Saving money as a college student is not easy, considering the number of expenses that need to be covered. Spending money can be as easy as swiping a credit or debit card, but before swiping the card, it is important to recognize that there may be other alternatives that help to save money. Navigating finances as a college student can be difficult when on a budget, but here are some tips that can help.
Carry around cash
A debit and credit card can be very deceiving because an individual will swipe the card without realizing how much money they are spending. Carrying cash allows for individuals to keep track of how much money they have spent and allows them to create a budget.
Save on textbooks
There are items that college students need, like textbooks. Rather than purchasing new textbooks, consider buying used ones. There are also websites that offer free textbook PDFs such as Z-library. Purchasing a textbook from a friend or classmate may be beneficial because it is cheaper than buying a used textbook online. Buying a new textbook should be the last resort when trying to save some money.
Save on food
Albert Williams, a professor of finance and economics at Nova Southeastern University said, “A survey stated that 99% of students stated that eating out was their number one expense.”
Making homemade meals or using dining dollars on campus can be an inexpensive way to save money. When individuals have a tendency to eat out, it adds up and becomes quite expensive. Eating out may seem easy and quick, but the toll it takes on a person’s bank account is not light.
Look into money management skills
Making the right financial decision in the short term can affect financial situations in the long term. Having money management skills is essential for life and is a habit that people will also need for investments.
Williams provided some insight into how it can be rather difficult for college students to save money. He explained that first year students struggle more with money management due to inexperience. Therefore, they have tendencies to overspend. “From the first year until their third year, there is growth in money management skills,” Williams said. Williams described saving as a discipline. “Saving is discipline that is required for life,” he said.
There may be surprise expenses that appear such as medical emergencies. It is always important to expect the unexpected, which is why it is important to have money saved up just in case. Saving even $25 a month can go a long way though it may not seem like it now. In the long run, those $25 a month adds up and may come in handy on a rainy day. Live within your means as a college student.
Ask yourself questions
Though it is hard to save money as a college student, it is not impossible. Williams believes that it is possible to save money while in college, but to do so, students need to ask themselves specific questions. Some questions to ask yourself may be “do I need to eat out?” or “do I need the newest shoes?” It is quite easy to be persuaded by ads or friends, which Williams advises students to be aware of.
“Have fun, but do not blow past your budget,” Williams said.
