Saving money is admittedly a significant thought but how to save money in college becomes a more crucial ploy. There’s a wise saying,
“Keep on spending and not saving, get the deep wells (filled with money) empty. Asian Folklore”
So, it’s important to organize your stuff and watch out where you are spending and how much money is it. You’ll be surprised to know that even rich people save money. Because they need it, they need to save it purposefully.
“They save money to reduce their budget, to build their assets, grow their income streams and to pay off their liabilities.”
In essence, saving money is the art of managing, and you, yourself can master this art and save your precious money with a few simple hacks. Here is how to do it, how to save money in college, right before jumping into your practical life.
First of all,
You need a money manager. The budget managing utility, that may be a software, a mobile application, a chart or anything like that.
Give it the charge to look into your monthly incomes & expenditures, put everything into it. You have to calculate and then examine carefully where all of your money is going. Only then you’ll be able to cut off unnecessary expenses. Work like a pro, champ!
For this, I’ll suggest Mint. This is one of the best available budgeting application now a day.
Once you logged in, Mint undertakes all the responsibility of your personal finance. Tell it where you want to spend and how much it would be, Mint will set up the most rational budget plans for you.
Next, it will tell you how you can save money by cutting which edge. You can watch and compare the previous reports to create your future goals. In addition to it, Mint will also inform you how good or bad are you going so far. Its artificial intelligence guides you either what steps should you take today to save your money tomorrow.
Besides, below are the major sinks that take much of the money proportion at college. By using all actionable ways/methods/approaches I’ll show you how to save money in college.
Come on! stay tuned ..
13. Keep Distance From the Excessive Social penalties
Most frequently the freshers become the witness of this snag. After entering into the college life, they tend to know and become friend with people of different types. They waste a lot of time and money in this effort. I’m not suggesting you to be an antisocial nerd completely but excessive socializing can cost you in terms of money which (on the other hand) you can save all for yourself.
12. Take advantage of Textbook alternatives
Texts books took a greater portion of student’s budget. While these are important but not important to buy the new books always. A number of hacks exist in the nature that can get you a better solution. The very first is, go and find the free ebooks (PDF format of your textbooks). Keep them in your laptop and use whenever and wherever you need. Obviously, you don’t even have to spend a penny on it.
The other way is, find a cheap printer, and take prints of the whole (PDF) e-book, bind them in a beautiful book format and bring in use. Another hack is, borrow the book (I’m talking about the latest editions, that are normally expensive) from someone, maybe some of your rich friend or the library, and create a photocopy of the entire book with low-cost photocopiers. And repeat the process, yes bind it, use it. This will be the latest edition of your textbook, relatively low in price, saving a lot of dollars.
Moving to the next hack, rent all of your previous yearbooks on Amazon, collect the renting money and buy the new books with it. Use and keep these new books carefully during the whole year and when the semester ends, rent or sell them at half prices. Rinse and repeat.
And the last but not least, buy old textbooks rather than new. Still there are two choices to make. Either buy the old or rent them for a semester. See what works the best for you.
11. Sidestep the luxurious Accommodation
It was a time when owning a mobile phone in 1990’s was the biggest luxury. And now you can have the smartest phone of Apple by spending some extra dollars. Aren’t you? We all know the meanings have changed. Living in an apartment costing $1200 a month is a luxury when you can manage to live in a moderately average apartment, costing you only $800 per month.
Moreover, you can go far more, saving much of that by sharing that apartment with one or two others during your college.
10. Find a Way Around Driving Expensive Vehicles
What hollows out your wallet isn’t necessarily the gas you fill in the tank. Rather, it is the insurance premium, maintenance cost, tolls, and parking that continuously suck your blood. It facilitates your life a way better but takes lots of dollars in return.
To cut that cost down, use public transport where you can also enjoy the student discounts. Bike maybe, or a walk if it’s not that distance.
9. Bypass High Eating
Eat healthy organic food and bypass all the fancy stuff that entice you into temptation but charge very high. Further, dine only in the restaurants that offer special student deals. But the good thing is that why not to cook at home instead of eating outside?
After all, it is hygienic and a lot of other health & financial benefits are attached to it. Importantly, you are knowing what are you eating, how much nutrition are you taking in, etc. Apart from building healthy habits, it is truly cost-effective.
8. Stop Following the Fashion
Students spend much on beauty industry i.e. fashion, personal care products, cosmetics, styling the hair, beard, etc. If you stop doing all of it right the moment, plentiful of money can be saved. And I’m sure I don’t have to add more explanations to it, you all know what am I talking about. Therefore, stop doing that to save some bucks.
7. Stay Away From self-funded Recreations
Recreational activities are a momentous part of the college life, but why would you want an expensive sip when you can get drunk with an inexpensive and so possible way? Participate in those college activities where you don’t have to spend much from your pocket or better be with those troops (college athletes, sportsmen, representatives, etc.) funded externally.
6. Don’t carry A Credit Card
Instead of having your heads to loans, use a debit card, preferably deal only in cash. This is probably a wise decision to not to apply for a credit card (until after the graduation) that comes with the future regrets. Regret in such a way as ‘mercy becomes a bother’ if you do not use it responsibly.
5. End up Paying Heavy Tuition Fee
Perhaps this is the thing that you don’t want to hear from me. I mean like people do a lot of struggle, spend thousands of dollars in order to secure their admission in the notable institutes that are often nothing but expensive holes to bury your money.
And I’m the one telling you to end up paying that heavy tuition fee just to save you some fortune. Well, this is the way and it is real if you really want to save a reasonable amount of money. Alright, here’s a deal, all you have to do is to find yourself a scholarship to finance your studies.
4. Go For Discounts & Deals
And always do. Before buying anything look around if there’s someone offering discounts or special offers. If possible, wait for the special occasions i.e. Christmas, Black Friday, Eid, etc. when merchants set special prices for everything around. If nothing of the above is happening, use your student card to save a couple of bucks by getting student discounts.
Remember, there’s no shame in it. In fact, studies have shown that smart people tend to save more money than others.
3. Jump Away From the College Supplies
Certainly, you can’t do it totally but still you can do so by a few sure ways. Like if you are in the habit of using your laptop, use notepad (or sticky notes) instead of diaries (to take notes), word/excel instead of rough sheets, powerpoint instead of paper presentations, etc. This will minimize the cost of your college supplies up to the zero level.
2. Quit Using Pricey Smartphones
This addiction grows, when you use a smartphone it becomes impossible to stop yourself from acquiring its next release. Just tell me, how much of you aren’t waiting for the iPhone 7 release or Galaxy S8? The story doesn’t end here, these smartphones come with an additional expense of expensive mobile apps (must be your favorite but they cost high). And if you somehow manage to quit using these high priced mobile phones you can save a bunch of dollars for other vital necessities.
1. Avoid Wearing Extravagant Brands
The demon of wearing the branded outfits dances up on the head in the college life. And then on how much expense it directs, it is actually out of the count. So, hold up guys, till you start making a huge sum of money for yourself to do all that stuff. Imagine, this is a temporary arrangement and you are gonna fulfill all of your passions soon in future.