College is the time during which a person transitions from teenager to adulthood. Part of adulthood is learning how to save money to pay for expenses without the use of credit. Although college can be pricey, it is feasible to save money during college. By saving now, you will establish a nest egg which can pay for future expenses and help establish a rainy day fund.
1. Work, work, work
Many students associate their college years with partying, stressed out studying, and lack of sleep. While that’s all fine and dandy, college should also be a time you establish yourself in the workplace. Whether it is that awesome intern position you have been vying for or a retail job, working will set you apart from those who don’t. In addition, you’ll earn a steady stream of payments called paychecks, which can help fund your expenses and allow you to save for the future.
2. Rent/buy used books when possible
Similar to tuition costs, cost of books are always another popular griping point for college students. Textbooks aren’t cheap and sometimes can be downright expensive. Unless you plan on keeping that book for the rest of your life, then renting or buying a used version will save you major bucks.
3. Use your student ID card
Many organizations and businesses offer student discounts when a valid student ID is shown. For example, movie theaters sometimes offer discounts on certain days of the week when college students show their student ID when purchasing tickets. Many restaurants and bars also offer discounts for college students. Discounts are a huge way to save some cash while letting you have some fun, as well.
4. Organize your financial life
Finances are no game. If you want to succeed in your personal finance life, then staying organize is key. Don’t let loose change or money disappear or lie about in random spots in your dorm or apartment room. Second, carefully budget your finances either biweekly or monthly. Planning allows for you to notice expensive items more quickly and where to cut if needed. In addition, budgeting also allows you establish a savings plan and goal for how much you want to save each month.
