Do I really need to have this right now?
Do I own something similar?
Will I be using it immediately?
Based on your answers, you can determine whether to purchase it right away or wait until later. Now, if you have extra cash in your bank account (after you’ve paid the bills and put aside some savings), then treating yourself from time to time to a nice outfit or to dinner and drinks with friends probably won’t hurt your wallet too much, if you spend within your means.
Practice delayed gratification
If you don’t need a certain product or service right away, then hold out until your next paycheque arrives or—better yet—when it goes on sale. This practice is called delayed gratification. It may not be easy to apply this method right away, since it takes some self-control. But it will help you reduce your expenses and not feel buyer’s remorse.
Remove the credit card autofill feature
Online shopping has never been more convenient. With one-click purchases and buy now pay later (BNPL) plans, it can make your spending creep up quickly. You can prevent impulse purchases by removing the autofill feature for your info, including credit card numbers and mailing address. You will have to take a hot second to grab your wallet across the room. Hopefully, you will have a moment to ask yourself if you think this purchase is really worth it or not.
And it’s OK if you abandon your cart. I’m sure (in most cases) you’ll receive an email in your inbox asking if you want to proceed with your order. I usually give myself 24 hours to think on it. And, if by then, I’ve completely forgotten about the item, then it wasn’t really that important to me in the first place.
Do student loans cover living expenses?
Depending on the amount of financial aid you’ve received or anticipate to get, you may find that it’s not enough to cover everything you need. To estimate how much you can expect to receive, try this Student Aid Estimator tool.
Besides covering the cost of tuition and books, having a student loan gives you the ability to cover some of your living expenses, including:
Housing
Transportation
Food/groceries
Miscellaneous expenses
If you have a student loan, it’s wise to spend it on your education, and less so on things like entertainment. Remember, unlike scholarships and bursaries, loans are not free money and you will have to pay it back. So, treat it like you would a credit card and be responsible with how you use it and how you pay it.
With this in mind, how can you lower your expenses? Try these tried-and-true methods to help keep more money in your bank account.