6 Simple, Practical Tips Every College Student Needs To Manage Their Money Well
Start writing a post

6 Simple, Practical Tips Every College Student Needs To Manage Their Money Well

Make this the year where you finally reach your monetary goals.

close-up photo of assorted coins.
Photo by Josh Appel on Unsplash

College is hard, and it's often your first experience living on your own. I realized that my mom wasn't going to be the one replacing the empty toilet paper stand--my bank account was. Not to mention the disinfectants, paper towels, snacks, and more. Living on your own is a costly thing and a valuable experience in the long-run. Once you realize that everything you purchase isn't at the cost of your parent's limitless wallet, you learn how to live on a budget. Here are just a few tips I follow on how to save up some money:

1. Live like you have a penny to your name. 

Now, you might think I sound crazy. However, this has been very successful for me. Living like you have no money forces you to stop spending money on unnecessary things.

2. Take all the "free" you can get. 

If there's one thing I learned from college it's that there are so many free giveaways all the time. Many different organizations partner with colleges to hand out free samples and food weekly. Keep up to date on your emails or bulletin boards posted around the school for updates on when free food and giveaways are coming your way.

3. Buy the knock-off version.

It may not have occurred to you before now that knock-off brands can be just as good as the big guys. If you can, try to buy the marked-down version of your daily products. Your wallet will thank you.

4. If you have a job, set aside seventy-percent of your check. 

If you are working a job while working towards your degree, it's time for you to start saving. I like to live by the 70-30 rule. It's something I've come up with when I took on my first job at sixteen years-old. You put seventy-percent of your check into your savings. That remaining thirty-percent is your spending money that you should try not to exceed.

5. Set a realistic goal for your savings. 

Too often, you will hear someone say that they're going to save up a thousand dollars in x amount of time. By the end of said time, they most likely have not reached their goal and are really disappointed. Your goal should be well over attainable for the time frame you set yourself. So that way you not only reach your goal, but exceed it and feel really proud of yourself. Make sure that you also account the 70-30 rule into your calculations.

6. It's okay to indulge, but don't overdo it. 

You will often come across opportunities to go out and spend your money with friends. I am not suggesting you turn every one of these opportunities down, but rather, pick wisely when and how you choose to spend your money. Limiting the amount of splurging you do will better help your bank account work towards your savings in the long run.

Do your best to adapt to living like such and saving money will be a piece of cake. Learning the true value of money and how to spend it wisely is an important life skill.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.

7 Reasons SoCal Rocks!

75 degrees and sunny, plus, no humidity. I mean do I really need to say more?

woman in black and white long sleeve shirt carrying girl in red jacket in Venice beach
Photo by Jeff Hopper on Unsplash

SoCal summers are the best summers by far, and honestly, no argument is needed. But, if you aren't sure why SoCal summers are the best, here are 7 reasons why!

Keep Reading...Show less

25 Lyrics for Selfie Captions

Because let's be honest, we all use lyrics.

woman takes a selfie for social media

Sometimes you can't think of the perfect caption for your Instagram post. I love using lyrics as my captions because there's so many great lines in songs that just seem to fit in the moment. Here are some lyrics that could work for your selfie or pictures of you with your friends!

Keep Reading...Show less

Bruce Springsteen's Top 7 Lyrics

Everything Bruce says in his classic rock songs.

bruce springsteen album cover born in the usa

Anyone who was born and raised in New Jersey (or anywhere really) knows of Bruce Springsteen, whether or not they like him is a whole other situation. I hope that his hundreds of classic rock songs and famous high energy performances, even in his sixties he can put on better concerts than people half his age, are at least recognizable to people of all ages. Love him or hate him (I identify with the former) you have to admit that some of his songs and interviews have inspirational quotes and lyrics.

Keep Reading...Show less

New England Summers Are The BEST Summers

Why you should spend your next summer in New England.

Marconi Beach

Three years ago, I chose to attend college in Philadelphia, approximately 360 miles away from my small town in New Hampshire. I have learned many valuable lessons away from home, and have thoroughly enjoyed my time spent in Pennsylvania. One thing that my experience has taught me, however, is that it is absolutely impossible to beat a New England summer.

Keep Reading...Show less

Fibonacci Sequence Examples: 7 Beautiful Instances In Nature

Nature is beautiful (and so is math). The last one will blow your mind.

illustration of the fibonacci sequence

Yes, the math major is doing a math-related post. What are the odds? I'll have to calculate it later. Many people have probably learned about the Fibonacci sequence in their high school math classes. However, I thought I would just refresh everyone's memories and show how math can be beautiful and apply to physical things everywhere around us with stunning examples.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments