Upon entering college, I have been faced with many decisions. The biggest decision has been how to manage my finances.

I no longer live with my parents, so I am left to manage weekly expenses on my own.

I find myself asking so many money-related questions.

Should I buy groceries or eat fast food for every meal? Should I purchase this jacket or stick to the items I came into the store to buy?

Should I buy the book for biology or purchase concert tickets?

Considering that these are recurring questions in my life, and these questions can also be relevant to other students, I decided to develop some useful tips.

Here are a few things I have found helpful in dealing with these decisions:

1. Cut back on fast food. Fast food has become really expensive. You can rarely get a sandwich, fries and a drink for under $6.

During the week, if you eat out for 10 meals you have spent $60, and this does not even include the other meals and snacks.

At this rate, you could easily spend over $100 on food a week.

You can go to the grocery store and buy all of your weekly meals for $60-75, and then have money left to spend on other needs.

I realize that many times it is more convenient to grab a burger, so I am not saying cut out fast food completely.

But like so many other convenient luxuries, it definitely needs to be used in moderation.

The convenience of fast food can translate to a financial inconvenience very quickly, leaving you with an eternal hole in your wallet.

2. Eliminate impulse purchases. You should never make an unplanned purchase in the store.

When you go into a store, you should buy the item(s) you went in to buy, and nothing else.

Sticking to this plan will not only save you money, but also allow you to cultivate a nice money-saving tool called discipline.

If you do happen to come across a good deal, the cashier will usually hold it for a day.

You can then have some time to weigh the pros and cons of purchasing the item.

You can also search for the item on the Internet, and possibly find it even cheaper somewhere else.

Generally this method would be used for clothing and more expensive purchases.

3. Start a savings account. Many times you want to sacrifice needs for wants, such as purchasing concert tickets over a required college textbook.

It is not, however, unreasonable to attain the best of both worlds.

If you cut back on the previously stated expenses, you can stow away $15 or more a week in a savings account.

You could buy the textbook for class, and use the money from savings for the concert tickets.

I know it sounds easier in theory than it actually is, but it can be accomplished.

There is always a way to save money if you are just willing to put forth the effort.

Hopefully, after following these tips, you will be on your way to making better financial decisions.

Author