How to Make “Money Moves”

Written by Selena Thor

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If we’ve learned one thing from Cardi B, it’s her “money moves.” Her success has floored the music industry, but her funny and humble personality has shined through her billboard hits. As Cardi B’s music gets the party started, her “money moves” are what college students seek.

 

With a college student’s busy schedule, it’s essential to make “money moves” in the purchases we make. As summer rolls around the corner, students will have the time to make smart decisions about “money moves,” and these tips below will help you live life like Cardi B.

 

1. Budget your food

 

It seems like an easy thing to do, but once you start paying attention to how much money you spend on food each month, the total can get pretty big. In this case, make a shopping list of the things you need, and save your receipts afterwards. By having a physical copy of the receipt, it’s easier to track your spending rather than dismissing the amount on your mobile banking app.

 

Stick to a consistent food budget each month; this will hold you accountable for all the food you need. If you know you want to spend a bit more money on snacks and going out to eat, increase your budget, but keep in mind that it will affect other budgets you have, like fun & entertainment.

 

2. Do you really need those new shoes?

 

It’s hard to tell the difference between needs and wants when browsing on Amazon, especially if you have Amazon Prime. Window shopping can become dangerous, so it’s important to keep track of your spendings when you go shopping. Create a shopping budget for each month. It doesn’t have to be a lot; it can be $30-$40 dollars a month. By having this extra cash budgeted on the side, it’ll allow you to spend money on something you do need (or want) without hurting any of your other budgets. More importantly, it’ll keep you accountable to differentiate the things you really do need from the things you just want.

 

3. Sometimes, cheap nights are the best nights

 

Going out every weekend sounds great, but it’ll hurt your bank account the next morning. To be sure your “money moves” are the best, limit your consecutive nights of going out or expensive activities. That doesn’t mean you can’t ever go out or go to that concert you’ve been waiting for all year; it’s how you decide which activity you’re going to do, which will make a difference to your bank account and budget. Instead of going out every weekend, have a fun night in with your close friends, or check out all the free activities that the Twin Cities offers.
 

 

4. Yes, student loans do gain interest

 

If you really want to make the best “money moves” and make Cardi B proud, start paying the interest on your student loans. When enrolled in college, your loans gain interest, and they gain a lot over the years. Each semester, check out how much the interest amount is and keep track of it. If you’re financially capable, start paying off your student loan interest. The important thing to remember is that this isn't the first priority on the list. It’s important that you feed yourself and that you’re able to pay rent each month. This is an extra “money move” you can make and will definitely save you a lot of money when you do have to start paying for your student loans after college.