If you find it hard to save money as a college student don’t worry because you are not alone. Most college students find it very difficult to manage their finances because of the rising cost of education and living expenses. You may find it incredibly hard but it actually allows you to learn money management skills. Later once you begin your college career you will find it much easier to manage your finances and get a head start on your journey. When you are aware of your spending habits you are able to easily gauge your budget. Finally, you can move towards bigger goals such as paying off your student loan, traveling, saving for the future, etc.
College life is also about experiencing new things. You will find most students are spending too much money on buying clothes, partying, going to fancy restaurants, etc. College is indeed a once in a lifetime experience so be sure to make the most of it and be sociable to create networks. There are ways you can enjoy your college life and save money at the same time. Below here are some great tips to save money as a college student:
1. Create a Budget:
As a student, it is important to know how to create a budget and set financial goals as this is a lifelong skill. It may seem overwhelming at the beginning, but as you stay consistent and work on your budget it gets easier. You might think… who has the energy to create a budget/planning your finance after working on projects and homework after a long and busy college day? Well let me assure you spending an hour or two on your budget once in a while will be beneficial in the long term.
It is all about tracking and writing down your daily and monthly expenses. Start with the basic college expenses like tuition fees, rent, insurance, and other utilities. Next, note down your daily expenses like textbooks, food, transportation, class supplies, phone bills, etc. Now you can find the gaps that allow you to save money from those expenses.
2. Find a Part-Time Job:
Most colleges allow their students for part-time jobs. Part-time jobs create an extra source of income and make your financial situation better. If your course allows you some free time, you can start working in a restaurant, bar or mall. However, some students can’t handle the pressure of their studies and job at the same time. Freelancing could be an answer as you get to dictate the hours you can spend on work. There many job opportunities available online such as article writing, data entry, photo, and video editing, etc. You can easily make couple hundred dollars each month and these add up.
3. Don’t Buy New Textbooks:
Textbooks are some of the things that you can’t ignore. Each year you receive the list of textbooks from the college authority and you rush to buy them. Buying new textbooks can negatively affect your budget because add up after each class. Believe it or not there will be some textbooks that don’t really put a value on your academics. You can easily save a couple of bucks by sharing with your friends or even buying an earlier edition. Also, before you rush to buy new textbooks, wait for a couple of days and ask your seniors for second-hand textbooks.
4. Learn How to Cook:
It costs a lot to order food or eat at a restaurant and with inflation going on its almost impossible. You can save that money and put it towards your student loan or other expenses. Cooking by yourself is a lot cheaper and healthier at the same time. Also, learning how to cook is a great life skill that is going to help you throughout your life. You will be able to spend a good time with your roommates as well. If you go online, you can find tons of easy and cheap recipes that you can try.
5. Open a Student Bank Account:
Most banks come up with multiple offers for students each year. They offer exciting perks and services for students. But before you rush to open an account with the bank that you see first, consider comparing each bank and their offers.
6. Take the Advantage of Student Discounts:
From theaters to parking lots, you can find student discounts almost everywhere. Even the transportation cost is way cheaper when you are a student. You should definitely consider taking advantage of those discounts whenever you can. So, make sure to carry your student id everywhere you go. For an example date night with the babe/bae check your local areas and you can get in free such as zoo’s, museums, even discounts at your local bars.
7. Money is Not Necessary to Have Fun:
You don’t need to spend a lot of money to have fun. Having fun doesn’t always mean going to parties and clubs or fancy bars. There are many other ways to have fun without spending a lot of money. You can always consider watching movies, going to local parks, going hiking, etc. These activities are cheaper and a lot more social as well.
8. Start Investing:
From saving for retirement to achieving financial goals, investing opens up a lot of opportunities. We are not talking about investing thousands of dollars each month. Even if it is $50 a month, start with that. Once you learn the fundamentals of investing, you can easily get 15%-18% returns each year.
9. Shop with a List:
Did you ever go to buy just a pack of biscuits and ended up buying a bagful of other things like chips, cereal, etc? The best way to avoid impulse shopping is to make a list before going to the mall or shop. It helps to stick to the requirements instead of buying unnecessary things. It may not seem big of a deal but you will be able to save a couple of bucks each month. Never go shopping on an empty stomach (Pro Tip).
10. Track Your Expenses:
Tracking your expenses is the best way to save money not only for college students but for everyone. Regular inspection of your expenses allows you to make changes to your spending habits. You can easily cut off unnecessary expenses and spend money more effectively. Creating a budget will allow you to visually calculate how much money you spend daily until you start tracking your expenses.
Saving money is not an easy task especially if you are a college student, but it’s not rocket science either. Any college student can save money if they are sensible, disciplined, and have a practical approach towards money. It will make your college life easier, stress-free, and more enjoyable. Saving money is one of the habits that is going to work in your favor as long as you live. So the faster you start, the more benefits you will get.
