Skip to content Skip to sidebar Skip to footer

Widget HTML #1

Top 5 ways to save money in college

Top 5 ways to save money in college

It can be tough to save money in college for everyone who has attempted to do it out. The BrokeLife that we experienced in college is something many of those of us who have gone through it share.

Find a part-time job

Yes, you have heard this before, and it's not enjoyable. However, a great way to lower your expenses is to increase the amount of money coming in. There are lots of terrific part-time job opportunities for students waiter, valet, teacher's assistant, note taker (yes, that's real), brand ambassador, blogger, dog walker, and babysitter.

Look at all your options. Choose one that will provide flexibility with respect to both classes and academic life, and also b) provide you with the most money for your time and effort. To gain momentum, examine our post about the best college jobs for every personality type.

Budget (the verb)

Does that word frighten you? It's fine. When you start to scrutinize where your money is going, it can be an eye-opening experience. Check your bank statement. Your goal is to analyze all incoming cash (parents, payments from a job, student loans) and put it in relation to outstanding debt. What are you spending your money on? What can you do without?

As an example, you take a look at a seven day backup of your income statement and see that you spent $50 on eating out last week. Each transaction was from $4 to $10. From this you can see that you're investing in at least two drinks a day, which may not be the most economical method to use your money.

Upgrade your dorm room with a coffee maker and a coffee of your preferred brand for $13. Whoa; you drink the fancy one, don t you? Purchase a 16 oz squeeze bottle of caramel syrup for under $5. Whipped cream less than $3 at your grocery store. Multiplying by 4 will yield your monthly total. Now, instead of spending a small fortune on shopping sprees at coffee shops, you work hard to reduce your expenditures to, at most, $50 per month.

Translated into dollars, this perspective also pertains to expenses on dining out, transportation, and more. Make two more columns a bank deposit and a checking account balance. Categorize budgeting entries that include regular expenses as reckless spending.

You can quickly spot opportunities for saving money by looking for methods of reducing your expenditure. Things do arise, so it's best to anticipate them now rather than at the end of the month when you're rushed for cash.

If you still don't have confidence in yourself, you can use Mint or Toshl to track your spending, in addition to a pal. Due to the complexity of budgeting, it's often the hardest part of your daily life. Even though budgetary matters can be hard, they have less difficulty than some of the other courses you're taking.


If you're able to delay filling out your FAFSA until January, you should. Since you're linked to so many scholarship opportunities earlier, you'll have fewer student loans to repay. Win by taking in as much scholarship money as possible to lower your student loan debt!

Don't feel discouraged if you're not the best student when you were young! Browse some non-traditional scholarship possibilities. Connect with local businesses on your campus.

Only one illustration is your local bank or credit union. Every day we see credit unions and community banks serve thousands of dollars worth of scholarships to students, not just to incoming freshmen. There are funds up for anyone else.

Familiarize yourself with our list of the best scholarship sites for more information on preparing for college.

Start paying down debt early

This applies to all debt, including student loans. I know you think, I'm still in school, dude. I don't have to worry about those yet. WRONG!

If you begin investing $30 per month at the principal on student loans, you could save yourself hundreds, or even thousands of dollars, in interest expenses. Seriously, just do the math. Compound interest is a kind of excellent or horrible thing, depending on which side of it an individual stands on.

Never Shop At The Bookstore

I do not currently, but after seeing you, I guess I just should retire. College bookstores typically mark up prices. When we say so, that means they call the item by a lot less frequently plus sell it at a much higher cost.

What are some of your options? Look for used or international editions of your textbooks. They are not right in front of your eyes in the bookstore, but you will save as much as 50%. Let's say your typical book price cost around $100. Getting a used copy for 60% off would give you another $60 for your morning coffee habit. You can also stock up on the new coffee your employees regularly makes it difficult for them to get.

Option 2: Wait and see if you do not necessitate the textbook. Hold off 1 week from your time of the beginning of the class and check the syllabus. If there are no required readings, just let go off.

If it turns out you do need it, then consider renting or buying online (hello, Amazon). You may also save money by tagging along with a classmate and sharing the expenses.

This is the bonus round. Here are what you need if you re residing in the dorms waffle iron, microwave, toaster. Yeah, that s it. Doubt us? Have a look at our blog on dorm room cooking hacks.

Mention to your parents that you've got this whole school thing under control. Use this advice to your advantage and you will save money when it comes time to graduate.

Post a Comment for "Top 5 ways to save money in college"