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.

Money 2017: How to Start the Year Off Right

If you haven’t already made yourself a new year’s resolution – don’t worry, I’ve got one for you. Make 2017 a year of better financial footing. All you have to do is kick the year off on the right foot and make some adjustments for better finances. There are a ton of things you can do to get yourself on the right track, but we will focus on a few of the bigger ones in order to make the largest impact.

Reevaluate Goals

The first step in tackling your financial new year’s resolution is reevaluating, resetting, and creating goals. Goals are the finish line of your resolution, but you can’t possibly get where you want to be without knowing the end. Goals also give you something to work towards. They will keep you on track and motivated to reach a better financial foundation. Set both large and small goals. Be care to not shoot for unattainable things though, because they aren’t going to do you any good.

Automate Saving and Bill Pay

The absolute best thing you can do for yourself is to automate as many payments as possible. One of those payments should be to your savings account. Most living expenses and monthly bills offer an autopay option, so take advantage of it. This will help you pay bills on time and never leave you paying a late fee ever again. Additionally, schedule payments or transfers from your checking to savings. It’s a good way to consistently build up your saving with little effort on your end.

Cash Budgets

Another thing you can give a shot is a cash budget. Many people say it’s much easier to lose track of spending when you use plastic. It makes a lot of sense. Paying for things in cash helps you visualize exactly what you have left to spend. It may also deter you from making certain purchases. You can start small and set a cash budget for things like eating out. If you keep cash on you that only can be used for food that week, you’ll be surprised at how much you save by sticking to it!

Bill Due Dates

Another way to balance your finances is to change bill due dates. Depending on your pay periods, it may be easiest to pay half your bills at the beginning of the month and the rest in middle. Right now you may be tight for the first half of the month because all your bills are stacked at one time. Requesting a change in due dates will help you budget better and leave you with more money each paycheck.