College can be one of a young person’s most exhilarating experiences. However, it can also be a time when a naive youngster gets stuck in debt without even realizing it.
Many college students venture on their own with zero financial knowledge. Even bright students heading off with stellar GPAs may not have had a personal finance requirement to graduate. It seems silly to understand calculus but not know the first thing about credit card interest. It’s no wonder they may struggle with debt or lack funds for the next semester’s tuition.
Share this list with the students in your life to help give them a leg up in the adulting world. After hitting my own fair share of bumps in the road and years of writing about personal finance, these are the key elements of money management I wish someone had shared with me back then. This list will help those students looking to save some cash.
1. Create a Budget
Starting with a budget of your monthly expenses will help you figure out how much money you need to finance your spending. Here, you can allocate your excess cash to nights out, clothes, entertainment, and material things.
This is also an excellent tool for putting money into a savings account. This can help pay for random expenses and give you a financial buffer for emergencies down the road.
2. Rent School Supplies
The cost of most college textbooks is astronomical. It’s ridiculous to expect college students to afford undergrad books for studies they may only need for a few months.
If you’re feeling overwhelmed by the prices of these books, look online or at local bookstores that may have them at discounted prices if they’re used. You can also sell your unwanted books to help your fellow students.
3. Take Advantage of Student Discounts
Most corporations understand and sympathize with the plight of a struggling college student. Showing your student ID at many department stores can get you a discount.
Brands like Apple, Sprint, T-Mobile, and AT&T offer student discounts on their products and services. In addition, check your auto insurance provider to see if they provide any discounted rates.
4. Learn How to Cook
Once you are out on your own, you will realize how expensive it is to order take-out every night. Cooking meals in your dorm will not only save you a ton of money, but it is also much healthier. Have you ever heard of the freshman 15? It’s a real thing.
Cook at home to save money and avoid gaining extra pounds from the excess junk food universities offer in cafeterias.
5. Become a Resident Advisor
Resident Advisors are responsible for the students living in their section of the dorm rooms. The qualifications are students in good standing who are accountable and can juggle their jobs and studies.
In exchange, the school may offer free room and board. If this sounds like a job you would like, check in with your housing department to see if you qualify for the job.
6. Shop at Value Stores
Store brands can be just as tasty as name brands but at a fraction of the price. Opt for the generic cereal or peanut butter brand to save some serious money.
You can also choose discount stores like Aldi or Grocery Outlet instead of the big-name markets. Store-provided discounts via apps or coupons are also an excellent way to shop for deals and save some cash.
7. Bank Friendly
Banks are notorious for tacking on extra fees. However, they are surprisingly flexible when it comes to their student clients. Some even offer rewards and benefits for student members. When searching for a bank, do your research.
Look up what popular banks like CapitalOne, Bank of America, and CitiBank have for students. You might get cash back when you start an account. What’s better for a poor college student than free money?
8. Download Freeware
Many apps can be extremely expensive for college students, but they’re needed for many classes. What do you do?
However, there are free, downloadable options for apps like Google Docs, Sheets, and Slides. These work just as well as the more expensive Microsoft Word and PowerPoint. Download an anti-virus program and get savvy with these free downloads to help you ace your classes and save as much money as possible.
9. Apply for Scholarships
What better way to save money than to have your tuition paid for? Search your school’s website and see what kinds of scholarships are available. You can then apply for as many as you feel qualified.
You would be surprised to find out how many scholarships go unclaimed each year. Applying for as many as possible will only help your chances of landing one and cutting those expensive tuition costs down.
10. Shop at the Dollar Store
One of the biggest realizations I learned when moving out on my own was how much daily items cost. When you live at home, you take the availability of paper towels, toilet paper, laundry detergent, dish soap, kitchen utensils, and bathroom supplies for granted. That’s when I was blessed to find the Dollar Store.
You can find all of these supplies at a discount. Are they the best quality? No. But you’re a poor student who must stretch your money as far as possible.
11. Live With Friends
Some of the best memories of my younger days are of my college roommates. Living with friends provided endless entertainment and a way to save money on rent and utilities.
Not only do you have a friend to lean on during tough times, but you can also share groceries, decorations, furniture, and many nights, creating memories that will last a lifetime.
12. Get a Part-Time Job
For many college students, getting a part-time job is not just a way to make money. It also expands your social circle. In fact, many future employers look at prior college job experience when they consider hiring interns.
Earning extra income can help you avoid student loans with high interest rates, teach you valuable life skills, and help you budget money as a young person entering the world.
13. Consider Living at Home
Many college students choose to attend a school that is close to home. Living at home for the first few years of university can help save a lot of money on rent and food. Sure, you may want to branch out and live independently, but that’s just impractical for many students.
Staying at home, working a job, and saving as much money as possible might be the best advice a young student can hear. Plus, you can put off learning how to do laundry for a few more years.
14. Pick Free Activities
It’s Saturday night, your homework is done, and you’re ready to have some fun with your friends. The only problem is that you’re broke. Luckily, you can do many free activities and still have a good time.
Check your college’s calendar for free entries to sporting events, concerts, movie screenings, art exhibits, and other gatherings. College clubs love to have get-togethers, so the odds are there is some kind of fun event to attend instead of wasting money going out on the town.
15. Travel by Bike
If you’ve decided to live on campus, you probably won’t need a car for transportation. Switch to riding a bike around campus, and you’ll save money on gas, insurance, parking permits, maintenance, and monthly payments.
It’s also a great way to stay in shape and avoid traffic.
The Purpose of a Budget and 11 Reasons Why You Need One
The primary purpose of a budget is to track your income and expenses. A budget also ensures your bills are paid on time, helps you plan for the future, helps identify any bad spending habits or areas where you could reduce your spending, and ensures that your spending reflects your priorities. By creating a budget and sticking to it, you can ensure your needs are met, your bills are paid on time, you get out of debt, and you meet your financial goals.
In this era of profound social division and discord, one thing everyone can agree on is worsening conditions for healthy personal finance. Whether it’s the dream of homeownership, the goal of building a robust investment portfolio, or simply affording necessities like food, individuals across the spectrum struggle to overcome the decline in their financial well-being due to economic changes.
The 41 Biggest Wastes of Money
If you’re looking for ways to earn more money to put toward your goals, start by examining your spending habits. By tracking your spending and seeing where every dollar goes, you’ll likely find several instances of spending money you don’t have to. It could be little things that add up or recurring monthly expenses that are an utter waste of money. Once you eliminate your bad spending habits, that money can go toward your emergency fund, paying off debt, or other essential things. Here are the 41 biggest wastes of money to look out for.
- Read More: The 41 Biggest Wastes of Money
