6 Simple, Practical Tips Every College Student Needs To Manage Their Money Well | The Odyssey Online
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.

7
close-up photo of assorted coins.
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.
Featured

15 Mind-Bending Riddles

Hopefully they will make you laugh.

179429
 Ilistrated image of the planet and images of questions
StableDiffusion

I've been super busy lately with school work, studying, etc. Besides the fact that I do nothing but AP chemistry and AP economics, I constantly think of stupid questions that are almost impossible to answer. So, maybe you could answer them for me, and if not then we can both wonder what the answers to these 15 questions could be.

Keep Reading...Show less
Entertainment

Most Epic Aurora Borealis Photos: October 2024

As if May wasn't enough, a truly spectacular Northern Lights show lit up the sky on Oct. 10, 2024

6557
stunning aurora borealis display over a forest of trees and lake
StableDiffusion

From sea to shining sea, the United States was uniquely positioned for an incredible Aurora Borealis display on Thursday, Oct. 10, 2024, going into Friday, Oct. 11.

It was the second time this year after an historic geomagnetic storm in May 2024. Those Northern Lights were visible in Europe and North America, just like this latest rendition.

Keep Reading...Show less
 silhouette of a woman on the beach at sunrise
StableDiffusion

Content warning: This article contains descriptions of suicide/suicidal thoughts.

When you are feeling down, please know that there are many reasons to keep living.

Keep Reading...Show less
Relationships

Power of Love Letters

I don't think I say it enough...

452031
Illistrated image of a letter with 2 red hearts
StableDiffusion

To My Loving Boyfriend,

  • Thank you for all that you do for me
  • Thank you for working through disagreements with me
  • Thank you for always supporting me
  • I appreciate you more than words can express
  • You have helped me grow and become a better person
  • I can't wait to see where life takes us next
  • I promise to cherish every moment with you
  • Thank you for being my best friend and confidante
  • I love you and everything you do

To start off, here's something I don't say nearly enough: thank you. Thank you, thank you, thank you from the bottom of my heart. You do so much for me that I can't even put into words how much I appreciate everything you do - and have done - for me over the course of our relationship so far. While every couple has their fair share of tiffs and disagreements, thank you for getting through all of them with me and making us a better couple at the other end. With any argument, we don't just throw in the towel and say we're done, but we work towards a solution that puts us in a greater place each day. Thank you for always working with me and never giving up on us.

Keep Reading...Show less
Lifestyle

11 Signs You Grew Up In Hauppauge, NY

Because no one ever really leaves.

23041
Map of Hauppauge, New York
Google

Ah, yes, good old Hauppauge. We are that town in the dead center of Long Island that barely anyone knows how to pronounce unless they're from the town itself or live in a nearby area. Hauppauge is home to people of all kinds. We always have new families joining the community but honestly, the majority of the town is filled with people who never leave (high school alumni) and elders who have raised their kids here. Around the town, there are some just some landmarks and places that only the people of Hauppauge will ever understand the importance or even the annoyance of.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments