The basic way to manage and save your money in college is to start with the basics – understand your income and expenses, create a budget and savings plan, and then implement it.
Below are some tips that will help free up some extra cash and give a boost to your savings plan. Who knows, maybe you’ll even have a little extra cash to make new memories!
Get a Job
If you can be disciplined in managing your time and effectively completing your school work, maintaining a job, even if for a few hours a day, is a great way to save. In addition to part-time jobs, students can search for federal work-study programs and on-campus jobs. If you’re looking for something more flexible, don’t discount the value of side hustles.
Student Discounts
Whether large or small, many businesses offer discounts to students. From retail stores, coffee shops to restaurants and museums, not sure if a discount is offered? Ask! A little discount here and there can add up to big savings in the long run. Check out some sites like StudentBeans for more ways to save.
Text Book Options
Outside of your university book stores, other retailers may supply books at a cheaper price. Retailers may even offer used books or renting books as an option for the semester. Check with your course syllabus to see if this is viable and take advantage if so – this could save you hundreds of dollars per semester! Options such as Chegg and Amazon are great for book shopping.
Share Housing Expenses
Housing expenses are one of the biggest costs of living for almost everyone. If you can find a roommate or few to share this expense with while in college, it will cause for a decreased monthly expense and increase in funds you have to spend elsewhere.
Entertainment
While you are attending college, education is the priority, but it’s important to have fun and enjoy your experience. Be sure to take advantage of free events offered on and off campus, using the campus facilities, sticking to one streaming service over cable and taking advantage of student discounts.
Transportation and Travel
If you need to get around be sure to take advantage of low to no cost options such as bicycles, electric scooters or buses and shuttles. Many campuses offer free or discounted shuttle services to get students from one end of campus to the other. Check for ride share options through Uber, Lyft, or visit your local transit authority’s website to see if student passes are available for off-campus travel.
It’s super exciting but also can be a little scary to be on your own as a freshman. Money can be a source of stress, but with these tips will help get you in the habit of saving. Establishing a budget and good saving skills no with get you in the path towards reaching your financial dreams.