College is usually the time a student becomes more independent. Let’s face it, college isn’t cheap and as we already know, college students often tend to be broke. But that doesn’t have to continue, as there are many simple ways to save, earn, and manage your money.
1. Create a budget
The first and foremost step to manage your money is to make a budget. Yes, it is not something new, but it is definitely something that we all ignore or not take seriously. In order to make a budget, you have to calculate your income, bills, necessities, and any extra money you might have left. While doing this first step, it is also necessary to prioritize the most important things to the least important.
2. Use student discounts
Being a student you can get many student discounts. Some of these include a metro pass, movie tickets, auto insurance, Barnes & Noble, and even places to eat. All you need to do is provide your school ID card. And for the Metro you need to prove you are full-time.
Having the privilege and ability of student discounts is great, but that should not make you spend where you shouldn’t. For example, instead of eating out, go to the market and buy your meals in advance. Get things you can take to go and things to cook meals with that will leave you with leftovers. For example, if you cut down to eating out only twice a week at $8 a meal, that adds up to $16 a week and $64 a month. Not only will it save you money but it might also save you a few pounds. Or instead of going to the movie theater, wait until it comes out on DVD or Blu Ray and rent it on Red Box for a little over a dollar a day. Just don’t keep it too long or the price will add up.
3. Make use of the library
A lot of students will watch movies or other entertainment videos on their laptops. But having an expensive laptop is not necessary when colleges have plenty of accessible computers and free WiFi. If you’re looking for a quiet study time, the library and computer lab(s) are always available. You just have to be sure to check the hours for your campus The point being, you don’t have to shell out any money at a café just to give yourself a peaceful space to study.
4. Buy used textbooks
One of the biggest things college students dread to pay for is books. For some reason they are oh so expensive. In order to not lose a great amount of money on school books is to buy them used. Go on eBay, Amazon, Chegg, other local bookstores. On eBay, individual sellers will sell them for pretty cheap and it is probably your best bet at finding the cheapest price. Amazon and Chegg have great offers with used books as well. You can either buy the book or rent it. Even though buying the book is more expensive than renting it, you can always resell it and make all or most of your money back. You can resell it personally to students you know or on eBay. If you rent it, you will have to send it back and will not be able to make your money back. However, if in that moment of time you cannot afford to buy the book, renting is the next best option. Amazon also offers a one-year Prime Student account that lets you get free two-day shipping on your books.
5. Carpool
Instead of paying full price for a parking permit with prices constantly rising, carpool with someone or take public transportation (the metro pass student discount will come in handy here). It will save you gas, money on parking, and even the struggle we have with finding a parking spot and being late to class. If you live close enough you can even walk or ride your bike to school. Not only will you be saving money by choosing these options, but you will also help save the environment by not polluting.
6. Recycle
Another way to help the environment is to recycle, which can also earn you some money. Imagine all those plastic water bottles you take to school each day and then throw away. That’s like throwing away money. Find a space to store them and recycle them later. You can get a decent amount of cash in return.
7. Apply for scholarships
Most students think the only financial help they can get with school is through what the school offers. That is far from true. Students can apply for scholarships outside of school. There are many different types of scholarships to qualify for such as academic scholarships, athletic scholarships, creative scholarships, minority scholarships, women scholarships, community service scholarships, and more. Do your research and set time aside to apply for scholarships before their deadlines.
8. Don't overuse your credit cards
Needing extra money to get through school might lead you to apply for credit cards. Getting approved for a credit card may seem exciting because it is extra cash you can use. But it is not really “extra” cash. It is good for emergencies and building credit. But if you are trying to build your credit, don’t use it all the time. Use it only on certain occasions and when it is time to make the payment, pay more than the minimum. Don’t be late on your payments. It will only make it worse when the credit card company charges you a late fee that could be up to $35 at a time. One month can go by pretty quick.
9. Use the campus gym
Another thing you might spend $30 a month on is a gym membership. Colleges usually have a gym free of charge. The fees are already included in tuition, so might as well take advantage of it. You can cancel your current gym membership and save approximately $360 a year.
The days of being a broke college student can now come to an end. Following these tips and changing simple things in your everyday life can really improve your current finances, and even prepare you for future responsibilities.
