Still have that piggy bank from when you were a little girl? Time to upgrade! It’s never too soon to start budgeting. Unless you’re a finance major (or have business minded parents), you’ll probably have to navigate this on your own at some point. It might seem silly since in college your cash flow is limited, but the sooner you get used to budgeting the better you’ll become at it!
Here are a few tips I’ve discovered that work pretty well for me:
1) Track Your Spending
You’ll never be able to budget if you don’t know where, when, and how much money is being spent. I prefer to use apps on my phone to track my spending. Just go to the app store and search ‘budget’ there are so many options so go with the one that suits your lifestyle the most. If you’re old fashioned, pen, paper or Excel work just the same! 🙂
2) Set Goals
Maybe you landed your first internship or part time job on campus and have a little more cash flow to play with? Congrats if so! Set goals for how much you want to spend and save each month and track your spending accordingly. Every month I decide how much spending money I want to allow myself and transfer that from my savings account to my checking account. That way I can see the declining total, pace myself, and when it runs low I know to slow down. These cute pens help inspire as I’m going my tracking!
3) Shop Smarter
Take advantage of being in college! There are so many perks and discounts that being a student can get you. Read more about student discounts here.
TangerTip: Many of your favorite stores at Tanger probably give some serious discounts for students, so always present your student ID at the register. It never hurts to ask!
4) Join Loyalty Programs
TangerTip: You get a FREE coupon book every time you visit!
5) Cool It With The Credit Card
Try to only use a credit card to build your credit. Make sure you pay your balance off every month to avoid debt and interest. If you don’t trust yourself to do that then don’t get a credit card if you can avoid it!
6) Take a Personal Finance Class
If you have time for an elective try picking up a personal finance class if your college offers it. You’re already paying tuition so you might as well take advantage of the classes offered!
Budgeting is definitely not the most exciting thing you’ll do in college, but it is super important to learn sooner rather than later. It was tricky for me to start and stick to, but once I did I’ve become so much better handling my money.
Tag me in your budgeting tips @TangerOutlets #StudentLife. Good luck!