It can be challenging to decipher between what we can live without and substitute for something inexpensive. Sometimes, it may seem easier to just spend money rather than finding cheaper alternatives, but there are many small changes you can make to save money as a college student. There are many opportunities and resources that NSU offers its students that can be extremely helpful.
“Wants are limitless in our minds, but our needs are more fundamental and involve the basics: food, shelter, stability and a reasonable standard of living. Throughout this pandemic, students should be focused on needs more than wants,” said Albert Williams, an associate professor and the chair of finance and economics at NSU.
Investing in your savings: Needs vs. wants
Saving money can be beneficial long term, but it really comes down to your mindset.
“Saving money is a core part of money management. Having a financial cushion to meet emergencies is imperative,” said Williams.
Things such as getting your nails done or buying the hottest shoes on the market are considered wants. Before purchasing anything, ask yourself if it is something that you can live without or possibly substitute for something less costly.
Shopping for new clothes and shoes can be so simple with the swipe of a card. It may not seem like the items being picked up are costly, but everything adds up. Once everything adds up, you may notice that you do not have enough to cover needs such as food, rent and textbooks. It is very tempting to buy things we want, especially when we create reasons to convince ourselves why the item is a must-have. It is imperative to have self-control when shopping.
Getting deals, cutting costs and finding funds
Instead of buying new textbooks, buy used textbooks. Cooking your own meals or using NSU declining balance rather than eating out can be cost-effective, since eating out can be expensive and adds up quickly. There are many campus amenities that can be used such as the gym, the library, free activities and counseling that can help you cut down on spending. There are also plenty of scholarships that you can apply for, which can help alleviate the cost of tuition.
“Speak to advisors to inquire what scholarships are available. Join the honors program — there is usually a scholarship for being a part of it,” said Williams.
There are a variety of scholarships out there and can be beneficial in the long run because they will save you hefty payments in the future.
It is difficult to cut back on things that we are used to having in our lives, but it does not mean that we can never have them. Just ensure that your budget allows for those extra items after your needs are taken care of. Saving money as a college student will pave the path for your money spending habits in the future.
