A large number of students report that university is the very first period they have taken full responsibility for their financial and spending decisions. It is estimated that up to 77 percent of students begin university without being taught how to manage their financial resources.
Saving money may sound like a chore, but the skills you learn through saving can last a lifetime and be of great value in the future. It’s also about making the most of your time at university without letting money get in the way of that.
Adapting to student budgeting can be a matter of trial and error as you learn how to handle money in your own unique way. That’s why we’ve compiled a list of the top money-saving strategies for students in the university.
1. Try to get a job
To begin saving money at college, you must have some in the first place, so this is an easy one to implement. Having a steady stream of income is usually a plus. That’s just one benefit of working part-time while you’re still in school.
Either on or off-campus, look for work. It’s easy to go to on-campus employment, and they’re a wonderful way to meet other students. In addition, because they understand that earning a degree is a primary priority, most on-campus supervisors are flexible with class schedules.
Having a job while in college is a fantastic way to build up your résumé with useful skills and experience. If you’re looking for a job on campus, you’ll need to start looking early.
2. Sell your old textbooks
The first thing you should do when looking for strategies to save money in college is looking at your major expenses. Buying new textbooks can be prohibitively expensive, so consider selling them after using them. You may sell used textbooks easily on websites such as Book Deal and even get paid for handwritten or highlighted books.
Getting a fair price for your used textbooks is not an easy endeavor, and BookDeal.com recognizes this. The process of comparing offers will take a significant amount of time. You must also assess the credibility of prospective purchasers and maintain a close watch on the selling process until you receive payment.
Sell your textbooks after you’re done with them! A hundred bucks at the end of a semester might mean a lot to a struggling college student, even if the return on investment isn’t outstanding.
3. Budget weekend spending
Plan your weekend activities with a budget in mind and brainstorm methods to save money. Staying in your dorm to save money is a terrible idea because meeting new people is one of the finest parts of college.
Having a job might be a great asset in this situation. Maintaining your financial stability throughout the semester is possible even if your earnings are modest and limited to weekend expenses.
4. Eat on campus
The best approach to saving money in college is to use your meal plan to its full potential. Purchasing food when you can get it for free on campus is a waste of money.
If the food in the dining hall isn’t up to snuff, consider making your own meals instead of dining out. Make it an event when you and your friends cook a group lunch together and split the costs. Rotate who hosts the event by looking for recipes online and rotating the hosts. Students can save money by making their own food, and they can also acquire new culinary skills in the process.
5. Don’t live on credit
As long as you pay off the bill in full each month, using a credit card to cover expenses is OK. Credit cards, on the other hand, should be avoided as much as possible. You’ll be charged interest if you charge an expense that you can’t pay back in full at the end of the month. This means that additional cappuccino or meal out will end up costing you twice what you originally paid. Check that you actually DO pay your credit card bill on time – and that you pay it completely.
Students who use a credit card while in college are taking the first step toward being financially responsible, so it’s crucial to avoid overspending. Although it may seem like a smart idea to start racking up your student loan debt while you’re still in high school, you should reconsider.
6. Cut Down Unnecessary Expenses
It should come as no surprise that reducing your spending on frivolous products can help you save a significant amount of money while you’re in school. Balance your “wants” with your “needs,” and only then will you be able to move on to what you really desire.
Once the “wants” have been prioritized, be sure they are worth the effort. It’s crucial to pay attention to the seemingly insignificant transactions that are slowly but steadily depleting your financial account. If you have a monthly subscription to music or television, you may be losing money each month. When you drink coffee in the morning, even a cup per day adds up.
If you don’t pay them off in a timely manner, they can have an impact on your credit score. As a result, if you find that these transactions are damaging your credit, you should consider credit rebuilding methods to preserve your personal finances in good shape.
7. Live like a student
You’re a college student, after all. You are most likely not employed, with the exception of a part-time position on or off-campus. In any event, you don’t have a lot of disposable income. So act as though it’s true. Consume inexpensively, conserve resources, recycle whenever possible, and keep your pocketbook closed.
During your working years, you’ll have lots of opportunities to eat out, watch cable television, purchase coffee every day, and ride taxis around town. In the meantime, try to spend as little as possible to keep your debt to a minimum and make the most of your limited resources. Maintain your student status now so that you can maintain your working adult status when you become one.