Saving money can be hard, especially when you're in college. Financial independence is a new experience for many college students. Learning how to save your money now can help you handle your crippling college debt later down the road. Here are some tips on how to save money in college.
1. Pay for everything in cash
Sure, it's easier to whip out a piece of plastic and swipe it, but handling physical money makes you more aware of how much you're spending. A $20 dollar bill seems more valuable, even if your debit card has $200 on it.
2. Create a savings account -- and actually put money in it
It's so tempting to put every check you get into your checking account, but it's better to save some of your money for a rainy day. Plus, the more you put into your savings account, the more you make in interest. Making money by saving money? Sign me up. Also, it's nice to start saving up for your impending student loans, a future apartment, or a new car in advance so that your dreams can become a reality. I've had a savings account my entire life (thanks, Mom and Dad!), and I'm always putting money into it.
3. Keep track of your spending
If a cashier asks me if I want a receipt, I always say yes. Having a tangible log of all my spending helps me not spend too much. When my receipts pile up, I know I need to stop spending money. I could have Chipotle now, or I can eat Chipotle in an apartment in a few years. Hmm...
4. Rent your textbooks
Textbooks are so expensive, and it's always the books that go with the classes that aren't for your major that suck up all your money. Look around online for different websites with cheap textbooks for rent, and you could save hundreds of dollars each semester. Also, consider sharing textbooks with friends to split the cost. If you have to purchase the textbook, keep it in mint condition to increase resale value.
5. Look for free things to do at/near your school
Here in Boston, the college town of the U.S., there are tons of free events for students. I can go to the Isabella Stewart Gardner Museum and the Museum of Fine Arts for free whenever I want. The Boston Museum of Science holds an event where college students in the area can go to the museum for free, and all other attractions are $6. Your college might have fun dance or Zumba classes to take advantage of, as well as events put on by different clubs. Go to floor programs hosted by your RA and meet the people on your floor. Host a movie night or game night in your dorm with all your friends. There's always stuff you can do that doesn't cost (much) money. Get creative!
6. Seek out a paid internship
What could be better than gaining experience in your field and being paid at the same time? If you have room in your busy schedule, go to your school's Career Center and request information about paid internships in your field.
7. Take advantage of student discounts
There are many stores in the U.S. that offer high school and college students a discount year-round on their products. Do your research and see which stores will help you save some pocket change.
8. Cut coupons
Old-school? Absolutely. Worth it in the long run? Definitely. Stores are always sending out coupons in newspapers and flyers. There are special websites dedicated to downloading coupons if you don't get the Sunday paper. You don't have to be TLC-level extreme with the couponing, but even a "buy one, get one half-off" deal for something you know you need two of is better than no discount at all. If you're someone who enjoys having food to snack on in your dorm room, this is a great way to save money while satisfying your cravings.
9. Carpool
If you go to a college where you're allowed to have a car, take turns carpooling with your friends when you all want to go out one night. This way, you're not driving all the time, and you can all save money on gas. Also, don't be afraid of public transportation. People in the Boston area get a cheaper ride on the T when they use a plastic Charlie Card, and students can often get discounts for the MBTA through their school.
10. Ask for necessities for the holidays
You know you're becoming an adult when you ask your parents to pay for a month of car insurance for you as a gift during the holiday season. (Am I the only one who does this?) I tend to ask for things I need rather than things I want for birthdays and holidays now; it saves me a trip to buy them, and it saves me the money I'd be paying to purchase these items. Nothing says "happy holidays" quite like having everything you need.
Giving up spending altogether is nearly impossible. Saving money while living your life, however, is possible. All it takes is the word "no" to stop you from overspending.
