(ThyBlackMan.com) There are endless memes about students and their financial day-to-day life. The ongoing joke is that most students, who are finally finding their independence, are struggling to budget and save money while being in college. Being young and inexperienced, students tend to spend money on useless things, or invest their time and money into something unproductive. Depending on where your money comes from, students don’t really truly learn the value of money until after mistakes are made on their own. The cost of college alone puts some students in the red. So you’re probably wondering about the best tips to save money in college.
But first, there are a few problems students can avoid to start becoming more fiscally responsible:
Not checking your balance
This one seems simple, but often times students forget how much money they have in their bank account which can be a problem. Some seem to think they know the number and calculate costs for things, but end up being incorrect because they didn’t actually check their balance.
Paying full price for things
Students are still learning the value of a dollar growing up, so it’s no wonder that students tend to overpay for things regularly. Lots of things are necessary, but most are not urgent. Finding something at a lower price will take some time, but it will save you some money.
Missed bill payments
Some students have credit card bills, phone bills, or even utility bills to pay once a month. Some companies charge interest if you are late on your payments. To avoid paying these outrageous fees, make sure to know when the billing cycle ends so you can send money in a manageable time.
So, what can students do proactively to save the money they have or earn?
Creative ways to save money in college
- Free is your best friend
As a college student, you are entitled to a lot of perks that some don’t utilize. Some universities offer plenty of free events that offer free food or some swag to take home like water bottles or drawstring bags. Sometimes restaurants also give out free food to students, especially during finals week. Make sure you check around for the free stuff! - Buy your books second hand
One of the most expensive things students buy are their coursebooks. Buying new books will cost you an arm and a leg, but buying second-hand will only cost ? of the price. - Cut down on coffee breaks
Starbucks is good, but I don’t think Starbucks is good enough to take all of your money. Curbing your coffee breaks will save you plenty of money if you don’t have your grande cold brew coffee with soy milk EVERYDAY. - Count your spendings
Knowing how much you spend and what you spend on will give you an insight to why you are left eating microwaveable $1 meals at home at the end of the month. This allows you to be more aware of your financial situation and can ultimately guilt you into spending less. - Use cash more often
It’s not always possible to use cash, but having cash makes you aware of the amount you’re spending. It has a limit before you have to run to the ATM to get more cash. If you budget yourself to spending cash that you withdraw once per week, it can help you save money overall. This is one of the easy ways to save money in college. - Shop Smart
Of course, living on a budget doesn’t mean you have to cut out ALL leisurely spending. If you’re going to go shopping, find sales and clip coupons that you can use in-store to save a bit of cash. Go thrift shopping, visit a flea market, even use Groupon to help cut down your expenses. - Get the most bang for your buck
Make sure whatever you pay for gives you the most value. If you pay $10 for All-You-Can eat, you better make sure you can eat at least $10’s worth of food. And if you’re going to pay someone to tutor you, make sure you get the best one. If you use tutoring or homework assistance, choose services that not only do your homework for you, choose those who make detailed explanations such as Assignment Expert. This way you will quickly deal with an incomprehensible subject, and you will need less to ask for help. - Rainy Day Fund
If you plan on saving money, opening up a savings account will give you a place to store your saved money. They usually put restrictions on savings so you don’t use that money often. Putting some money there once a month adds up! This is one of the best ways to save money as a college student. - Cut unnecessary purchases
Impulse buys and clothes shopping are not the most essential for a college student. You’ll have plenty of time to splurge once you finish your degree and get a well-paid job. You don’t really need that pineapple cutter, and that throw pillow of an emoji is cool, but not necessary. - Find other sources of income
In modern times, there are plenty of ways to generate income other than a minimum wage job. Selling old, unused things on Craigslist or Wish is a good start, but you can also look at tutoring gigs or even dog sitting gigs for college students. It’s flexible, easy to do, and requires little to no training. Just another great way of how to live on a tight budget in college.
Remembering your money-saving goals will ultimately help you in the long run. College is expensive, but it doesn’t have to be if you follow some of these suggestions. Soon enough you’ll have saved enough money to off your tuition fees!
Staff Writer; Ron Love