There is no, doubt in every student’s mind that college will leave you very broke. Going away for school or not a lot of students don’t depend entirely on their parents when it comes to their tuition money and other expenses and supporting yourself even with work- study can still not be enough. Having independence can lead to making a lot of financial mistakes during those 4 years. Here are 6 tips for saving money while in college and even out of college.
Cut Down On Going Out To Eat
This is probably where most of the spending money goes to especially in college. Cutting down on how much you spend when going out can save you a lot of money. Take this time to learn how to cook. It’ll save you money by going out to the supermarket and buying food that you can cook and will last you for a month then going out to eat every other day. Plus cooking is a life long skill, and you’d be surprised how many friends you’ll make when you’re able to prepare a meal.
Ask Yourself Do You Really Need It
Be smart when it comes to shopping for things. Ask yourself is this worth it? Do I really need it, is it something that I’m missing? Most of your money is going towards school it doesn’t help to spend money on things you won’t use or ever wear. Don’t buy it unless it’s something you see yourself wearing more than two times, and something you can use every day. If not, be smart and put it down.
Take advantage of student discounts. They’re there for a reason. Use it to your advantage and stock up on coupons use them as many times as possible. Use your student ID card and try to shop or eat at places that offer student discounts, shop at places with sales and available coupons and use cash back apps.
Be Smart About Credit Cards
First time being away from parents the freedom and independence can get to your head. Usually, this is the time where credit card companies begin sending out offers especially to college students. You may become overwhelmed and sign up for all these credit cards, not having enough money to pay back anything once the bills come in and before you know it you’ll be not only in student loan debt but in credit card debt. Which can lead to bad credit scores that can stop you from being able to buy a car or rent/buy an apartment or house. Be smart, take out one credit card that you are able to afford the interest rate, use it only for emergencies and always pay the bill on time.
Try Not To Buy Those Textbooks
In this day and age, it is easy to get the textbook you need for a class online. Download the pdf version, it’s free and less trouble. No need to worry about losing it or carrying it around everywhere. If you can’t find it online try renting out the textbook, it’s always cheaper. If all those options weren’t helpful, try going to your schools’ library and checking out the textbooks.
Set A Weekly Savings Goals
Savings are important to have not only during college but throughout your whole life. Making a budget for yourself is a life skill. Know your income and how much of it goes into necessary things like bills, tuition, laundry money, groceries, etc., then take a percentage of what’s left and save it. You’ll thank yourself later or it.