Saving money as a full-time college student is hard, especially when you live alone and have to manage all your expenses and bills alone. Well, that’s not impossible! All you need is a little patience and some foolproof ways to do so. Read the article to know how college students can save good money at a young age.
15 Simple Ways to Save Money in College
Running out of money at the end of each month after dealing with all the paychecks and groceries is a perpetual state of existence for most college students. Forget about impulsive buying, many students are always cashless and some even in debt traps.
So, if you are looking for money-saving tips for college students, you are on the right path to stay ahead for the rest of your life. After all, starting to save early is the foundation of your strong financial future.
Browse through 15 foolproof ways to manage and save your money better that are sure to support the lavish lifestyle you desire very soon.
1. Manage your bills well
For students living alone, paying house rent is an extravagant expense that fetches most of the money from their pockets. If you are in the same shoes, it is a smart idea to share accommodation with your friends and split the bill in half. You can sign up for a Student Bills Package that splits the monthly bill evenly and fairly amongst all the house sharers so that you can conveniently pay your share without worrying about others to contribute by one deadline.
2. Get all your bills rolled in one
Living alone is not only about paying rent but also worrying about the rest of the utility bills. From gas to electricity, water, Wi-Fi, and TV, each bill weakens your bleak financial condition. So, instead of paying multiple bills and of course, the hefty taxes that follow, set up and get them bundled into one simple monthly bill.
3. Student accommodation vs. living at home
Who said you are obliged to live away from home if you are studying in the same city? Since choosing a student accommodation may come with hefty costs despite the convenience of a closer location to your university campus, your home might be the best option to save money even if you have to run an extra mile. Hence, determine your priorities and choose between the two wisely.
4. Track your expenses
You cannot save good money until you know where and how much you are actually spending per month. Hence, tracking your expenses really helps if you are trying to save more bucks.
5. Manage your budget
The biggest reason why most of the students cannot save money is that they don’t have a budget plan. Once you have tracked your expenses, seek within and differentiate between your needs and wants. From groceries to utility consumption, outings, and “needful” shopping, set a budget limit for each month and do not let yourself go beyond that.
6. Look for student discounts
Use your student ID as a magic wand to unlock surprising deals for you wherever you go. Many restaurants, shopping malls, and even landlords give student discounts – why not take advantage?
7. Share subscriptions between housemates
Some students only share their rooms but opt for separate subscriptions. Why pay so much when you can share subscriptions too? This also brings us to another important tip – choose your subscriptions wisely and cancel the ones you don’t need.
8. Cook together as a house
Instead of eating out all the time or cooking meals separately, cook together as a house and you can easily save up to 30% money on gas. Remember the golden rule of saving money – every penny counts!
9. Reduce your energy consumption
Opt for green energy, get a smart meter installed, and most importantly, reduce your power consumption to save enough money on the bills.
10. Don’t rush to buy every book on the reading list
Reading is a beautiful habit that is sure to assist you in all challenging spheres of life but wait! You don’t need to spend hefty money on purchasing every book you are interested in. The best way to read them is without buying them! Borrow them from the library, rent used textbooks, or choose e-books instead.
11. Walk wherever you can
You heard that right! Walk as much as possible because it is not just great for your body but for your pocket too. Cover short distances on foot to save money on fuel.
12. Workout from home
If you are a fitness freak, you might spend a big bunch of your cash on the gym membership. With plenty of free online workout programs, maintain social distancing and avoid burning a hole in your pocket by working out without paying on expensive memberships.
13. Think twice before getting a pet
Buying a pet is not just a responsibility for food, water, and shelter. The vaccination, deworming, frequent hospital visits, etc. can actually make it quite expensive. So, if you are tight on money, think carefully before opting for a pet.
14. Set some cash aside for unexpected circumstances
You never know about accidents or other unexpected situations in life. Hence, it is very important to keep a portion of your money dedicated to such circumstances so that in case you are stuck in such a situation, you don’t have to worry about arranging enough money.
15. Start investing
From cryptocurrency to mutual funds, choose the best option that suits you and start investing right in college so that you can amplify savings with time and build a fortune for yourself.
Saving as a college student is not only a great way to achieve your goals faster once you graduate – it is indeed the right start to forming long-term savings habits. By following the tips shared above