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Recession-proof Tips for the Student

By: cfett376
Jul 06, 2009

In the recent economic downturn, money and jobs have been scarce. People are trying to save! and not spend, and so the economy continues to suffer while the government wastes billions on bailouts that have yet to take much of an effect. But you, the student, are thinking, I still have my parents taking care of most of my needs, so I'm not completely feeling the recession. Well, not yet anyway. So what about all the things we spend money on? A little here, a little there, and our cash supplies quickly dwindle. How can we ever learn to save? Especially in the summer?

It's not easy, to be sure, but some self-control can go a long way.

Scenario #1:
You're with your friends and they want to go grab lunch, dinner, or food in general. You can say "I have no money! Why don't we cook something instead?". If they insist on your coming and veto your idea, then go but only have something small, like a drink or chips or, depending on the restaurant, the bread at the table. It'll hold you over at least until you get home or to someone else's home. You don't need to be spending all your money on food!

Scenario #2:
It's the middle of the month and your friends want to go see a movie in theaters. You've already seen 3 movies this month and are running a little low on cash. Take a break! You can miss out on one night with friends, and you can even hang out with them afterwards if you want to. Or, suggest renting a movie and watching it at someone's house; that way, you can split the cost of the much-cheaper rental movie.

Scenario #3:FOR GIRLS:
So you're out shopping and you see a beautiful dress that would look gorgeous on you for that party coming up. You've already spent $50 today on other purchases and are running low on cash, but you love it so much that you might just buy it with your debit card. Hold up! Have some self-control! Put the dress on hold and wait a while. If you're still thinking about it days later, go get it! But if you don't even remember it or think you don't really need it, then you've just saved yourself from wasting money on a spur-of-the-moment purchase that you would wear once.
[Shopping tip: Rather than spend money on a lot of small cheaper items, save it up so that you can buy something more expensive and better quality that will last you longer. You'll thank yourself when you see it!]

At the beginning of each month, set aside an amount of money you are willing to spend. Don't break it! It will keep you in check and from spending more than you can afford.

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