Saving money as a college student may be impossible at first with all the expenses that you have to pay each month. These include textbooks, tuition, transportation, and others. However, learning how to save your money while in college is a smart start to move. By doing this, you will be able to save more, and spend less, while still enjoying your experience as a student.
Below we have listed eight tips that will help you to learn how to save your money as a college student. So, keep reading!
1- Make Your Budget
Once you start being a college student, you will be responsible for your finances. Therefore, you have to be aware of what is coming in and out of your bank account. Always remember that all that you can measure you can manage.
The first step to do so is by recognizing all of your sources of income. These may be part-time jobs, bursaries, or others. On the other hand, write down all the essentials that you cannot skip such as commuting costs, WI-FI, textbook costs, etc.
Having a budgeting strategy will give you a clear vision of how much you need and how much you should spend each month in order not to spend your cash on non-essentials.
2- Track Your Spending
To save your money as a college student you have to know where your money goes. You may be overspending your cash on things that are not essential to you without even being aware of it. Thus, it is always a good idea to review your spending and try to change any unpleasant habits such as spending your money on fast food.
If you do not have enough time to do so or do not know how to start, you can always try out budgeting apps to keep on track and check your financial status.
3- Recognize the Difference between the Wants and the Needs
You should know about a rule named the 50-30-20 rule. The latter shows you how to put 50% of your income for just your needs, 30% toward wants and 20% for savings. Before doing so, you have to understand the borders between your wants and needs. For instance, you have to eat, but do you need to eat each time at a given restaurant?
4- Stick to Your Budget
How many times you did enter the supermarket to buy some essentials and ended up buying unnecessary snacks? Well, this happens but it should not be always. As a student, you have many responsibilities that you should take care of. Thus, you must not spend your money on all that is in front of you.
Every time you want to go out shopping, try to get yourself a plan and stick to it. At first, you will fail, this is normal. But afterward, this will develop as a habit and you will start doing it unconsciously.
5- Find out If There Are Any Grants and Scholarships
There are a number of grants and scholarships that you might qualify for. For this reason, we advise you to make some in-depth search and try to know more about this issue. If you get even $100, this will make a big difference and enable you to save more.
6- Eat at Home
A great option when it comes to food is to prepare your meals at home. This does not mean that you do not have to go out with your friends sometimes and have lunch together at a given restaurant. However, on a daily basis, it is better to cook at home.
If you just Google it or watch some videos on YouTube, you will find hundreds of meals that you can quickly and easily prepare for yourself.
7- Look for Student Discounts
If you wish to save your money as a college student, then do not hesitate to ask and know more about student discounts. You will find on your school agenda some brands that provide students with some discounts listed for you. However, do not rely on solely your school agenda. Some brands give some great options for students to save their money but without advertising them. In such cases, you have to look for them yourself.
8- Have Fun Attending Free Social Activities
Who said that you need money to enjoy your life? There are a number of social activities that you can attend with $0. For instance, you can go and visit many museums as well as cultural attractions for free by only showing them your valid student ID.
Being a college student may be sometimes hard but, in fact, these days are the best ones of your entire life. Enjoy being a student to the full and always remember to save your cash!