Your First Job While in College: 3 Tips To Stretch Your Paycheck
Written by
Dawn Allcot
Edited by
Cory Dudak
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Many young adults start working for the first time while in college. Seeing that paycheck and knowing you earned the money on your own provides a quick dopamine hit. You might even be tempted to open up the Temu app and start shopping.
But the feeling of accomplishment can fade quickly once you realize how hard it is to earn significant amounts of money and how easy it is spend it. Fortunately, there are ways you can stretch your dollars to make sure you have enough to make it to your next pay day.
Create a Budget
If you’re lucky, you may not have a lot of expenses while you’re in college. Your phone might still be on a family plan with your parents covering the bill. You may not have a car if you live on campus.
But even if you only have a few bills each month, you should get in the habit of tracking your expenses now. Write down all your costs, including bills that don’t change each month, such as streaming subscriptions, your phone bill and college tuition. Then, write down your variable expenses, such as groceries, dining out and entertainment. Estimate their costs or review past bank statements to see how much you spend.
If your costs exceed your income, you’ll need to find ways to cut back or earn more money.
Use Apps To Find Deals
Get in the habit of using shopping apps like Rakuten to earn cash back on purchases. Rakuten pays up to 10% when you shop through popular websites, and deposits the money directly into your Paypal account quarterly.
If, like many college students, you frequently order fast food or casual dining meals, you can use restaurant apps from places like Buffalo Wild Wings, Taco Bell or McDonalds to earn rewards and free food.
Pay Yourself First
It can be tough to make ends meet with an entry-level job. But good financial habits begin in your teens and early 20s. If your job offers a 401(k) retirement program with employer matching funds, opt in immediately. This is free money that can set the stage for a solid financial future.
It’s also a good idea to set aside 5% or 10% of your paycheck — whatever you can afford — into a high-yield, emergency savings account. You can set up automatic transfers so that whenever you get paid, a percentage gets deposited into savings.
These three simple steps can help establish good financial habits so that, as your paycheck grows, your wealth can continue growing, too.
More From GOBankingRates
