Would you like to know how to save money as a student?
If you want to be debt-free, improve your financial health, have more cash in your pocket, and even graduate with extra money, saving in college is perfect for you.
If you start saving money as a college student, it is possible to have several thousand dollars.
In this post, I’m going to reveal tips to save money in college that you can start utilizing today.
How much are you spending on a daily, weekly, and monthly basis? You need to be aware of this if you are going to save money. This means that you have to start creating a budget.
When making a budget, if your expenses surpass your income, then you’ll graduate with more debt than you can handle. You also have to find out where most of your cash is going to, whether it’s Starbucks or eating out.
This helps in understanding what you have to give up or cut back. But the budget isn’t supposed to be rigid, it’s flexible, and it’s okay to adjust it. So, by creating a budget, you’ll know how much you are to spend on a daily, weekly, and monthly basis.
Therefore, you won’t be clueless and always surprised that you don’t know where that $100 dollar bill disappeared. This is what happens if you spend without tracking and managing your spending. Improving your financial situation can only be possible if you start budgeting.
Buy Used Textbooks
You have to get new textbooks every semester, and this is usually expensive if you resort to brand-new textbooks. But you don’t have to waste more money on textbooks that you can get at a lower price if you only get old or used ones.
You can utilize different online stores like Chegg books where they are cheaper.
Also, when you are finished with those books and semesters, don’t let them accumulate dust in your dorm room. Do sell those same textbooks to another student, seeking a cheaper alternative. You will be making and saving money.
Take Advantage of Student Discounts
Most business brands like Amazon and Adidas have student discounts that you can use. As long as you have your student ID getting either food or furniture will be cheaper for you. Whether it’s a 10%-20% student discount, it’s important to identify businesses that offer this plan.
Most of these products are expensive at full price, and most students don’t purchase them. But, when you get a discount, that Apple or Microsoft product is at the lowest price that you can afford. Therefore, the business or brand has a new customer, and you get a quality product at a better or bargain price.
Cook Your Food
Dining out is a habit that is synonymous or identified with college students.
After getting a good college homework helper after reading some essay writing service reviews, they are hungry but don’t resort to cooking, instead, go out to restaurants. It might seem a simple routine or habit, but when you create a budget, it won’t be a surprise that you are spending more money dining out.
Of course, it is okay to go once in a while to eat out, but if it’s every day, it will be money-draining. If you have an oven or cooker but not using it, better you sell it because it’s only taking up space.
You spend money getting those kitchen appliances but hardly using them. Also, most students must have a Starbucks, but what if you learned to make your coffee. You will be saving more money by cooking or making your own food and coffee.
You can find them online or in magazines, although when starting, they might seem trivial.
The more coupons you get, the more you save. Getting coupons will help you saving you a few centsб but if you’re constantly searching for coupons, you’ll save $5-$10. You can find coupons for most products you consume.
Get a Part-Time Job
You can still study and have a job that will help you make some money.
Most businesses are more than willing to hire students. Therefore, you may say – I need help with my homework, if you are going to start working. Doing homework won’t be a problem if you look through some best essay writing service reviews and hire the one.
Also, you can take advantage of the thriving gig economy, where you’ll have money in your pocket. You are becoming more independent and you will have to understand more about finances. You can even get a part-time job on the major you’re studying, thereby preparing for the future.
So, you will be saving some money, as well as improving your resume.
Do Not Get a Car
Investment in a car is several thousand dollars, and you still have to service, maintain, and pay for gas money.
A car might seem like a good idea in college because you want to move in and out of campus easily. But it’s one of the worst financial decisions you can make. Remember that once a car drives off from the dealership, its value starts depreciating. So, if you buy it today and sell it tomorrow, you’ll get a depreciated value on it.
Start taking the bus, Uber, bicycle, or train, and you’ll not be spending much, thereby saving more.
But if you must have a car, maybe because of the location of your campus, purchase a used vehicle. It is the best choice because a new car might be easy on the eyes, but it will make you break the bank. Public transportation is cheaper, so use it to your benefit.
Most college students experience financial struggles, and the little they save, can be helpful in the long run.
You do not want to be in debt after college, so saving to pay off a loan can be a big reason to utilize these tips. But, remember that you are in college to study and graduate with honors. So, do not fail in class because if you spent another year or more time in college, you are losing more money. Therefore, do study, pass, and use these tips to save money.