Love, Lucy is the New School Free Press’ weekly advice column, where writers anonymously share thoughtfully researched solutions to your questions about life. Send submissions through Love, Lucy’s official Google Form, and you might hear back from Lucy herself. This week, we’re talking about how to manage your money, track your expenses, and still enjoy life in New York City.   

Dear Lucy, 

I’m finding it hard to stick to a budget while in college. Do you have any advice on managing my money and tracking expenses effectively?

From, 

Struggling to Budget

Dear Struggling to Budget,

Managing money can be stressful. In college, you’re often building new friendships, which means you might want to go out or participate in activities that can financially add up. Plus, saying no to new friends can be hard. Budgeting can be especially stressful when the people surrounding you don’t have to be or simply aren’t as frugal as you are.

However, paying attention to your spending is also an act of self-care. Approaching it with this mindset is the first step to managing money in a sustainable, responsible way. Instead of thinking of budgeting as restrictive, try thinking about it as a way to invest in your present and future. 

For example, I spent two years saving money for graduate school. It wasn’t easy, but every time I felt upset about having to cut my spending, I reminded myself that this choice would allow me to achieve my biggest personal and professional goal. Knowing that temporary sacrifices would pay off later was a powerful motivator. 

One way to help yourself stick to your budget is by being upfront with your friends and family about your needs.

Maybe you and your friends have a weekly dinner date at restaurants around the city. You can tell them, “I’m really trying to save money right now. I would love to keep doing our dinners, but the places we’ve been going are pricey. Can we try this affordable place?” Or you might say, “Can we do some potlucks at home instead of going out to eat every time?” 

I have a standing rule that I don’t eat out or order takeout except on birthdays, and everyone in my life has been very supportive — I just had to explain why I needed to do this. 

Another way you can stick to your budget is by planning to do free activities. The good news about living in New York City is that there are so many fun, free things to do! 

For example, consider exploring one of NYC’s parks, visiting a pay-as-you-wish museum like the Met, attending free concerts, reserving a community ticket at the Brooklyn Botanic Garden, or trying an activity from this list. 

NYC for Free is a great resource to use to find more free, seasonal activities. During holidays, you can attend events like the Halloween parade, Christmas tree lightings, winter villages, and free ice skating in Bryant Park (if you have skates). Of course, you should take advantage of The New School student discounts year-round, as well. 

Planning ahead can help you find the most affordable options for your budget. For example, you can rush Broadway shows by waiting in line outside the box office the day of a show instead of buying tickets online to get the cheapest options. Also, when you and your friends go out, build in enough travel time to use the subway instead of an Uber. 

You can also take advantage of NYC’s cultural institutions by reserving free museum tickets in advance through Culture Pass or visiting museums during certain hours. (The Morgan Library & Museum is free on Friday evenings, for example.)

Comparing prices before shopping will also help your budget. Consider getting your groceries from Trader Joe’s instead of more pricey places like Westside Market NYC.

Jennifer Harpham, director of financial aid at My College Planning Team, suggests tracking savings in a way that works for you. Of course, balance is key. “Don’t stress to the point that you’re not living a good life, but stretch yourself in terms of what you can set aside,” Harpham said. 

This might mean only subscribing to one streaming service instead of five, or making coffee at home instead of buying it in cafés.

If it works for you, you can label the purpose for all of your finances in a spreadsheet and check your budget weekly to see how well you’re sticking to it. If that stresses you out, consider setting up a simple Google Doc where you track the amount of money in your savings account every month. 

This reflective — not punitive — approach allows you to see when your savings take a hit and investigate the cause. Know that fluctuations in spending are normal and okay, as long as you’re aware of them. 

Ultimately, everyone has some type of budget, and everyone will find it hard to stick to it at some point. So, Struggling to Budget, you’re not alone. Ask your parents or older family members how they approach their finances to learn from them, and find a community of people who are also budgeting so that you feel supported. 

At the end of the day, do what works best for you. Budgeting is an exercise in playing the long game, so trust that your intentional efforts will pay off throughout the rest of your life. 

Love, 

Lucy