Are you finding it difficult to save money in college? It is expensive and you must be feeling the pinch of managing your finances. As a student, saving is not your priority, but having extra money on the side can help you during emergencies. Also, if you develop a saving culture now, you are forging your path to financial freedom. So, to help you out, here are 10 ways to save money as a college student.
The secret to financial success as a student is to budget your finances. You should have a clear plan of your income and expenses. Therefore, list down all your sources of income and the time of receipt. Finally, write down a detailed monthly expenditure and follow it strictly. Sticking to your budget is an effective way to save money.
Are you living like a student? Be frugal during shopping and save some coins. You can find stores with discounted prices or used items like clothes and books which you can buy. Also, doing bulk shopping saves you some extra money.
Sell or Buy Used Books
If you have used textbooks, sell them to other students or the local library at a cheaper price. You can also save some money by purchasing used books because they are less expensive compared to new ones. Furthermore, you should consider buying digital books from Slugbooks and channel the extra cash to cover other miscellaneous expenses.
Find a Part-time Job
It is not easy balancing between studying and working as a student. You may miss out on your social life, but the sacrifice is worth a penny. Moreover, you can cover utility costs comfortably without fear of getting broke by the end of the semester. With a job at hand, you will save extra money for a rainy day and still have some left for entertainment.
Use Your Student Position
Kip Kinkel is a college student who uses his position to save extra money. How is this possible? You can do this by attending events organized by the college. There is a possibility of free meals and drinks being offered, so you will end up saving your lunch or dinner money.
Ensure you file all the expenditure receipts since you may want to compare or refer to prices of items on the receipts for future budgeting.
Focus On Your Needs
You may want to have the latest fashion trends on campus and buy extravagant items to fit into the crowd. But, being a student, this is a financial blunder you don’t want to make. You should first understand your budget, and then focus on your needs. This ensures that you spend your money wisely and thus, improve your saving habit.
Open a Separate Account
You should open a separate savings account that is not linked to your main ATM card. This prevents impulse buying when you go out shopping with your friends.
You can easily get a credit card as a student. However, paying it off is not a walk in the park. If you have one, make sure you charge what you can afford to pay. Also, ensure you pay the balance every month without delays and get a good credit score. This will save you from getting into debt and encourage wise spending.
Rent is quite expensive, and this is an expense that eats a huge portion of your income as a student. You can counter this by finding a roommate whom you can split up the cost with. This mutually benefits both of you, since you end up saving extra money. Also, you can benefit from sharing costs on food and other utility bills.
Apply For Scholarships
You can try your luck and apply for scholarships. There are limitless opportunities for student scholarships that are not academically based. So, optimize your search, get that scholarship and have your college expenses covered.
College life is exciting, and you may want to party with your friends every weekend, or plan a road trip after classes. As thrilling as this may sound, it is an unnecessary expense that you can avoid. Also, you can opt to cut down on cable television and save the money instead.
Cook Your Meals
Food is a basic need which takes a significant part of your student budget. Eating out frequently is wasteful spending and you can limit this by learning to cook your meals. In such a way, you will save a huge amount of money that you spend daily on food.
Although college life is tough, there are ways to assist you to save that extra money while you strive to achieve your academic goals. Start now and gain control of your finances.