This past Friday was payday for me and it’s so easy to get your paycheck and immediately think of all the things you want to spend it on. Trust me I know because I do it every time. BUT this time try something different. Living from pay check to pay check can get really old. As college students, it’s easy to spend money. It’s almost TOO easy, but fortunately I’ve come up with some ways to prevent this from happening.
1. Break up your paycheck. From the second your check goes into your bank account decide right away how much of it you want to put in your savings and keep in your checking. However, just because you are keeping a certain amount in your checking account DON’T use that as an excuse to spend it all.
2. Budget the money in your checking account. At the beginning of the month (AKA NOW) decide how much you think you’re going to spend or how much you want to spend. If there is an event that you know you’re going to need a lump sum of money for or you know every weekend you’re going to spend some money at the bar, plan that out so when you’re out shopping you don’t waste that money on something pointless.
3. Prioritize. This goes along with budgeting but when you’re planning what you want to spend your money on you have to realize you can’t do it all. Maybe one day when you already have a good amount of money saved that will be the case but for those of you who are like me and just starting out, that is not the case. By prioritizing I mean sacrificing eating out, staying in with some friends one weekend instead of going out, and only buying the essentials while you’re out shopping.
These are only three broad steps to take to keep that money in your bank account. Try to go back at the end of the month and write down what worked and didn’t work so you can save even more during the next month! Happy savings!