By: Amanda Scully
As a young college student emerging into the world of adulthood, I often find myself immediately bombarded with hundreds of opportunities to spend money without limitations. Temptations such as the latest tech and online clothing sales play into a college student’s poorly controlled impulses. In order to help curb impulse buying, encourage budgeting and limit debt accumulation, here are three suggestions.
1. Unsubscribe from marketing emails and stay off of discount fashion apps. Don’t fall for the relentless emails meant to tempt you into caving in and spending your money on whatever “fire sale” they’re having that day. Discount high-end fashion apps such as Hautelook and Rue La La can help feed your anxiety with daily deals and time limits on each sale. It’s best to remove yourself from their exposure to avoid the impulse spending they attract and limit yourself to buying whenever you feel the most financially comfortable.
2. Set a strict budget for yourself every month. If you think budgeting is daunting and time consuming, think again. Apps such as Mint link directly to your bank account so you can track and categorize your spending on your smartphone. Rather than setting one budget for your overall monthly spending, try setting one for individual categories such as gas, food, and coffee, to make sure you’re allocating your money into the right places.
3. Stay away from manipulative banks. As soon as you enroll in college, banks and credit card companies begin sending you countless offers in an attempt to get you to sign up for their credit cards. Offers such as low interest, high limits, and rewards are all marketing ploys these companies use to divert your interest toward them and tempt you into impulsively signing, making it easy to overspend and accumulate high interest and debt. Stay away from these offers and only sign up for a credit card that you can use to build your credit, rather than spending without limit.
Photo Credit: Maria Brito