Hey, i was wondering if anyone has any suggestions for me.

im a college student and whenever i go home i seem to spend a crazy ammount of money on food, gas, and a lot of crap i dont really need.

i find that not spending $$ on food is really tough when your friends are going out to expensive resturants all the time.

does anyone have any suggestions or tips for lowing my expenses?

 

well your answer is in your own post. Just try to cut back on going out al that often and try to conserve gas... thats all you could really do...

 

damn 3.0cl guzzeling gas

 

Take some money and stick it in a savings account. That way it is accessible for emergencies but not as readily accessible as a checking account is. Also, you are cognizant of your spending habits, so just man up and cut back on spending. Eating out will run up your CC fast, so eat at home as much as possible. Drink at home before you go out so you'll drink less at the bar.

Also, see my thread about the 5% cash back Citi card.

 

If you really want to change your spending habits, take a small notebook or pad, and write down every penny you spend - food, gas, magazine, tip, etc - for a week or so. then tally it in the various categories - it is quite interesting and very revealing. I've done this a couple of times in my life to really see where the loose money goes. Do you really need the $5 designer coffee drink or can you get buy with something from a convenience store for 1/3 the cost............

The other device is to switch from using credit cards to going cash only; very different experience to fork over the twenties than sign a piece of paper attached to a mysterious bill that will come in ............ later. I now maintain a credit card and an AMEX card; use them for business expenses and planned major purchases. If I buy it, I buy with cash. Changes the dynamic.

Tough when your crowd is high-spending. Suggest alternative places, or opt out or get different friends. THe other thing, if you have generous friends who round up, is to pick up the tab and then see if the money you collect covers not only their portion but then some. I've been known to make a profit on this social gesture, although I would claim that I did not do it on purpose.

 

eat out less, ask all of your friends to pitch in and make dinner at home

 

Become a hermit

I'm a cash only guy (food, gas, cigs, etc) and usually only use my credit card for big ticket items. I only take out a fixed amount of cash each week, and if the money's all gone before the week ends, it's tough to spend

The notebook idea is a great way to keep track of "where the money went". PGA here has a notebook where he has documented every penny he's spent for years... (talk about anal).

 

I think the food thing is a college student's #1 enemy, next to going out to bars/clubs. You just have to eat in a lot more and learn to get creative with cooking. I guarantee that will reduce your spending a lot. At my office many people eat out and spend $10-15 on average per day for one meal. I can easily eat for 2-3 days on that by bringing food from home. Plus it won't clog your artieries.

 

Here is the secret>>>>>>>>>>>>>Ready>>>>>>>>>>>>>>SELF CONTROL!!!!

Not spending money = more money in your pocket!!!!

Thats really it.

 

dont go out as much, start cooking at home

 

 

One person's review of all available Ramen. http://www26.brinkster.com/dogjuice/ramen/2.html

My personal favorite: Maruchan Oriental

 

I got out of the high spenders club...those guys were flying to florida to eat breakfast...when I was a medical student...you have to surround yurself w/ people who wanna save too...or else...u know da rest....

 

I don't know if you buy alcohol, but it's expensive as hell, especially if you go out.

 

If your car really guzzles gas, think about how you drive too. Driving my 2.5TL nicely, I can push about 25mpg, but more spirited, and I can get it down to around 18. Fill up at less expensive gas stations, around here a 5 minute drive can save you ~$0.25 per gallon.

Let your car warm up since its cold? That's jsut sitting burning gas without any gain to you, let it sit for 5 minutes at the very most, or even less.

Do you pay with cash or credit. Like someone else said, open a savings account, and put your paychecks right in there, and only take as you need. It will make you think twice when you have to stop by the ATM and grab $100 for a couple nights out.

Save all your change. I save it wherever I go, lunch, dinner, school, gas stations, anythign else, and end up with about $30/month in a Sobe bottle in my room.

Drink/smoke? Cutting back on that could probably save you some money too.

Do you drive everywhere with your friends, or let them drive? A night out can turn into a quick extra $5 if you decide to drive, do that a few times and all of the sudden you just saved your gas money for the week.

Save all your reciepts and actually take a look at them and look at how much your really spending, similar to the journal idea someone else said.

Makin any big purchases? If its possible, take a drive to the next state, lesser sales tax can save you some money too, along with sales and buying stuff in bulk.

Coffee every morning? See if you can get friendly with someone who goes to school with you and works in a coffee shop, that can hook you up for free. I probably get $10 worth of free coffee every week cause of this. Same thing at my work, if I want, depending on who is there, I can bring home a pizza for myself, theres another dinner.

Look at all that crap you buy but you really don't need. Before you pick up that DVD, think about the price, that could be dinner or gas or supporting your smoking/drinking. You could always rent it instead, or borrow it from someone.

Got a girlfriend that you spoil all the time? Stop. :p

Drink tap water when your at home instead of other stuff that you gotta pay for, it'll turn out cheaper for you too.

 

You're most of the way there to saving money - acknowledging there's a problem.

Spending less is not complicated. It all boils down to:
1) Knowing where your money is going
2) Choosing to spend less on some of the things where the money is going.

It's simple, but it's hard. You have to stay goal oriented.

The way I do it, I budget each month. I have X total dollars each month. I save Y of that, and I have Z left to blow on whatever - food, alcohol, whatever. And stick with that. Don't eat into your savings.

But having a 'cap' amount makes you moderate. OK, I could blow it all on expensive meals, but I'd rather eat cheap a few times and then spend some on alcohol. Or toys, or whatever. Without a budget, you just buy everything.

With regards to the car thing - Either drive less, rotate drivers, or make people pitch in if they need a ride. It's fair.

- Frank

 

yeah sort of...It is in Quicken accounts...
On all the credit cards I have ever had (all seperate)
and cash accounts
on stock accounts
savings accounts
I have everything recorded since August 1999
Every single dollar.

It does help me see what I have spent my money on, but it didn't till recently help me learn to cut back. It is really a "within you" issue. I realized I was spending way too much on girls, and throwing money away at bars. My problem started in HS...when I had absoultely no expenses, and I was making so much money it was to be honest rather ridiculous for a 16-17 year old. I continued those spending trends into college, when I was making about 1/4 what I was making junior and senior year of HS. Which brought high credit card bills (brief example...$2000-$2500 a month on only travel, food, bars, clothes) the first two years of college. With a little talk from my dad, and some realizing on my part...I changed things a bit. I still spend a ton of money, but I have noticed myself becoming cheaper and cheaper...I think I mainly just don't care as much as I once did.

Anyhow, real quick cost cutting things.
Don't drink as much (also good for your health)
Don't make useless drives
Don't order an appitzer or more than one drink when you go out to eat...that could be $20 a meal right there.
As far as clothes...I used to go buy Polo @ Nordstroms, now I go to the Polo Outlet more often than not. 10 items @ 54.99 vs. 10 items @ 29.99 is a big difference.

 

you guys have some good ideas. My biggest thing is food as well. Being a college student I catch myself eating out a lot and since I am insanely lazy I don't eat the free food my parents leave for me every got damn day. What I started doing was taking $$$$ straight from my payroll and deposited in a seperate bank acct at a seperate bank that I don't have a Debit Card for.

I think I will take that advice from the old timers of taking out money for a week and if I spend it tough luck. Sometimes I wish I grew up like my parents, BROKE, cause now that they have money they never spend it and even take the bus to work. Maaaaan couldn't be me, but thats why they have huge checking accts and I don't