He knows what to do with them.
• As soon as you get your class schedule, check out textbook rental options. Some schools have a program set up for renting textbooks. There are also various websites for the same purpose. If you have to buy, check out options for selling back your texts. Some campus bookstores will give you a decent price or you can always sell them online.
• Make sure you actually need the “required” text. I learned that the hard way. My very first semester, my history professor casually chirped, “I hope you didn’t buy the $120 book, because you won’t need it.”
• Create a budget. If you work, and your pay is salaried, you can assign certain amounts to the different categories. However, if you work for hourly pay and your paycheck varies, assign percentages of your check to various expenses.
• Don’t completely cut out all extras – budget for a few luxuries, but only a few. It’s like a diet; if you totally deprive yourself, eventually you’ll go on a binge and end up spending more than you would have to begin with. (In my case, the offending addiction is Starbucks!)
• Always figure on unexpected expenses popping up – a friend’s bridal shower, car repairs, etc. Have an “Emergency Expenses” section of your budget.
• Always put some money into savings, even if it’s only a little, and don’t touch it. Consider your savings account off limits.
• Use coupons. No, it’s not just for middle-aged moms with 2 cartfuls of groceries in the checkout line. Thrifty students know how to get the good deals on stuff everyone needs like shampoo and breakfast cereal. Websites like Hip2Save do all the work for you; all you have to do is print and save!
• Pay with cash; you’ll spend less. Determine how much money you’ll need for your week’s expenses, and withdraw that much cash. There’s a certain reckless freedom that comes with using a credit or debit card. You don’t realize how much you spend until you see your new account balance.
• Self-discipline: every aspiring penny-pincher’s battle. Basically, it comes down to this: sometimes, you just can’t let yourself buy. It might mean passing up an amazing deal. It might mean skipping the movie you were going to see. Use judgment and common sense and know when to say no to yourself.

These pointers are only the tip of the iceberg, of course. A lot goes into budgeting, saving, and maintaining. But you don’t have to be in college to develop good spending habits. If you have a summer job, now’s a great time to start putting some of these tips to good use!

If you want to read more about Abbie and her life as a Ramen-eating college student, check out her blog, Abbie Writes.