Money Saving Tips for College Students
The words “poor” and “college” are often used in the same phrase, and if you are a full-time college student with side job earnings, you probably have a tight budget. Perhaps you have an education loan or your parents assist with your college tuition. But when it comes to everyday costs such as meals, transportation, books and other enjoyment, you are on your own financially. These costs can take most of your pay and keep little (if any) non reusable earnings. Do not complain about your situation; study the following money saving tips and take action. If you are a college student, here are the methods to save money.
1. Dump Expensive Lifestyle
Do you smoke? Hit the bar on the weekends? Drink costly coffee? These expenditures can quickly add up and eat up your earnings. Sure, fabulous coffee from a local coffeehouse is delightful and excellent way to boost your day. But at $5 a pop, you can easily invest $25 a week or $100 monthly – just on coffee. Do yourself a favor and produce your own coffee at house. An $8 pack of coffee from the market will last monthly or longer.
2. Economize Your Cash
Some students spend nonstop, and then wonder why they are short on funds at the end of the 30 days. Aimless expenses means economic freedom, but it’s the complete different. This is the actual life, and adults have a budget. Choose how you will invest your money at the beginning of each month. Spend reasonable amount for meals, transportation, recreation and other expenditures, and regularly monitor your expenditures to keep on track. Sign up for internet banking and check daily your bank account balance. Download your bank’s app directly to your mobile phone and access anytime, anywhere.
3. Avoid Credit Card
There’s a tendency to depend on credit cards when you’re cash is low. It’s good to have credit cards. In fact, acquiring credit cards is one of the best methods to build a credit score in College. But, credit cards should not be your principal method of payment. Pay for stuff with cash and use credit for emergency purposes only. This liberates up your money, thus allowing you to prevent wasting a percentage of your earnings. For more information, study the benefits and drawbacks of credit cards.
4. Avoid Malls
What’s your weakness? Clothes? Shoes? Gadgets? Desire for purchasing is exciting. But if you spend your money on things you can’t manage, this might affect your capability to pay bills. Think twice before you make a huge buy. Consider whether you are able to manage purchases, and whether you need the item. Understand how to be patient and prevent urge buying. If you are unable to control your expenditures, identify causes. For instance, if you go to stores when you are frustrated or bored, discover other methods to deal with your feelings. Begin a project, call a friend or read a book – do anything that takes your mind off shopping.
5. Don’t keep up with others
If your buddies spend money easily, you may force to join the fun. Do not let others dictate you on how you spend your money. Everyone has different financial condition. Maybe your buddies receive a lot budget from the people or perhaps they make better money than you. Then again, they might depend on credit cards and have a ton of financial debts. Quit focusing on how your buddies spend their own, and prevent to keep up with their lifestyles. Stick with your own budget and spend only what you can manage.
6. Be a Home Buddy and Have Fun
You don’t have to hit the town to have a fun time. There are much of fun and cheap methods to amuse at house. In all likelihood, many of your buddies share financial debts, and they might enjoy an evening in. Plan a game, watch a film, order pizzas or simply hang out and talk. Go to different buddy’s college room or apartment and you will have a new place to visit on the Saturdays and Sundays. Get inventive with enjoyment. Keeping money in College doesn’t mean compromising a fun time.
7. Look for Good Deals
The idea of used clothes might keep a bad taste in your mouth, but imagine the savings. Second hand shops are complete of gently-used used outfits, and if you are looking for an excellent buy, these shops are worth consideration. You can purchase what you want for a lesser price on retail store. This includes clothes, footwear, books, furniture, home decor and fixtures. You might also consider hand-me-downs. Get with a few of your College buddies and trade old clothes.
8. Wash Your Clothes on Machine
Whether you are purchasing brand new outfits or used clothes, look for products that you can wash yourself. Dry clean only outfits are a hassle, and at $3.00 a clothing, it’ll price $15 to clean up five pieces of clothing. Yet, you can buy a $5 box of soap and wash 20 loads of outfits on your own.
9. Ditch Your Vehicle
Every college student wants his or her own ride. But when you estimate the price of having a vehicle, it pays to ditch your vehicle. This is especially true if you live and work on-campus, and everything’s within easy reach. Even if you pay cash for a junker, there is still the price of insurance, fuel, signing up, individual property taxes and maintenance. You’re a college student and the last thing you need is additional costs.
10. Learn to Love Rebates
There is really no reason to ever pay full dollar for anything. Go to a movie before 5 P.M. and you will pay $2 to $3 less, and if you thumb through your courier or the newspaper, you are sure to find two-for-one rebates for local dining places. Learn how to be economical and shop for deals. Several dining places and suppliers encourage email subscribers. Signup and have discounts delivered to your mailbox.
