Saving money has never been an easy task, not only for college students but also for the working folks. It takes a lot of courage and determination to save money in the first place. It’s good to learn to save money while in college than waiting for hard life lessons.
While in college, you may not always understand why saving money is essential because your parents typically take care of you. In addition, the reasons to save don’t seem real to college students.
I’m going to show you money-saving hacks that you can use while you are a college student. But first, do you know why you should save? If you don’t have any specific reasons to save money, there is no need to continue anyway.
Reasons why college students should save money
- Once a college student starts to save money, they may not be dependant on their parents for a long time. Can you imagine borrowing money from your pArents even when you need a cheaper item? It feels awkward.
- You can save to further your studies, making you more responsible at an early age.
- If you have the desire to save, you will also yearn to make your own money.
- As a college student, you can save to start up a small business that you can do while studying or after studies.
- You can save to pay for health insurance. However, I hope you know that most insurance companies do not cover kids over 18 years of age in their patents covers. Well, if you don’t get your health insurance cover, then your people may end up spending a lot in case you fall sick.
- If you get a job, you may use your savings to secure an apartment near your job place.
Now let’s see the financial tips you can adopt as a college student to save money and manage your money.
1. Minimize the textbooks you buy
Instead of buying new textbooks every time, you can consider using the library to get the books you want. In addition, you can also purchase second-hand textbooks from your proceeding friends in college.
Another good way to save money on textbooks is downloading them online. You can get excellent and essential books free of charge on many online platforms.
Note: Only buy when you cannot find the book you want online or in the libraries.
2. Get cheaper apartments or stay in college hostels
While in college, try as much as possible to stay in cheap and affordable apartments. You can even stay in relatively more inexpensive college hostels. Living in college hostels will automatically cut off transport fees.
3. Get a meal card
In most colleges, you can get a meal card that you can spend on it the entire semester. The meal card will help you to reduce any extra costs associated with food.
4. Cook your food
If you have to stay in external apartments, then you should learn to cook. Do not take meals in restaurants. Instead, shop for cooking materials, and you will find it’s cheaper than eating in restaurants.
5. Work while in college
Yes, it’s possible to do some jobs while in college. For example, you can try out freelancing jobs that you can part-time. Creating a source of income while on campus will help you to make more money to save. And you will also know how to manage money wisely because you know how to make money.
A saying goes like this: if you carry your bucket of water, you will know the value of every drop.
6. Share rooms with your friends
You can also stay with roommates, and you will be sharing the rent. Not only will you share rent, but also other things like electricity bills, water bills, and also groceries.
7. Use credit cards rewards
Learn to use credit cards that will give you rewards when you shop with them. Some other cards will also give you a welcome bonus and some cash backs after spending some set amount of money.
8. Cut off drinking beer, smoking, and drug abuse
Substance abuse is eventually addictive, and it’s expensive as well. Apart from being expensive, drugs can also damage your mental health, and it’s terrible. In addition, you can save the money you could have used to buy those stuff.
9. Cut down student loans
Once you cut off the amount you take as a student payday loan, you will have little to repay, and you will have spare money to save. Also, it will help you to stay out of debt and be a responsible spender.
10. Walk or use a bicycle instead of public transportation
You can get a bike and be riding as you go to college if the distance is longer from your home. Cycling will also help in keeping your body well fit. If the distance to college is shorter, you can also consider walking to school, a good form of exercise.
11. Get student discounts
Search for stores where you can get student discounts while shopping. That will save you some coins that you can rush to your savings account. To get these discounts, make sure you move around with your student ID in your pockets.
12. Monitor your spending
While on campus, you are training to be a responsible adult. And that’s why you should budget and plan your spending. If you want to go shopping, make sure you make a list before then. This strategy will help you to avoid impulse buying, which will make it impossible to save.
The bottom line
Saving money is just the start of many opportunities. If we talk of business, you will need money to start up. If you get a job, you will need to settle near the job place, and that all need money. So it’s a good idea to learn how to save and manage your money wisely while on campus.