I am not the sort of lady who spends hundreds of dollars on perfume, clothing, or cosmetics every month. My money vanishes when I spend it on entertainment. I like attending movies, baseball games and live theatrical performances. I watch Twitch gamers, play video games in my spare time, and read a book every night before bed. I like going to concerts with my friends and staying home to watch anything on Disney+ when I don’t feel like going out.
All of these costs add up rapidly. Here’s a simple example: I have three roommates, and after a year of living together, we learned we were all paying for a Netflix membership even though we only had one TV. In addition, we have four Prime accounts, two HBO Max subscriptions, three Hulu accounts, and a Disney+ account. We spend more than $1,500 per year for streaming services alone as an apartment!
And this is leading to a more significant issue: streaming weariness. Today’s options abound, with Paramount and Peacock and all the other streaming services, in addition to the regular five of Netflix, Prime, HBO Max, Hulu, and Disney+. With so many options, choosing how to spend money.
“When streaming initially became available, it was a fantastic method for individuals to reduce their cable price. “It was a great alternative for non-cable viewers,” said Rhea Styles, a younger adult’s adviser and financial associates planner at Element Financial Group. “But, slowly but steadily, We eliminated cable, but we’ve replaced it with a million subscriptions, so we’re not saving money.”
And as college students, we already have a limited budget! This just makes matters worse. According to the Bureau of Labor Statistics, persons under the age of 25 make $2,500 per month on average and spend $1,730 on housing, food, clothes, and transportation. Moreover, $100 is spent on amusement out of the remaining $770. That represents a considerable portion of the monthly discretionary spending. Fortunately, there are methods to save money while still having a good time!
There are a variety of options to reduce costs and manage the credit card debt from student loans. Consolidating your loans through PaydayNow could make it easier to track your loans when you have more than one student loan and multiple servicers or business.
Here are five ideas to help you save money on entertainment as a college student:
1. Create and adhere to a budget.
Budgeting is one of the most helpful tools in any economically responsible person’s armory. Making and sticking to a budget helps keep track of costs and, when done effectively, may be used to plan for savings, debt repayment, and other goals.
The first step in creating a budget is deciding what goes into it. Make a list of scheduled and essential costs, such as rent, vehicle payments, food, tuition, and so on. Then make a note of any incoming money, including employment, scholarships, grants, parental support, and any other method money ends up in your pocket.
Create a budget from there. Several valuable resources are available online, ranging from templates to instructional materials. Figure out which one works best for you. My favorites are Google Sheets and Excel. For the last five years, I’ve created and maintained a budget using the built-in capabilities of spreadsheet software.
“Make a spreadsheet of everything you spend,” said Krissy Cartwright, a marketing research graduate student at the University of Georgia. “Being aware of your expenditures is part of saving money.”
2. List all entertainment costs and what you pay for but don’t utilize.
It’s also OK if you’re not ready to go the whole hog and create a budget. Budgeting may be tricky, but it is crucial for financial stability as one approaches maturity. A smaller-scale variant of this is to track all entertainment spending and discover what you’re paying for that you don’t utilize. If you know your monthly expenses, it’s much simpler to plan around those expenditures, include them into your monthly payments, and eliminate anything superfluous.
“Make a list of everything you subscribe to, whether it’s streaming, periodicals, or anything. “List everything out and then sort that list from what you like the most to the least important that you may not even remember having,” Styles added.
Identify everything and everything that may be labeled entertainment, not only streaming services like Netflix or Hulu. Music, games, reading, athletic events, and anything else that you deem entertaining or enjoyable should be included on this list.
“I don’t follow a budget, but I do keep track of my expenditures,” said Colin Blackman, a graduate student researching marketing research at the University of Texas at Arlington. “I was taking a personal finance class, and they stressed monitoring your expenditures and understanding the facts.”
And, for the sake of budgeting, suppose you’re paying for things every month. Perhaps you have no plans to attend a concert, a live show, or a movie this month. Maybe the next video game you want to play or book you want to read won’t be out until next month. But if you intend to spend that money every month, you’ll be ready for it rather than having to work around it when one does come around.
I have pals who didn’t know they were paying for two distinct music subscriptions and others that pay for streaming services they only use for one program. I have friends that pay for movie theater memberships and concert tickets just to ask someone else if they want to attend because they don’t have time or don’t want to go. I had season tickets to my university’s football and basketball games in my first year and sold all but four of them since I didn’t feel like attending. That’s a lot of money wasted!
“As a student, consider what programs you watch the most and which platforms carry them,” Cartwright said. “Assess what you use the most and spend your money on it.”
Once you’ve recognized the types of entertainment you spend money on, it’ll be much simpler to cut down on those expenses. Choose one music provider, whether it’s Spotify, Amazon Music, Apple Music, or another. If you aren’t going to every game or concert, consider purchasing individual tickets rather than a season pass. Do you watch Netflix only for “Seinfeld” or “The Office”? Consider canceling the subscription instead of saving up for a box set or digital copy. “It’s effortless to lose sight of what we’re spending money on,” Styles added. “Have an inventory done every six months to a year? Determine which subscriptions you are utilizing and which you are not.”
Knowledge is power, and if you know what you spend, you can restrict what you pay.
3. Look for student-only deals, discounts, and unusual ways to save.
Everyone knows that college students are notorious for having, well, no money. As a result, business executives often pity us and don’t charge us the same exorbitant fees as their adult counterparts. I am aware that my institution provides discounts on Hulu and HBO Max and free Xfinity service to students who reside on campus.
My friends and I like going to the movies, and in the previous month, we’ve watched seven movies at our favorite cinema. We’d have spent $125 per person if we’d bought tickets each time., not including parking, popcorn, and other expenditures.
But we didn’t spend that much. Why? We all signed up for the AMC A-List. For $25 a month, we can view up to 12 movies, including IMAX, 3D, and other special effects. It’s paid for after we’ve watched two movies. It’s SO worth it.
Look for these types of discounts, particularly education or student discounts, which may frequently save you more than half the service cost. Look for packages, such as Hulu, Disney+, and ESPN+. “The first service I got was Hulu plus Spotify,” Cartwright said. “Take advantage of packages and student discounts.”
To save a little money, consider choosing a service with advertisements rather than one without. Find memberships or season ticket bundles that may help you save money on activities you do all the time. Phone plans that include streaming or music services are another way to save: If you’re already paying for a cell phone, chances are you can upgrade your plan to one that includes Netflix, Disney+, Apple Music, or a slew of other services for much less than paying for each of these things separately.
Little things like these may save you a lot of money. Unconventional tactics are your best friend, and savings may be found everywhere if you’re prepared to seek them!
4. Go to the library!
This is perhaps my favorite — and most crucial — tip on the list. The most fabulous discount in the world is one hundred percent off. Go to the library — it’s free! Nothing beats not having to pay for stuff when you’re an impoverished college student.
“I’ll confess that I haven’t visited a library in a long time. “There’s certainly a stereotype that it’s something you do as a youngster,” Blackman remarked. “I suppose I still think of it that way. It’s difficult to perceive it as a resource for someone my age.”
Library cards don’t expire for a long time, they’re free to get, and they provide you access to hundreds of books, games, movies, CDs, and other items. I’ve often rented a DVD copy of a movie rather than purchasing a digital or DVD copy. I’m a voracious reader, and if I bought all the books I acquired from the library, the bill would run into the hundreds of dollars. There are even video games for consoles!
All libraries now impose restrictions on the number of items checked out at once. However, these constraints are generally high and not as big of a barrier as they may be. In addition, an increasing number of libraries are eliminating late fees to encourage users to use the services they offer.
Seriously, as a student, the public library is your best buddy for saving money on entertainment.
5. Emphasize value-based entertainment expenditure.
“You’re going to find out what your fixed costs are. You must pay your rent, utilities, and other bills. “However, you may carve out a discretionary budget,” Styles added. “With that discretionary money, consider what causes you pleasure and what you spend your money on that improves your life.”
Instead of attempting to put a hard limit on how much you may spend on various items, try to concentrate more on why you’re purchasing them. Will the experience of reading that book or playing that video game offer you pleasure and excitement?
Look for services that provide additional advantages as well.
“I purchased the Amazon Prime Video that comes with Prime Student since it’s not simply the solitary advantage of TV,” Blackman said. “I also receive free delivery, which I see as more of a value provided from Amazon than say Netflix or any other service.”
Focusing on why you’re purchasing something might help you save money. Personally, if I spend a little more time thinking about why I want to buy something, I can save money.
Styles proposes asking yourself a few questions: “What is it about which you are passionate?” “What is it that you genuinely like doing that gives you pleasure and happiness?”
“Maximize your discretionary spending on the things that will offer you the greatest value, the things that will bring you the most pleasure,” Styles said. “It makes no difference how much of your discretionary budget you have. I want you to get the most out of it. “Cut costs that don’t bring value to your life.”
