There is nothing cheap about a higher education. College life is very expensive when you add the cost of tuition, books, housing and other necessities together. On top of having to take out students loans, some parents are forced to apply for private and/or parents loans. Jason is in his third year of college and I want him to focus on studying. We are always exploring new ways help him save money without over working himself. He’s recently started a new job but the hours are limited because he needs to attend classes and do homework, so funds are limited. It’s important to find ways to save money while in college. Learning how to save money while in college increases his chances at a better start once he graduates. It’s not an easy task, but it is an achievable one if you work at it.
How to Save Money While in College
– Make a budget and stick to it. It’s much easier to save money when you know where it’s going each month. Be sure to record all of your spending, even if it’s only a few dollars. It will help you have an accurate account of where your money goes. You can use this to help create your budget and see where you can save.
– Avoid impulse buying and save your money for the things you actually need. In many cases, after you have time to think about it, you’ll discover that you really didn’t want the item anyway. It was just a spur of the moment thing. My mother always used to tease me by saying that there are two happy moments when it comes to possessions – when you buy it, and when you sell it.
– Walk, ride a bike and use city transportation to get around instead of buying a car if possible. You’ll save hundreds each month by not having to make a car payment, service the vehicle, buy gas and pay insurance premiums. Although this isn’t possible everywhere, keep location and public transit in mind when selecting your school.
– Don’t go out to eat regularly. It’s less expensive to buy groceries and cook your own meals. Don’t forget it’s a lot healthier for you too because who wants that to deal with the Freshman15? Invest in a coffee pot or single cup maker instead of visiting the coffee shop. As a gift I purchased a Keurig Mini for J to have in his dorm room and it paid for itself many times, not just for coffee but even using it to make hot water for soup and other foods and drinks. Ask family members to send care packages, assign them a month each a month throughout the semester.
– Credit card companies love to target college kids – I’ve been there and done that. Limit yourself to one credit card for emergency purposes only. It’s very easy to spend more than you can pay back when you have multiply credit cards. Impulse buying increases with multiple credit cards. Once you max out a card, especially with high interest rates, it can be almost impossible to pay it off. This can ruin your credit for the future – which you’ll need to help you get on your feet once you graduate.
These tips can help you cut down on your spending, so you can have more money to pay for the things you need the most. They can also help you save a little money for after graduation. We’ve enjoyed sharing with you on how to save money while in college. What are some ways you recommend saving money while in college?