Many college students struggle financially. This is because they spend money on unnecessary things or lack tips on how to spend money wisely. It is important to learn how to save money. This article provides 10 tricks on saving money. Read until the end to get the tips.
1. Create a budget
Write a list of things you need. e.g. buying textbooks, paying homework helpers among others. Keep track of money entering and leaving your bank account. Manage your money and get rid of unnecessary costs. This will help you focus on the things you need. As a result, you will save money.
We are lucky that the internet has made budgeting easy. You do not need to spend a lot of time creating spreadsheets. There are digital budgeting apps that you can link to your account to track your spending rate. You only need to review the application occasionally to make changes.
The budgeting apps are available on apple and android. They are simple to use and you do not need to be trained to use them.
2. Commuting from home or student accommodation
Many students are excited when joining college. They opt to live in school accommodations instead of commuting from home. They enjoy the freedom and independence that comes with living away from home. Others feel like they are missing on school’s social life.
Considering high rent rates, it is cheaper to commute from home rather than renting a house. There are advantages and disadvantages on both sides.
3. Do not carry your card on night outs
If you must go for a night out, leave your card at home. Carry the only cash you need for the outings. When you carry your card, you are likely to overspend.
4. Avoid shopping when hungry
It feels good to have the freedom to buy your food. It is however very easy to overspend when you are hungry. Ensure you plan your meals early. Buy all the ingredients you need for cooking in large amounts. It will help you to know the amount of money you need to spend every day.
5. Get a housemate
It might be expensive to rent a house outside the college. You can reduce this cost by living with another student. If you do this, you will pay half the rent and half the cost of food.
There are also other benefits of this, you will learn skills from each other and motivate each other to study. E.g., if you have an assignment like writing a custom essay and you have no idea, your friend might know.
6. Get a part-time job
College students do not attend classes the whole day. They have free time. You can use your free time to earn extra money. Towns near colleges and universities have openings like bar staff, retail staff, and product promotion personnel among many others. You can look for one of the jobs.
If you are not interested in the jobs, you can look for online jobs like freelance writing, virtual assistant, graphic design, and web design among others. You only need to learn the skills needed to do the jobs.
7. Do not buy textbooks early
When you get to college for the first time, you might get a list of textbooks that you need to use for the course. Not all these textbooks are necessary. Wait until your instructor asks for a certain book. You might end up overspending on books that you do not need.
You can also buy the books from other students who have completed the course instead of buying new ones.
8. Be aware of discounts
Retail shops occasionally have discounts on products. When buying products, do not just pick in a hurry. Take time and check the products that are selling at a discount. You may save some money that can be used on other things.
You can also invest in cards that provide access to discounts. Such cards include NUS Extra card among others.
9. Settle for the best bank account
Some banks may charge high amounts of money on transactions. This might not be favorable to students. Take your time and look for a bank that charges fairly on transactions. Also, look for a reliable bank.
10. Cherish what you own
You can make money from what you have in college. Take good care of your possessions. Do not throw things away after you are done with them. Preserve them as you might need them later. This saves you money for buying new items now and then.
To sum up
Learning how to save money in college is a smart move. Many students do not have tricks on saving money and so, they end up overspending. This article has provided 10 ways in which you can save money as a student. Try to adopt them and you will see changes.