There is a lot to know when it comes to being smart with your money. It’s easy to get overwhelmed and can be hard to know where to begin. Here are some tips that might help you get started on the road toward managing your money more effectively.
Use Student Discounts
- Seek out free entertainment – museum passes for students, Boston walking tours, movie screenings, and free or discounted concerts and shows.
- Always ask for benefits offered to organizations you are involved in (including your employer).
- Many cell phone carriers, gyms, banks, and other services offer discounted rates to students.
Your Everything Guide to Living Off Campus
BU Today has created a comprehensive guide to successfully renting an off-campus apartment in Boston. Here’s the link to the Off Campus Housing Guide.
Your Field Guide to Boston ~ WBUR
- Welcome to Your Field Guide to Boston. Whether you’re new to the city or lived here all your life this guide is for you and it’s everything Boston!
- Five Thrift Stores & Second-Hand Shops. Have fun shopping and save money at the same time!
- Sign Up for the “Newcomer’s Field Guide to Boston” newsletter. Spoiler alert: You don’t have to be a newcomer to sign up.
Shop Strategically
- Be very careful with Convenience Point spending. Think of Convenience Points like you think of room service in a hotel. Yes, it is convenient, but it can add up. If you charge them to your student account, just like a charge on your credit card, you will have to pay them off.
- Avoid impulse buying. When you want to buy something, wait one week. Ask yourself if you actually need this item. If you are still thinking about the item after one week, then perhaps you should buy it, if you can pay in cash. If you forget about it, then maybe it wasn’t that important.
- Get organized. Always shop from a list. This avoids forgetting important items and having to make a second trip and helps you to resist impulse buying.
- Eat out less often and cook for yourself. Try online recipe finders for great healthy meals. Cooking your own food can save you more than $100 a month!
- Never pay full price if you can avoid it. Shop at discount stores, second hand boutiques, and bargain outlets.
Have Fun for Less
- Volunteer your extra time at different organizations; the more time you spend on activities, the less time you have to be out spending money.
- Start a book club and use reading as a form of entertainment.
- Skip Saturday night out at least once a month. You can rotate with a group of friends and host dinner, movie, or game night.
- Skip the gym membership. You can walk, run, bike, or work out at the Fitness Center. If you need the gym membership, shop around. There are some gyms that are only $10 a month. Volunteering at a facility with a gym might give you access to a free membership.
Share Expenses
- Get a roommate, and share household and other expenses.
- Share a ride with friends if you need transportation somewhere that isn’t MBTA accessible.
- Avoid buying snacks, soft drinks, etc. from vending machines. It’s much less expensive to buy in bulk–consider pooling your money and buying in bulk with friends.
Income Tax Tips and Resources
- Get free help filing your income taxes at the Boston Tax Help Coalition
- See if you qualify for the Earned Income Tax Credit; get a bigger refund!
- Get a free financial check-up, including:
- Individual financial assessment
- Credit advising
- FICO score evaluation