5 Smart Ways To Save and Manage Your Money as a College Student
Saving money during college can be hard, but it’s not impossible. There are many ways and techniques you can use to save money during these difficult years despite not making enough for a living. For instance, you can choose to not hang out as much every week, cut out bad habits like binge drinking or smoking, and driving a car that doesn’t use as much gasoline. Here are five other smart ways to save and manage your money as a college student.
1. Buy refurbished electronic devices for college.
When thinking about buying a new phone from the maker company, consider getting a refurbished cell phone from online merchants like The Store instead. Their refurbished smartphone deals are out of this world. You can choose any model and they will sell it to you for a fraction of the original price and working and looking like new.
They have insane promotions where you can buy a smartphone with a $400 discount for example. You can also find other electronic devices at The Store like laptops, TVs, headphones, and smartwatches. Their purchases include a one-year warranty so if anything happens to your new phone, you can return it and they will repair it for free.
2. Use the Tangerine money-back credit card to save money.
As a college student, you can benefit from using a credit card that helps you earn some cash back through everyday purchases. These cash rewards can help you pay for other expenses like gas, books, and groceries. Cards like the Tangerine student credit card will help you earn two percent cash-back on up to two categories and a lower rate of 0.5 percent on the rest of them. The Tangerine credit card doesn’t have an annual fee and the income requirement is as low as $12,000 a year. Tangerine also offers a welcome bonus of four percent cash-back on three purchase categories during the first three months.
3. Cook all of your meals to save on fast food.
Another way to be smart about your finances is to cook all your meals instead of eating out in restaurants or fast foods. This can save you hundreds of dollars every month as you will only spend around $75 on groceries for about two week’s worth of meals. On the other hand, you could be wasting about $400 every month on takeout.
4. Invest your money in stocks and ETFs.
Additionally, you can invest your money on the stock market by investing a bit of your paycheck or scholarship every pay period. This will make your money work for you thanks to compound interests and dividends. Try to pick up a free course on investing to see how different investment portfolios can benefit you in the long run. You can have a separate account for your savings as well as your emergency funds so you can keep track of your money and not be tempted to use the wrong account for the wrong purposes.
5. Buy used books and sell your old ones.
Lastly, you can purchase used books as well as sell your old ones to save money as a college student. Wasting $400 on a new book shouldn’t be an option for a broke college student who barely has an income. So if this is your case, try looking out for special deals on used college books as well as trade-in options. You can find these deals online as well as at your library. Some even let you rent a book for the year for a fraction of the purchase price.
Feel free to use these smart tips to help you gain control of your finances as a college student.