You’re busy with your assignments, tests, exams, and extracurriculars, and your financial future may not be your priority. However, the good news is that now is the right (and the best!) time to start working on your financial wellness. It is highly crucial to learn to manage your money wisely and cultivate the right habits. Let’s start!
#1 Create a Budget
A budget serves as a roadmap for your financial journey not only during college but also after graduation. It is important to track your income, including money you earn at your part-time job and receive as a birthday gift from family and friends. Put your expenses on the list too, such as clothes, make-up, eating-outs, subscriptions to any college-related apps, or even the expenses you have when acquiring for services to help with your courses, and so on. If you make sure to know where exactly your funds are going, you will be able to make the right decisions on how to save some bucks effectively.
#2 Benefit from Student Discounts
A huge number of entertainment venues, restaurants, cafés, and retailers provide college and university students with some great discounts. Your task here is to always do some search for available discounts before you buy anything. Places like Spotify or Amazon Prime offer student memberships – feel free to enjoy them! Whatever purchase you are making, keep your student ID at hand. You will 100% thank yourself later.
#3 Cook at Home
If your cooking skills leave a lot to be desired, it is time to boost them. The reality is that preparing your meals at home is a great opportunity to save a significant sum of money. In contrast to eating out, you will be able to improve your eating habits and even switch to a healthier menu.
To start your at-home cooking routine, plan your meals for a week. Go shopping to purchase all the groceries you may need and cook in batches. This will help you stay away from impulse takeout. The same rule applies to water. Unfortunately, buying water in bottles can be expensive, which means it’s better to invest in a high-quality refillable bottle to avoid purchasing a new one every time you are thirsty. Needless to say, it’s very environmentally friendly!
#4 Purchase Used Textbooks
Well, why not? After all, new textbooks are quite costly, so why pay more? Approach students from the other courses or search online to get some cheaper options. What is more, you can also benefit from online versions of textbooks. You’re welcome to visit your college campus bookstore or web marketplaces to find the most suitable second-hand options that will let you save some bucks.
#5 Apply for Grands & Scholarships
When it comes to scholarships and grants, they are the types of funding that you do not have to repay (yay!). There are just excellent options for those who are on the lookout for ways to pay for college and not go bankrupt. A lot of scholarships are based on sports performance, your financial situation, merit, professional interests, ethnicity, and so on. Of course, it’s better to apply for a scholarship before you enroll; however, you can also seek scholarships and grants while you’re a college student already.
#6 Change the Way You Get Around
The money you spend on transportation usually depends on a range of factors, such is whether you live on or off campus, how far you live from home and how often you visit it, how often you like to travel, etc. Getting a car can be a pretty expensive deal with all the ‘ingredients’ like insurance, parking fees, maintenance, gas, car payments, repairs, and many more. At the same time, things like Uber are also far from being pocket-friendly.
The best recommendation here is to go for public transportation or transportation that your alma mater provides. How about human-powered vehicles? Try things like scooters, bicycles, or…. walking, if possible. If you are totally fine with managing that kind of vehicle, you will save some money sooner than you know.
#7 Find New Ways to Earn More Money
Take into account all the things you spend money on (both essential and non-essential) and ponder over new ways to earn some extra bucks. Below, we offer just some of the ideas that you are welcome to benefit from:
- Social media. Let’s face the truth – social media is an integral part of modern life. Plus, it is something you can use to boost your financial situation. If you’re exceptionally good at taking photos or creating compelling texts, think about whether the role of a social media influencer is something you would give a try. There is no need to wait until you get your diploma to increase both your income and savings.
- Babysitting. If you don’t live on campus but somewhere far from student life, chances are you may know families that are on the lookout for a babysitter for their munchkins. Or perhaps they own pets that need some care while their owners are away at work or traveling on weekends? Feel free to offer your services to earn some bonus money.
- Find a roommate. If you live off campus, make sure to share the apartment or house with a roommate. Thus, you will be able to share not only accommodation but also meal costs. Plus, you may find a friend for life as a great bonus.
- Tutoring. If you’re a hard-working student, and your skills in a particular area are something you’re proud of, make sure to turn it into an income. There are students in need of help because their knowledge is insufficient. They’re ready to pay for tutoring (both – online and in-person), so you can train your skills, help someone in need, and boost your savings.
#8 Put No-Spend Days on a Calendar
Young adults are famous for their impulse spending, eating out, and doing their best to have up-to-date clothes and tech choices. Unfortunately, all those items are expensive. To make sure you save some bucks, we recommend you have the no-purchase day from time to time. It can be any day when you buy zero stuff outside. Thus, you will see clearly what things you need and which you don’t, as well as learn to appreciate what you already have.
#9 Sell Stuff You Don’t Use
Clutter is the biggest enemy of productivity and a great source of some extra income. Clear it out and sell things that you no longer use. For example, items like gadgets, clothes, textbooks, furniture, and many others can make your wallet tougher.
#10 Be Realistic
When you are just at the beginning of your saving journey, make sure to set realistic expectations. No need to think that you will save 50% of your next income because you will not. Instead, start small. Take small steps like committing to saving a particular % of your monthly income. No need to worry that the sum is not huge. A small sum of money today will develop into a healthy and effective habit of saving tomorrow.
At first, saving money in college can be a challenge. However, if you do your best to develop the simple habits we talked about above, you will learn to make smarter financial choices in college and benefit from this habit in the future.
