Money-saving tips for college students
- Student Coaching Services
Categories: academic coaching , finances , financial decisions
College days are the best days of your life where you get so many new experiences and memories that will accompany you throughout your life. So, if you learn the power of saving also at this stage, that will be a bonus point to carry along. You can inculcate a great habit of saving no matter, even if you save a small amount initially.
Any responsible student should look for ways to save money while they’re still in college. Below are some of the best money-saving tips college students can use to save hundreds and even thousands of dollars as a student.
- Plan a budget: Having a planned budget can help save a lot of money, provided that you stick to it. Always have a budget before you set out to do anything. Often we do the mistake of blowing our budget and instead of saving we wrap ourselves in debt all around. Stay disciplined and live by it.
- Second-hand books: Make use of second-hand books available at lower prices or you can get a few from your seniors.
- Use money-saving apps: If you have a smartphone, you have access to dozens of money-saving apps that can have a tremendous impact on your spending. Apps like Mint can help you keep tabs on your budget, while others like Coupon Sherpa and Grocery IQ can help you save time and money with your food expenses.
- Rent stuff: By renting we mean both taking things and giving out things on rent. This can save money to a vast extent. There are websites where you can rent your dresses, your old stuff. There might be someone in your college who has something that you want to buy. Ask him/her if he/she can sell it to you second hand, or maybe rent it.
- Self control: Avoid any unnecessary expenditure. The most important factor is self control i.e. if you can avoid unnecessary expenditures and set aside a fixed amount each month, you can easily achieve your goals.
- Avoid impulse buying: Impulse purchases can be the bane of a student’s existence. If you’re at a store late at night and feeling mentally exhausted from school, it’s easy to break down and buy that funny shirt you don’t really need. To avoid this waste of funds, try taking up the habit of always writing what you want to purchase when you see it at the store, including the date you saw it, the location, and the price tag.
- Use public transport: Use buses or go for private cabs such as Uber. These are great alternatives to owning a car, since they very cost effective. Don’t buy a car just yet. Regular maintenance will blow a hole in your pocket.
- Take advantage of student discounts: You’re a student now—take advantage of your situation and always be on the lookout for student discounts! Often, businesses that operate in college towns have student discounts that can half the price of a movie ticket or entrance fee to a park significantly cheaper.
- Get a side gig: If you’re feeling a crunch for cash, you can solve the problem by picking up some freelance work or applying for a part-time job. While this won’t pay off your debts entirely, it can provide a trickle of cash that can at least help cover living costs until you graduate.
Even if you’re in college and don’t have an earning, that’s okay and natural. But you can learn to develop self control and a habit of saving. Also, the foremost investment you can make now is towards your education and learning, the knowledge you gain today will accompany you forever and help you attain your dreams smoothly. Build a wonderful career for yourself to achieve your personal and financial goals easily. Follow your interests and plan your goals wisely. As far as saving and investing are concerned it is just the starting phase, you can anyway add to it once you earn and plan things based on that.