The majority of us can probably relate to the memes we see on social media about being a broke college student. Wouldn’t it be a relief to not stress about not having enough money for gas or food? It is hard work to get to that point, but it is possible.
This past week I interviewed four SNU students who live on campus and asked them the question we hate to hear but all know the answer to. “As a college student, where does the majority of your money go?” Everyone answer, as you can imagine… food!
Dave Ramsey is a wise man to listen and take advice from if you are looking to be financially stable. Here are some tips he shares for young adults in college.
- Learn how to say no.
If going out to eat for the third time in one week is not in your budget, then say no. Say no to yourself when you want something but don’t need it. Nicole Gorter, a junior says, “Try not to eat out for every meal, and if you go shopping with friends but know you shouldn’t be spending money, then leave your debit card in your dorm.”
- If needed, get a second job
Be creative and find jobs on weekends, babysitting or mowing a yard or two. There are plenty of opportunities, you just have to be motivated and want it. Summer jobs can relate to this as well; save save save when you are working in the summer.
- Set a goal and strive for it.
Focus on your goal to save money. Some examples of this are, choosing one day out of the week that you are going to eat out, how much money you are going to spend while grocery shopping etc. Getting an accountability partner could benefit you in this area.
- Make a budget
There are numerous ways to go about this one.
Maddie Dixon, a junior here at SNU said when she gets paid she budgets in her head and remembers the amount she has given herself to spend. Jolian George, a sophomore says, “when I get my paycheck, I will not spend more than $50.”
Something that I did when I was in high school that helped me reach my goal with a part time job I had was, 10% tithe, 20% spending and 40% to savings.
Getting an idea of how much you are spending, where your money is going and being able to discipline yourself into cut backs is one of the most fundamental financial lessons you will learn. You are capable and can develop these positive habits, think of your budget as a preparation for the future. You can do it!
Link to Dave Ramsey Show