It is way easy to get caught up in college. In the middle of all the studying, part-time jobs, and partying that you have, you are in all likelihood to neglect one of the most critical things in life, which is straightening out your finances.
Here are 5 quick tips on how you can save money as a student:
1. Plan ahead.
If possible, do this even before you move into your dorm room.
Check if you're qualified for scholarships and other grants before applying for a student loan.
Make a simple budget. Make a list of your income, whether is from your parents, your student loan or your part-time job.
Then predict your expected expenses for food, tuition, books, etc. Once you have set a budget, stick to it.
You never know what unforeseen expenses would come your way so it’s best to have a cushion for financial emergencies.
2. Save money on food.
One of the major expenses that you have as a student which you might have brushed aside when you were still living at home with your parents is food. Avoid eating at fast food restaurants, as this is most potential to ruin your budget and probably your health. Make your own food, pack it and save money.
3. Take full advantage of student discounts.
Those ID’s in your wallet are a big money saver. Student ID’s and memberships in organizations are rewarded in several establishments which offer discounts.
Also, shop at a particular store regularly and you are bound to get bonus cards for being a loyal customer.
4. Use your cash as much as you can.
Since you already have a list of the items where your money is going, it is simpler to monitor your cash flow using cash. Credit and debit cards are good for rewards and point but if you cannot handle the budgeting with the use of these, it might lead you to overspend so it’s best to avoid them.
5. Keep yourself busy.
Join educational clubs according to your field of interest.
Keeping busy will keep you focused on spending your time and money on things that are helpful in your career and life. You are more likely to spend money on stuff when you get bored, such as movies, games, alcohol, etc.
As a college student, you will be amazed at the amount of money that you will really save by spending less on unnecessary items, following your budget plan and saving for emergencies.