Life in college can be so hard, especially when you come from a very humble background. One friend of mine told me a very funny experience he had. While in his second year, any time he called home the first response was a warning that he shouldn’t talk about matters to do with money.
Tips On How to Save Money In College Life
The point is, money issues have compromised the relationship between students and their parents. Even when just calling to know to check on them, some parents often feel all you want is to request for financial help.
Even though you are their direct responsibility, sometimes you cannot help the situation and you just have to look for alternative ways of surviving. While student loans can be helpful, they are often not enough to pay tuition fee and still cater for upkeep. What is your experience? How do you survive in college?
For many students, college life exposes them to the reality of the need to budget and account for money wisely. The assertion that you can save money while in college might sound ridiculous but trust you me it is possible. Maybe you do not know the necessary tips and strategies that can help you last with money.
This blog is meant to help you in this regard. We are going to share some of the best strategies you can always apply to save and use your money in the most effective way.
Maybe you’ve got other practical ideas that have proved handy. We will appreciate if you share with us. Simply drop a comment below. Let us go directly to the best ways one can use to save money in college.
- Budget for the little money you already have. You’d always have some little funds at the time of joining college. You cannot tell precisely when you can receive additional finances. The best thing to do is to budget for the little amount you have. This will help you avoid overspending on unnecessary things. How can you budget appropriately? There is not a set structure describing a good budget. However, you can still make your budget practical. You may have done a good shopping before joining college. All you need to do is to list down all your expenses. Categorize them into essential and non-essential. Essential expenses are those ones you cannot do without. Apportion the amount you have to these expenses but in order of priority. Minimize non-essential costs and put all the remaining funds into your savings account.
- Live within your means. In all phases of life, rational people live within their means. Life in college can be challenging because you are interacting with individuals from different backgrounds. The major problem here is trying to compare yourself with others. This is a financial poison and will kill you. You have already created your budget and it is good that you strictly follow it. If you cannot afford an item, it is okay. You can have it some other time. Your journey is different from that of your friends. Avoiding friends who overspend will help you live within your means.
- Try working. I believe you are in college because you want a better life in the future. Why not sacrifice now? So then, consider working and this will benefit you a lot. Apart from getting some little money to supplement your other source, you will learn some very important skills. For instance, will develop some essential problem-solving skills. But then why then do we include working as a strategy of saving money while in college? Since you are working, you are earning rather than outspending cash.
Where do you start? Firstly, create time. What do you do when free from classes? Do not spend this time impassively. If you have some skills, apply them. You can freelance and earn a lot of money. The good thing with freelancing is that you are going to work when you have time.
Alternatively, you can work on a part-time basis in some institution near your college. Nevertheless, be careful not to miss classes. Also, do not forget yourself once you receive your wages. Working will be senseless if, in the end, you are going to spend lavishly.
- Avoid late payments. If you really want to save, you must avoid late or missing payments. There are different options for repaying student loans. Maybe you opted to repay the interest amount while still in college. Still, you may have other debts and missing payments can actually be costly. Basically, a missed payment may attract a charge of at least $30. Isn’t this too much for a student in college? This amount can be used in a more meaningful way. In case you made a mistake and missed a payment as a result, look for ways of mitigating it.
- Avoid bank overdrafts. Banks can allow you to withdraw an amount you do not have at a cost. In other words, you are basically getting into debt here. The charges may be at least $25. Again, don’t you think this is a lot of money? This is an unnecessary expense you can avoid.
- Have a good plan regarding your degree and classes. The least you want to think about is missing promotion to the next level. Any missed semester, or an extra class, is expensive. So, make sure you are taking the correct classes at the right time and ensure you are moving towards graduation at the right time. This no doubt one of the best ways to save funds while in college.
- Care enough to examine the amount of student loan you are borrowing. Are you using student loans? Remember this is an obligation and you will have to repay. For this reason, do not borrow more than you can afford. If you borrow too much, you will no doubt struggle a lot financially your whole life. Also, borrowing money online is good if the rates are reasonable like A1 Credit offers. You need to be careful because some lenders can be expensive.
- Try scholarships and grants. Mistakenly, many people think the right time to seek loans and grants is when in high school or before joining college. You can apply for scholarships each year while in college and still be considered. So take time and seek them and you may get enough money to pay your fees.
The Bottom Line
Is it possible to save money while in college? Yes! You can save a lot of money. How? We have discussed a number of practical suggestions here. Try them out and you will be able to save.
There are so many ways you can use to save. As we mentioned at the outset, you may be having other basic strategies. Why not share with us? We will be happy to see your comment below. Thank you.