Saving money while studying might be the biggest challenge you can face as a college student. With different academic expenses and quality of life items you need to buy on a daily and weekly basis, how can anyone manage to save money when college comes knocking?
Luckily, there are ways to control your spending by carefully planning out your savings. What are some of the most useful and easy-to-manage ways to start your savings while still being in college?
Start a savings account
The hardest step is the first step, no matter what you try doing in life. Going to a bank and opening a savings account will give you good motivation to start putting some money on the side early on. Even if you put a couple of dollars into the account each week, you will find yourself in a good position once the academic year is over.
Keeping savings intact without a bank account is difficult for anyone, not just college students. Make it easier on yourself, and visit a local bank to inquire about student savings accounts.
Using second-hand textbooks
No professor will care if your books are old or new. What they will care about is your willingness to use them and your ability to follow the curriculum. Talk to some of the seniors at your college and look for second-hand books online.
They are much cheaper than brand new textbooks from your college library. Most of your junior expenses will come from buying new books and equipment for studying, but you can save a lot of money just by looking for used things before opting for new ones.
Opt for cheaper housing
Depending on the country or state you will attend college in, there are different options available for housing in each. Some countries encourage students to live in dormitories with fellow colleagues, which automatically translates to having a roommate. Some countries have expensive dorms that many students skip and decide to live in flats and shared apartments across the city.
A good way to control your spending urges is to think about college. The main reason you have moved away from home and started a student life is to develop your skills and gain an academic degree down the line.
This will require a lot of effort and sacrifice on your part, which in turn translates to very little free time for spending money. Studying instead of going on a shopping spree is a good way to control your savings, and it will also help you handle your courses a lot easier.
Plan your grocery list
Planning your grocery lists before going out will save you a lot of time and money down the line, no matter the situation you find yourself in.
Grocery shopping is an essential part of college life that can easily eat up your savings if you are not careful enough. Buy the elementary things you need for food, hygiene, and cleaning without glancing at snacks or unnecessary items.
Stay away from entertainment
Opting for free TV, internet, and free-to-play games can help you save a lot of money during your college years. It’s easy to fall into the temptation of buying games or paying for monthly subscription services that you won’t have the time to use anyway.
Try finding your entertainment on YouTube, Tumblr, and similar websites that can actually help you learn something new. Listening to podcasts is also free and can help you prepare for exams and learn new things about the world without paying a dime.
Limit your credit card use
Stick to using your cash allowance and pocket money instead of drawing your credit card. Your parents and family might give you some spending money to get you by, and it should be enough for elementary college expenses.
However, we all know that sometimes this isn’t enough, and you will have to use the credit card allowance your parents sent you. Keep these expenses to a minimum and only use card payments when there is no other option.
Go out – moderately
College is all about socializing with colleagues and new friends you will meet on campus. It’s only natural that you will have to go out every once in a while and pay for your drinks. Make it a practice to only go out to a coffee place or a club once a week as a treat to you.
You don’t need to explain yourself to anyone and just embrace the habit of limiting your outside expenses. It’s far cheaper and more enjoyable to invite your friends over for homemade coffee and talk without thinking about the bill later on.
Work on your self-control
There will be times when you lose control and spend some extra money on something you really wanted – and that’s okay. You are studying full-time to become a professional in a field that you love. This requires a lot of concentration and self-sacrifice, so what if you spent a little extra and bought yourself a treat? Just because you are working on your savings doesn’t mean that you should stop living your life.
Final thoughts
Working on your savings is a long-term process that won’t happen overnight. Do your best to put aside as much money as you can, but don’t sacrifice elementary living expenses to do so. College is only a small part of your life that leads to better things, so make sure it’s memorable for you.
Keywords: Savings account,money,Saving While in College
