Recommended for you

Start writing a post

Lifestyle

6 Simple, Practical Tips Every College Student Needs To Manage Their Money Well

Make this the year where you finally reach your monetary goals.

Angelina Grassano

Feb 12, 2021

The Narrative

Photo by Josh Appel on Unsplash

College is hard, and it's often your first experience living on your own. I realized that my mom wasn't going to be the one replacing the empty toilet paper stand--my bank account was. Not to mention the disinfectants, paper towels, snacks, and more. Living on your own is a costly thing and a valuable experience in the long-run. Once you realize that everything you purchase isn't at the cost of your parent's limitless wallet, you learn how to live on a budget. Here are just a few tips I follow on how to save up some money:

1. Live like you have a penny to your name.

Now, you might think I sound crazy. However, this has been very successful for me. Living like you have no money forces you to stop spending money on unnecessary things.

2. Take all the "free" you can get.

If there's one thing I learned from college it's that there are so many free giveaways all the time. Many different organizations partner with colleges to hand out free samples and food weekly. Keep up to date on your emails or bulletin boards posted around the school for updates on when free food and giveaways are coming your way.

3. Buy the knock-off version.

It may not have occurred to you before now that knock-off brands can be just as good as the big guys. If you can, try to buy the marked-down version of your daily products. Your wallet will thank you.

4. If you have a job, set aside seventy-percent of your check.

If you are working a job while working towards your degree, it's time for you to start saving. I like to live by the 70-30 rule. It's something I've come up with when I took on my first job at sixteen years-old. You put seventy-percent of your check into your savings. That remaining thirty-percent is your spending money that you should try not to exceed.

5. Set a realistic goal for your savings.

Too often, you will hear someone say that they're going to save up a thousand dollars in x amount of time. By the end of said time, they most likely have not reached their goal and are really disappointed. Your goal should be well over attainable for the time frame you set yourself. So that way you not only reach your goal, but exceed it and feel really proud of yourself. Make sure that you also account the 70-30 rule into your calculations.

6. It's okay to indulge, but don't overdo it.

You will often come across opportunities to go out and spend your money with friends. I am not suggesting you turn every one of these opportunities down, but rather, pick wisely when and how you choose to spend your money. Limiting the amount of splurging you do will better help your bank account work towards your savings in the long run.

Do your best to adapt to living like such and saving money will be a piece of cake. Learning the true value of money and how to spend it wisely is an important life skill.

Report this Content

This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.

Student Life

Things I Am Actually Going To Do This Semester

Or at least try to do.

University of Tennessee at Chattanooga

1481

CampusExplorer

New year, new semester, not the same old thing. This semester will be a semester to redeem all the mistakes made in the previous five months.

1. I will wake up (sorta) on time for class.

Let's face it, last semester you woke up with enough time to brush your teeth and get to class and even then you were about 10 minutes late and rollin' in with some pretty unfortunate bed head. This semester we will set our alarms, wake up with time to get ready, and get to class on time!

Keep Reading...Show less

new year

Student Life

The 5 Painfully True Stages Of Camping Out At The Library

For those long nights that turn into mornings when the struggle is real.

Southwestern University

1916

woman reading a book while sitting on black leather 3-seat couch

Photo by Seven Shooter on Unsplash

And so it begins.

1. Walk in motivated and ready to rock

Camping out at the library is not for the faint of heart. You need to go in as a warrior. You usually have brought supplies (laptop, chargers, and textbooks) and sustenance (water, snacks, and blanket/sweatpants) since the battle will be for an undetermined length of time. Perhaps it is one assignment or perhaps it's four. You are motivated and prepared; you don’t doubt the assignment(s) will take time, but you know it couldn’t be that long.

Keep Reading...Show less

library

Student Life

The 14 Stages Of The Last Week Of Class

You need sleep, but also have 13 things due in the span of 4 days.

Michigan State University

1210

Photo by Estée Janssens on Unsplash

December... it's full of finals, due dates, Mariah Carey, and the holidays. It's the worst time of the year, but the best because after finals, you get to not think about classes for a month and catch up on all the sleep you lost throughout the semester. But what's worse than finals week is the last week of classes, when all the due dates you've put off can no longer be put off anymore.

Keep Reading...Show less

Student Life

Top 20 Thoughts College Students Have During Finals

The ultimate list and gif guide to a college student's brain during finals.

University of Vermont

364

Thanksgiving break is over and Christmas is just around the corner and that means, for most college students, one hellish thing — finals week. It's the one time of year in which the library becomes over populated and mental breakdowns are most frequent. There is no way to avoid it or a cure for the pain that it brings. All we can do is hunker down with our books, order some Dominos, and pray that it will all be over soon. Luckily, we are not alone in this suffering. To prove it, here are just a few of the many deranged thoughts that go through a college student's mind during finals week.

Keep Reading...Show less

finals

Student Life

28 Daily Thoughts of College Students

"I want to thank Google, Wikipedia, and whoever else invented copy and paste. Thank you."

Kennesaw State University

1781

group of people sitting on bench near trees duting daytime

Photo by Naassom Azevedo on Unsplash

I know every college student has daily thoughts throughout their day. Whether you're walking on campus or attending class, we always have thoughts running a mile a minute through our heads. We may be wondering why we even showed up to class because we'd rather be sleeping, or when the professor announces that we have a test and you have an immediate panic attack.