Saving Tips While in College

Are you finding it impossible to save money while you’re in school?

If you’re like most college students, you feel like you’re broke all the time. And, many times your parents aren’t willing to pitch in and help out, because they give you money at the beginning of the semester and you spend all of it within the first month you’re back to school. 

Good news!

Here are some budgeting tips that will help you spread your money through the entire semester leaving you with money to spare while shocking your parents at the same time!

1. You need to become smarter about spending your money by creating a simple budget.  It doesn’t have to be complicated. Just take the money you have for the semester and allocate your expenses per month. Whatever is left you should put into savings for a rainy day or some unexpected expenses.
2. So now that you know how to create a budget, your goal is to ensure that you have more income than expenses. Reducing expenses is always easier than finding more income or working more hours. Here are some easy tips that will help reduce your expenses:

• • Buy used books because they cost less and you might even get money back at the end of the semester. You can also get books from the library.
  • Find rental opportunities with multiple renters to bring your overall rent expense down. 
  • If you have a bike or access to public transportation, you can look farther away from campus because you’ll get more for your money.
  • Plan your meals out for the week and NEVER go shopping when you’re hungry. Limit how much you eat out and use eating out as a reward for saving money.
  • Don’t make impulse purchases and only use your credit card for important purchases. Also try to get a credit card that rewards you for your purchases.
  • Throw all your change into a container for emergencies. 
  • Get a free checking account or an account that offers rewards. Also open a savings account that earns interest. Keep in mind credit unions have fewer fees and are great for students. Try to keep as much money as you can in your savings account by only accessing your savings to pay important expenses.
  • Always pay your bills on time and try to pay the balance, so you won’t incur interest. This will help you improve your credit score, which will help you earn access to credit for a lower interest rate.
  • Evaluate your expenses and determine where you can easily cut expenses. Do you need a car, or is it parked all semester and only used occasionally? Do you really need the mega cable plan or phone plan or could you find a better plan for less? Do you need the gym membership or can you use the campus gym?

The smarter you are about limiting expenses, the easier it will be to save money and hopefully this will help you reduce racking up a ton of debt, while you’re in college, that you will have to pay back for years after you graduate.