As a student I have very little money but whenever I want to spend it on something frivolous like Gators baseball Florida shirt I commit to putting an equal amount in my savings. So if I want to buy a $5 coffee I force myself to also add $5 to my savings account. This way I make myself aware of the non-necessary spending I do as well as build up a savings account for when I will need to buy a car or a house 🙂 go gators!How about the the old school envelope system? Budget a certain amount of money for each category you can spend cash on–coffee, takeout, groceries, gas, etc. Then place that cash into those envelopes and only spend what is inside each envelope on each category! The rest of your money can stay in your checking and savings accounts for bills, savings, etc. Works especially well for me when things are really tight!
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My high school microeconomics teacher and family friend drilled into our heads his mantra Gators baseball Florida shirt invest a dime” and I’ve tried to pursue that strategy even as a broke college student. Its a great way to maintain a strong portfolio balance for the future and be maintain good financial habits.Have three bank accounts – a bills account, a savings account, and a flex account. Prioritize the bills account, then the flex account, then the savings account. Budgeted bills come out of the bills account; emergencies, vacations, and other big (but rare) luxuries come out of the savings account; and variable expenses like groceries, clothing, and gas come out of the flex account.If you are financially stable and can always pay your bills on-time, invest in a good credit card, especially if you love to travel. I have the AMEX Platinum card and while it may have a hefty annual fee, the card essentially pays for itself as there are several perks that you get back including a $200 per year Uber credit ($20 a month), a $200 airline fee credit, free airport lounge access, bonus points on select purchases, and select hotel and rental car elite status.