Most college students live on a budget and some are drowning in debt. While neither is fun nor easy, you can still make smart decisions about how you spend your money. Living within or below your means is perfectly OK, rather than beyond!
Here are 10 money saving tricks to try:
1. Create a Budget
I cannot stress how important a budget is. A budget will keep track of money coming in and most especially what is going out – expenses. You’ll be amazed by how much money you spend on little things that add up. There are tons of free and paid budgeting apps. Check out some of the best free apps to use for budgeting.
2. Avoid buying new textbooks
Save money by buying or renting used textbooks from Amazon, Chegg, and other sites. If you need extra cash sell your old textbooks.
3. Use your student ID
There are so many places that offer discounts to students with a school ID ranging from clothing stores, electronic stores to the movie theatre and so much more. All you have to do is ask if a student discount is available. You can sign up with UNiDAYS – it’s a discount website for students.
4. Sell things you don’t need or use
Make some extra cash and sell gently used clothes, shoes, and other things on sites like Poshmark, Depop, Offerup.
5. Set up bank account
Open checking and savings accounts for college students with your local bank. They usually have no minimum balance required. Some student-friendly banks are Bank of America, Chase Bank, and PNC Bank.
TIP: open a high-yield savings account to earn great interest as your money grows compared to a regular savings account.
If you want to see a post on the best high yield interest savings account, comment below.
6. Credit Cards
College is a great time to start building your credit, which will make it much easier to get an apartment, buy a car or house after graduation. Be careful not to overspend or spend the money you don’t have. Choose credit cards with the lowest interest rate.
>> Check out: 5 Best Credit Cards for Beginners With No Credit
7. Saving on Housing
If you decide to move off-campus, look for a roommate to split the cost with and save on extra money. Check Facebook groups or apartment listing site.
8. Resident Advisor
Consider applying to be a resident advisor and get room and board for FREE. Being an RA will be saving you chunks of tuition money.
9. Eating Out
As a foodie, I love to eat so I try to make a budget for that and I tell you small amounts add up really quick. Another nice thing to do is have a potluck with friends.
10. Get a side job
Who doesn’t want to make money? There are on-campus jobs that you can take up to make extra cash. However, your studies come first at all times so don’t take a job or too many hours that could hinder your education.
Taking that side job can help you develop skills (money, time management, etc) that will help you further.
Let me know what saving tricks you use! Feel free to add more tips in the comment section below.
>> If you haven’t seen my other post, check it out!
>> Related: Check the recommendations page
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