Saving Tips for College Students

SAVING TIPS FOR COLLEGE STUDENTS

 

College is a time of education, exploration and adventure; it’s also a period where you likely need to save money. When you and most of your friends are trying to keep more funds in the bank, you can use some clever tips to help you get the most out of your money.

Review Your Meal Plan

If you’re constantly having money left over on your meal plan at the end of the semester, consider a more cost-effective plan. While the college might require you to have a certain meal plan during your first-year there, you will likely have more freedom as you earn more credits.

Shop For Textbooks Wisely

You’ve probably heard older students complaining about the cost of books if you’re new to campus. Skipping out on buying books is a bad idea because professors require them for a reason. Instead, ask your professor if it’s acceptable to use an older version or an online version of the book if one of those options is available for less. Also, you might be able to reduce the cost of books by taking them out from the library.

Move to Off-campus Housing  

In the beginning of your college career, you may want to see what life is like living on campus. After the first two years or so, however, you may want to consider moving off of the campus. Moving to off-campus housing doesn’t mean you have to commute from your parents’ home. Instead, you could opt to share a house or an apartment with friends, which will probably be cheaper than staying in the dorms.

Don’t Squander Opportunities  

Many colleges have plenty of free or low-cost programs, soirees and events for students to attend. Also, you might find that your school offers discounts at local attractions if you bring your student identification card along with you. Instead of rolling your eyes at the free opportunities on campus, consider how they can make a major difference in your spending. 

At this point in your life, you might not think that saving money matters too much, and you might spend all of the funds that you have. Eventually, this issue is going to cause financial problems in your life. Instead of making a mess for later, take steps to reduce your spending now.

Finance Tips from Tony Robbins

We’ve touched before on how believing you don’t have the income or assets to start saving or investing responsibly don’t really hold any weight. Because there isn’t a minimum for how much you need to save, you can start as low as you need to and just work your way up. And I’m not the only one who believes this. Just ask life coach and self-help author Tony Robbins, who sat down with USA Today and offered some pretty awesome advice, too. Check it out below.

  • Get out of a consumer mindset, and get into an investor’s mindset. Pick an amount or percent of your paycheck, and stick to it faithfully through times thick and thin.
  • Be knowledgeable and always educate yourself. Robbins warns that many investors fail to read the fine print in their contracts, and can wind up paying way more in fees. Robbins uses an example that shows how falling for the higher fees can wind up costing an investor hundreds of thousands of dollars.
  • Set a realistic goal. Don’t set a lofty one of “financial independence”. Find out how much you need, calculate it, and work towards it.
  • Diversify your assets. Know what you have and where to put it. Work out where to keep it safely, and where you can invest with risks.
  • Assets are nice, but should take a backseat to income. Learn how to liquidate some of them when necessary. After all, a great stock portfolio won’t buy your food or pay for gas.
  • Again, keep learning from the best. Read interviews, tips, and lectures from the top financiers.
  • Start now. Just do it. If you have some income, it’s not too late to begin thinking about your future wealth.