How Students Can Start Saving While in College
Saving money while studying might be the biggest challenge you can face as a college student. With different academic expenses and quality of life items you need to buy on a daily and weekly basis, how can anyone manage to save money when college comes knocking?
Luckily, there are ways to control your spending by carefully planning
out your savings. What are some of the most useful and easy-to-manage
ways to start your savings while still being in college?
Start a savings account
The hardest step is the first step, no matter what you try doing in
life. Going to a bank and opening a savings account will give you good
motivation to start putting some money on the side early on. Even if you
put a couple of dollars into the account each week, you will find
yourself in a good position once the academic year is over.
Keeping savings intact without a bank account is difficult for anyone,
not just college students. Make it easier on yourself, and visit a local
bank to inquire about student savings accounts.
Using second-hand textbooks
No professor will care if your books are old or new. What they will care
about is your willingness to use them and your ability to follow the
curriculum. Talk to some of the seniors at your college and look for
second-hand books online.
They are much cheaper than brand new textbooks from your college
library. Most of your junior expenses will come from buying new books
and equipment for studying, but you can save a lot of money just by
looking for used things before opting for new ones.
Opt for cheaper housing
Depending on the country or state you will attend college in, there are
different options available for housing in each. Some countries
encourage students to live in dormitories with fellow colleagues, which
automatically translates to having a roommate. Some countries have
expensive dorms that many students skip and decide to live in flats and
shared apartments across the city.
A good way to control your spending urges is to think about college. The
main reason you have moved away from home and started a student life is
to develop your skills and gain an academic degree down the line.
This will require a lot of effort and sacrifice on your part, which in
turn translates to very little free time for spending money. Studying
instead of going on a shopping spree is a good way to control your
savings, and it will also help you handle your courses a lot easier.
Plan your grocery list
Planning your grocery lists before going out will save you a lot of time
and money down the line, no matter the situation you find yourself in.
Grocery shopping is an essential part of college life that can easily
eat up your savings if you are not careful enough. Buy the elementary
things you need for food, hygiene, and cleaning without glancing at
snacks or unnecessary items.
Stay away from entertainment
Opting for free TV, internet, and free-to-play games can help you save a
lot of money during your college years. It’s easy to fall into the
temptation of buying games or paying for monthly subscription services
that you won’t have the time to use anyway.
Try finding your entertainment on YouTube, Tumblr, and similar websites
that can actually help you learn something new. Listening to podcasts is
also free and can help you prepare for exams and learn new things about
the world without paying a dime.
Limit your credit card use
Stick to using your cash allowance and pocket money instead of drawing
your credit card. Your parents and family might give you some spending
money to get you by, and it should be enough for elementary college
expenses.
However, we all know that sometimes this isn’t enough, and you will have
to use the credit card allowance your parents sent you. Keep these
expenses to a minimum and only use card payments when there is no other
option.
Go out – moderately
College is all about socializing with colleagues and new friends you
will meet on campus. It’s only natural that you will have to go out
every once in a while and pay for your drinks. Make it a practice to
only go out to a coffee place or a club once a week as a treat to you.
You don’t need to explain yourself to anyone and just embrace the habit
of limiting your outside expenses. It’s far cheaper and more enjoyable
to invite your friends over for homemade coffee and talk without
thinking about the bill later on.
Work on your self-control
There will be times when you lose control and spend some extra money on
something you really wanted – and that’s okay. You are studying
full-time to become a professional in a field that you love. This
requires a lot of concentration and self-sacrifice, so what if you spent
a little extra and bought yourself a treat? Just because you are
working on your savings doesn’t mean that you should stop living your
life.
Final thoughts
Working on your savings is a long-term process that won’t happen
overnight. Do your best to put aside as much money as you can, but don’t
sacrifice elementary living expenses to do so. College is only a small
part of your life that leads to better things, so make sure it’s
memorable for you.
Keywords: Savings account,money,Saving While in College
