10 Money Saving Tips For College Students

Money Saving Tips For College Students

Of all things that exist in the world, there is none that generates as much buzz and controversy as money. Money is considered to be valuable by everyone, irrespective of status or ethnicity. Having enough money for personal needs is a challenge we would all face at least once in life. Every day, many people across the world find it hard to keep constant savings, in spite of the many ways to save money available.

The same issue goes for college students. The ones who get the most affected by money issues are:

  • First-year students who are just getting a hang of handling finances.
  • Students who sponsor themselves.
  • College students on full scholarships.
  • Long-duration students who haven’t learned the importance of savings.

Looking at the list above, it’s sufficient to say that almost the whole student population somehow falls into these categories. There isn’t one student who won’t admit asking themselves “how can I save money” at least once in the duration of their studies. With constant exposure to school stress every moment, it gets challenging for learners to keep regular tabs of their spending habits. A Coke here, a bagel there – and at the end of the day, it’s impossible to explain why $35 got wiped so fast.

It is possible to secure a person’s finances and spending through proper management of funds. Proper management involves keeping tabs on how money comes in and goes out. This can be facilitated by following some or all of the money saving tips mentioned below.

1. Impulse purchases – stop!

This is a huge habit for young men and women alike. We see lovely things and suddenly go, “I should have this!”. 20 minutes later and $50 gone, we begin to wonder, “why did I even buy this stuff?”. Endeavor to buy things only when you need them. You will be able to save more this way.

2. Renting textbooks

Chances are, you might need one textbook for just one semester – why to buy brand new when you can rent? Or you can make photocopies of the books from your friends. They will serve you long after you’re done with the course –and you get to spend less on them.

3. Vices

Imagine if people were to save a dollar for every cigarette they threw away! Ignoring the fact that cigarettes are harmful to your health, they are quite wasteful too. The same applies to alcohol. Cutting down on these things could keep finances afloat.

4. Eating out

One of the fastest drains of money for students is regular eating out. While these foods may look cheap and taste good, a collation of these expenses over time would make you realize otherwise. It’s like the case of essay assignments where you keep patronizing a website that provides dissertation help. It would look cheap, but the money spent over time is astounding. Cook your foods at home, and make fruits and veggies your favorite snacks.

5. Maximizing college amenities

Your college has a free library? Cool, use it. Free gym or gym with a discount? Then why would you look for something outside? Being a student isn’t the time to engage in excessive spending. Make the most use of every free or discounted service provided by your institution; they help you to save over time.

6. Shared accommodation

Why to pay hefty sums for living space when the same amount can be split among 4 people? Be sure you pick reasonable roommates and you will be just great.

7. Shopping reasonably

One of the best favors your institution can do for you is to give you a student ID. This is because there are a number of shops that offer discounts for students with ID cards. Sometimes, it’s not about buying expensive outfits from Zara, it’s about buying affordable and durable at any shop irrespective of the name.

8. Finance trackers

There are special free applications that help people to stay within budget by keeping track of all their expenditures. Judicious use of these applications could be a good method to keep your spending in check.

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9. Public transport

Many learners don’t realize how much of a blessing in disguise public transport can be. Why buy a car or use a cab constantly when you know your budget is tight? Make the most use of the public transport in your area. You will be glad you did it.

10. Drink water, not fizzy drinks

Healthy living can also amount to healthy spending. Drinking water keeps you hydrated, helps you maintain your weight and skin tone. Plus, it’s very affordable – a win-win situation for both your body and your purse.

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