While studying in college, you’ll experience happiness, meet new people, and sometimes be faced with costs. Trying to understand how to Save Money as a College Student can seem hard at the beginning. It is certainly doable to handle finances and have fun in college as well. By being conscious of your money habits, you can make sure they stay strong as you move beyond graduation.
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These strategies are made for students in any country who are struggling to manage their expenses and social lives.
The Difficulties College Students Have with Finances
When they start college, students must deal with managing their finances themselves. Little expenses, such as paying rent and purchasing takeout, now seem more important. When there is no budget set up, your expenses can add up quickly if you depend on loans or a little part-time work. As most schools don’t cover budgeting, young people tend to handle their money without much knowledge of how it works.
Whether you are at university or elsewhere, learning good money habits now will prevent debts and money worries in the future. You need to learn how to spend wisely without making it feel like you are giving up too much.
Establish a Budget You Will Be Able to Follow
Let’s be honest: the word “budget” sounds boring. Yet, budgeting is not just about reducing what you can do; it helps you to be in charge of your finances. First, write down what money you earn each month from a part-time job, grants, or help from your parents. Next, list your monthly fixed expenses, which are rent, phone, and transportation, and try to estimate the amount you spend on variable things such as food and entertainment.
With Mint, YNAB (You Need a Budget), or by using a Google Sheet, you can easily monitor how much money you spend. After you see the numbers, you will know where your money is going, which saves you money. Remember to give yourself a bit of extra money in case something unexpected comes up.
Cut Down on Textbook and Supplies Costs
Many textbooks are quite expensive, but there is a clever way to get them. It is not often that you have to purchase musical instruments brand new. Search for used books on the internet, use a library, or go for rentals through sites like Chegg or Amazon. A few instructors give out free PDF documents.
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Don’t decide to buy fancy stationery for school supplies. Don’t waste time on extra products, and check the difference in prices between nearby stores and what is offered online. If you have access, check on a campus swap or Facebook page, since a lot of students there are selling used books and supplies at a lower price.
Cook More, Eat Out Less
Taking advantage of dining out is convenient, but it soon costs you plenty of money. When you add up smaller things like $10 purchases, it adds up over time. Picking up some basic culinary skills can save you a lot of money each month. Simple pasta, rice bowls, and sandwiches are good enough to get you started, as you don’t need to be a gourmet.
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Whenever you can, buy larger amounts of non-perishable foods. If you plan your meals, you can save both your time and your money. Local grocery shops often have deals for students, so try not to miss them. You may find you save more money than you expect as the years go by.
Take Advantage of Student Discounts
You can find student discounts on software, clothing, and other things if you keep an eye out. Deals on things like laptops and streaming can be found using UNiDAYS, Student Beans, or your university ID. You can find student plans on Spotify, Apple Music, and several transportation companies.
Do not hesitate to ask if the business will give you a discount as a student. Watching your little savings add up is possible, especially if you include them in everything you buy.
Use Public Transportation or a Bike
Gas, car insurance, regular vehicle maintenance, and parking costs are very expensive for students. In a college town with easy-to-use public transit, you should take the bus or ride a bike instead of driving a car. At a lot of schools, a bus pass is included when you pay your student fees.
Using a bike as a means of transportation can help you save cash and keep you moving. Also, you won’t need to worry about finding a place to park on campus or paying for it. If you do not need a car most of the time, try sharing rides with friends or rent one on a short-term basis using Zipcar.
Limit Impulse Spending and Avoid Credit Card Traps
Getting things you don’t need on impulse is a fast way to spend your money. One-click checkouts make it easy to buy things on impulse if you shop online. Don’t rush into buying something; instead, wait for 24 hours before doing so. Wait for one day before going through with the purchase. If you are set on it, take another look at how it will fit into your financial plans.
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Be careful with credit cards. Even though they help your credit score if used correctly, using them carelessly can cause you to accumulate debt eventually. If you have a credit card, be sure to pay off your whole balance at the end of every month. Only consider cards with high interest or fees if they have benefits made for students.
Look for opportunities to increase your income.
It’s good to save by cutting expenses, but earning more income can push your savings to a higher amount. Start with part-time on-campus jobs, tutoring jobs, working as a freelancer, or look for paid internships. Spending even five to ten hours a week can give some extra insurance to your finances.
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Several colleges in the U.S., the UK, and Canada give students the option to take on-campus jobs. Another option is to work remotely as a freelance writer, a graphic designer, or by managing different social media accounts. You want to look for a way to make money that will not interfere with your studies.
Take part in free events and avail yourself of the resources on campus.
You do not necessarily have to buy things to have fun. Many colleges have free activities for students, fancy ones such as movie nights, concerts, and workshops. Look at your school’s calendar often to find out about events. In addition to saving money, these experiences allow you to mingle and make friends and colleagues.
Rather than paying for gym fees elsewhere, use the one offered by your college. Because you are paying for these with your tuition fee, make sure you take advantage of them.
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Saving Money Is Important, No Matter How Small
You might think saving money while being a student is very hard, but it’s possible. You could begin by putting aside $5 or $10 of your earnings every week. Make a plan to move your regular paycheck directly to a savings bank account. The more you do it, the more your financial confidence will grow.
Having a special account just for savings helps prevent you from using your savings too early. Chime and Ally are good choices among banking apps since they help you save effortlessly by allowing you to round up what you spend or put high-interest rates on your money.
Final Thoughts: You’ve Got This!
Saving money in school isn’t the same as being stingy- it’s about being economical. The main idea is to plan for the future and still have fun in the present. If you equip yourself with the correct tools and ideas, you won’t need to worry about money and can enjoy your time as a student.
Saving money now makes it so you owe less in the future. First, work on easy steps, make it a habit, and mark your successes. You are forming habits that will help you for years ahead.
Want to Manage Your College Costs Better?Follow these steps, and you will notice a change in your wallet. Need help with practical advice, setting a budget, and student offers? Join our newsletter and become part of a group of students who are getting better at saving every day.