7 Ways to Practice Financial Discipline for College Students

Your meals can be delivered with an app on your phone. Entertainment is instantly accessible via streaming. Social media allows you to check up on your friends at a moment’s notice. In a world where everything is instantaneous, practicing the ability to delay gratification can be challenging. However, managing your personal finances well often requires saying no and slowing down. Here are seven examples of students working to achieve financial discipline by sacrificing in the short-term to reach their long-term goals.

1. Limit eating out

With such a busy schedule in college, it can be difficult for you to find time to cook for yourself. Plus, drive-thru and delivery options are just a few taps away, making it very difficult to resist the temptation to splurge on bad days. Maxwell from McGill University shares how he stayed committed to his goal of spending less on food:

“Last summer I worked as a camp counselor, and my schedule consisted of an 8 hour shift with a 30 minute lunch break, from Monday to Friday. For 50 days in a row, I followed this schedule, and while my friends and coworkers went out to buy food during their break for $10-$15 each day, I stayed on site, quickly eating my homemade lunch and then clocking back in. Some days, it was so hectic that a quick lunch was all I could make time for before I had to get back to my group. On others, it was really difficult to see my friends pile into a car, throwing around suggestions like Chipotle, Dunkin, or Chick-fil-a…Through perseverance, situational factors, and some great homemade sandwiches, I made it. During the 10 weeks that camp went for, the only time I ate anything other than my homemade lunch was when our director bought pizza for everyone on the final Friday of summer. Over the 50 days, if we average my lunch savings per day at $12.50, I saved a grand total of $625.”

Maxwell D. McGill University

2. Choose an affordable college

Selecting a college is one of the biggest academic (and financial) decisions you will make in your teenage years. While your dream school may fit your desired qualities, it’s equally important to make sure it aligns with your monthly budget. Elizabeth, a former student at ASU and current student at Texas Women’s University, shares how choosing a more affordable school now gave her long-term success:

“The scholarship package Westmont offered was significant but paled in comparison to the total cost of attendance. My father gave me a frank picture of loan payments, the interest they would accrue, and how those payments would compare to an average salary in my field of interest. Soon after, scholarships and grants for attending an in-state university began rolling in—enough to cover not only tuition and fees, but room, board, and additional expenses at ASU. In honest conversation with my parents, I confided that very little about ASU appealed to me, particularly in light of what Westmont offered. However, I could not reckon the burden of debt, both financially and emotionally. I chose ASU simply out of financial protection and what has followed has been nothing short of redemptive...I unexpectedly lost my mother a few years ago, and the financial freedom I had of not only being debt free but having had the opportunity to save while I worked allowed me to take a two year sabbatical to grieve and spend needed time with my family. What I thought was a substantial sacrifice at the time turned out to be the most protective and life-giving decision for my future and financial freedom.”

Elizabeth H. ASU & Texas Women's University

3. Make do with your current equipment

If your phone or laptop isn’t working perfectly, it may feel like the only solution is to upgrade immediately. But new technology often comes with a high price tag that could result in accruing credit card debt. Hannah from Ross University shares how choosing to work with what she has helped her credit score and her financial plan stay on track:

“A defining moment of this discipline occurred recently as I navigated the heavy workload of my Master’s program. Between my two jobs and my studies, my old laptop began to frequently freeze and crash during data analysis. The temptation to put a new laptop on a credit card was unreal. This choice would have provided instant relief and rewarded me for my grueling schedule. Instead of making the purchase, I chose to delay. I spent several hours troubleshooting the software myself and committed to using the university’s computer lab late at night when my own device failed. I continued to funnel my surplus and even the small $100 increments from each paycheck into my savings and tuition rather than toward new hardware. Passing on that purchase had a profound impact on my mindset such as financial security. It allowed me to remain entirely self-funded for my degree, preventing the accumulation of high-interest consumer debt before I even reach medical school.”

Hannah H. Ross University School of Medicine

4. Look at all your options

When you find something you really like, it’s easy to click “add to cart” or “buy now” for an instant dopamine hit. Yet, taking time to explore all of your options, such as local businesses, thrift stores, or other sale platforms, may lead to better and more affordable choices. An Ohio University student shares how waiting helped him find an item he loves at a fraction of the price:

“I very much wanted an expensive pair of jeans for $180. I was waiting to buy them and then found a very similar pair for $36. I bought the cheaper pair and if I had impulsively made the first purchase, I would have spent way too much. I was happy I saved money, and the cheaper jeans are now my favorite pair! It does not seem like a pair of jeans would be a big deal, but the precedent it set for me is important. Ending up in a better position because I looked at all my options and did not jump at the first thing I liked, is a good lesson…Thrifting is a good example of a combination of reducing overconsumption and delayed gratification. It frequently takes multiple trips to find what you are looking for when you are shopping in thrift stores. These are important things to practice and bring into adulthood.”

Maxwell S. Ohio University

5. Choose giving over spending

After a couple of months of automating your savings and investments, your temptation to spend may grow alongside your money. One great way to practice impulse control is to give back to someone who’s deserving of it. Capone from the University of Dartmouth shares how putting his mom first was a greater long-term reward:

“When summer was over and when I went back to school I had to be mindful of the amount I had saved. There were times I wanted to spend my money on video games or a pair of the newest sneakers that just came out. My mom always told me it was ok to splurge on myself if I worked hard for it and I am a teenager, so I was tempted. But it just didn’t feel right…She always made sure we had a wonderful Christmas and this year I was going to do the same for her. I used a large chunk of my savings to buy her a well-deserved gift. The look on her face on Christmas morning was worth everything. She even cried. I didn’t buy anything extravagant, but it was something I knew she would love. The look she gave me when she opened her gift was worth it. She looked grateful and proud.”

Capone C. University of Dartmouth

6. Wait for the right time to buy

With millions of purchases at your fingertips, your ability to resist spending decreases as the time you spend online increases. Luckily, creating a budget, setting up an emergency fund, and practicing patience can often lead to significant savings. Susanna from the College of DuPage shares how avoiding an impulse purchase paid off in a big way:

“One time I chose to pass on a purchase was a couple of months ago when I wanted to buy the Adidas Sambas shoes. Adidas had just come out with this new style, and it seemed like everyone around me had them except me! Not only that, I would see many advertisements pop up on my phone. I was tempted to just click the button and order this pair of shoes. Thankfully, I decided to wait and think about the purchase. Just a couple days ago, I was able to find these same shoes for 40% of the normal price! This occasion taught me to not make decisions on money in just one day. It is better to wait.”

Susanna E. College of DuPage

7. Resist financial peer pressure

When everyone around you is buying the latest trend, it’s easy to feel the pressure to spend as well. Financial discipline means knowing the difference between what you want and what you actually need. A Providence College student shares how resisting peer pressure helped him build discipline for his financial future:

“I faced a real test of this discipline last semester. A group of guys on the team were all buying high-end electric scooters to get across campus. It was the ‘it’ thing to have, and with the physical toll of practice, the convenience was tempting. I had the money in my account, and the ‘instant gratification’ culture of the locker room was telling me to just hit ‘order.’ I even had the scooter in my digital cart. But then I thought about my mom’s voice. She always told me, ‘Gabriel, never confuse your 'wants' with your 'needs.' You are living a life others can only dream of—don't waste that gift.’ I looked at my bike, which worked perfectly fine. I realized the scooter wasn't a need; it was a status symbol. I chose to close the tab and moved that money into my high-yield savings account instead…By passing on that purchase, I proved to myself that I am in control of my impulses, not the other way around. Choosing the ‘long game’ over a temporary trend gave me a level of confidence that no luxury item ever could.” 

Gabriel S.  Providence College

Building the habit of financial discipline or delaying gratification will take some time. There may be instances where you slip up, forget about a debt payment, or feel uncomfortable about having awkward money conversations with friends. However, building good money habits early on will pay off abundantly in the long-run. But for now, stay strong, as no amount of money or number of purchases can satisfy you in the way reaching your short-term and long-term financial goals will.