College life is supposed to be the time of your life. It would be completely filled with fun, enjoyment and excitement. But college life is an expensive endeavor. From college fees to text books, food, transportation and entertainment, everything requires money. One of the major problems faced by many college students is financial management as they can spend unknowingly a lot of money.
Here are ten tips for the college students on how to save money in the college
1. Create a budget and stick to it
Write a budget so that you can prioritize things to buy. Working without a budget makes you to misuse the money on buying or spending on the things that you don’t really need. This budget will give the user the basic idea of how much to be spent during a particular period or semester. As a result, money that was intended to last a month or so will end up lasting only a few weeks.
2. Capitalize on students’ discounts
Among the advantages of being a student is discounts. Students have many needs such as clothes, outings and entertainment. It’s therefore best to purchase or partake an activity where and when a discount is offered. That will definitely help you save some money!
3. Get information from price comparison sites
Before purchasing items make sure you explore various prices offered by diverse retailers. The internet is easily accessible hence there is no reason why you can’t take a moment researching on prices and save the money in this way.
4. Carry packed lunch to college
Saving money this way may seem less effective since meals offered at the college cafes are relatively cheap. But they may not be healthy. The cost of making a meal yourself is far cheaper than eating at any cafeteria. Ensure that the meal you prepare every morning is tasty; it boosts your morale as well as your bank balance to continue with this habit.
5. Reduce your bills
Habits such as switching off lights overnight or during the day, recycling water, switching off electronics completely and not leaving them in standby mode are some of the ways of reducing utility bills.
6. Practice Swapping
Do swapping either online or with your friends. It’s really beneficial in that you can acquire an item you need by simply parting with another which you don’t really need at the moment. Through swapping you can have literally everything you need each given time without spending much on that item.
7. Travel less
Traveling less often for a college student can lead to huge savings. On the other hand be wise while traveling by analyzing the options you have in case of long distance traveling and use a relatively cheap option. Also, use alternative means of transport for going to the college instead of using a car — for instance, ride a bike to class.
8. Live in groups
Although living alone gives you more privacy, living with others has an advantage of sharing rent. You can live in groups of two, three or even four, depending on how much money you want to save. Besides rent, you can share bills with your friends too.
9. Avoid loans
Under no circumstances should you take a loan that is not related to your academics. Loans will certainly distort your budget and servicing them lead to long term financial strain. Instead, items not related to your academics should be purchased using your savings.
10. Avoid impulse buying
Many students have the habit of buying whatever their watch is trendy and fashionable. This affects their budget and therefore cannot save anything at the end. This can be avoided by not visiting the shopping malls too often and also avoid keeping liquid cash.
These are some simple tips to use during your college days to save money during college life, and most importantly, these tips will be helpful in the latter stages of your life, too.