Money 101 for the Struggling College Student

Too often than not, I see my friends spending money like they don't have to worry about saving up for anything. If there world was really that perfect, then I am genuinely jealous, but also sad because the feeling of saving up for something and then buying it is such a worthwhile feeling! I don't know about you, but it makes me want it so much more, and I take better care of it if I am using my own money to buy it.

It frustrates me to see people wasting money when I know they should be saving it.  I feel like the financial illiteracy of our generation is going to screw us up.  My sister and brother-in-law will end up debt-free from dental school in two years because they are saving and putting money aside and trying not to take out loans.  I just wish more of my friends have that mentality instead of putting it off until later.

So for those of you who are interested in saving money, the first step you should take is to live by the 50/20/30 method. 50% should go to the essentials - rent, gas, bills, food. 20% should go toward your future - paying off debt, saving for a vacation, etc. 30% should go to your lifestyle - eating out, shopping, vacations, etc. Even just allocating that money will make you reel in your spending habits and set boundaries.

I am trying to be a lot better about this.  I recently downloaded the app Mint, which connects your bank accounts and credit cards so you can see how much you are spending by category. It scared me to see that every month I was spending way more than what I was making.

They say it takes 30 days to make or break a habit.  Hopefully within a few months I'll be able to have my finances in a comfortable state and I'll be saying that I am successfully saving up for my future.

If you want to know more, I would recommend reading this article from Target.  It is what really gave me a good wakeup call and gave me the steps I needed to take to regain control of my finances.