My journey through finances has been shaped by personal and family struggles, and I believe that these experiences taught me what financial success truly was.
Cigarettes and alcoholic drinks are expensive. If you can manage to cut these lifestyle choices, you will find saving much easier. To do this, you may have to surround yourself with like-minded friends.
Failure to keep track of your bank/checking account can easily cost you money via overdraft fees. Your debit card can easily get you into the red if you don’t know what’s in your checking account. Think your card will be declined if your account has insufficient funds? Think again.
While college may come with a low income and tons of associated costs, saving money is doable with a little sacrifice and by being financially savvy. It’s by no means easy, but making small changes to your lifestyle can reward you in dividends.
Here's some of the best ideas on how to manage your money and save money in college. These all come from experience. If you have more ideas or suggestions, want to share your hack, or want to tell us how silly these ideas are, leave a comment below!
DON’T buy new textbooks. Textbooks can be surprisingly expensive. Before you hit the campus bookstore, see if you can borrow books from a fellow student or from the university library.
The FAFSA is the Free Application for Federal Student Aid. We know you’ve probably heard of it and, hopefully, filled it out at least once so far. So you know, it can help cut down your costs for college by qualifying you for free money from the government to fund your education.
If you're a student looking for ways to simply stretch your budget, however, there are some moves you can make to tamp down on certain expenditures such as food, transportation and entertainment. Reducing these can help stretch that paycheck from a part-time job or get the most out of a student loan disbursement.
The more money you save during college, the more prepared you’ll feel and the less you’ll freak out about getting into the real world once you finally get your diploma. Plus, you won’t have any of those lame student loan payments to worry about.
To cut down costs, you may need to walk or take public transportation instead of driving your own car. You should buy clothes during festive seasons when discounts are at their peak. These small things would greatly help you save money.
If you are still undecided about the best way to save for college, this article provides information about six common accounts you can use and the biggest pros and cons of each.
A Money Market Account (or MMA) is a type of savings account that often offers higher interest rates in return for a higher minimum deposit, usually around $5,000 or more.
For most college students, this is the first time really having to budget and manage money on your own. You might not know all the tips and tricks to make your money last. That’s what this list is for.
Now see what your spending patterns are. Do you spend too much on coffee and eating out? Do you buy more non-essential items, such as clothing, DVDs, or gaming apps than you can afford? This will give you an indication of where you can cut back.
In short, the sooner one develops good savings habits, the better off that person will be financially as he or she builds on that early platform of saving money on a regular basis.
Investing in mutual funds is more than a great way to save for college, it’s a great way to save and invest money in general. You probably hear about mutual funds a lot, but you may wonder exactly what a mutual fund is.
If you're looking to gain a four-year level, neighborhood college won't do it. But that does not imply you can't spend a couple of semesters at neighborhood college, knock out some core necessities, and then end your studies at a four-year college. And if you cross that route, you are likely to save some severe money.
You can start budgeting by defining your list of priorities and then assigning money according to their degree of priority. On the top of your priority list should appear expenses that are essential to your survival of course, but also college-related fees (because you are here to study obviously).
Bus it. Public transportation is one of man’s greatest inventions because it is cheaper than car insurance and history’s highest gas prices (which you won’t have to pay if you ride the bus/metro/insert other mode of public transportation here). All it takes is a small fare or your campus’s bus passes (some universities charge, others give them out for free for a limited number of hours).
Have you ever heard anyone say “I’m as broke as a college student”? There’s a good reason for that saying. Most college students aren’t earning enough money to make ends meet, or they spend what money they do have rather poorly because they weren’t taught money management skills in high school.
“They can charge you whatever they choose — whatever they feel is appropriate. You have no way of knowing how much they’re going to charge you going in, and there’s little recourse for you in terms of paying whatever they say is charged,” Mondy said.
Check your weekly paper and try to do your grocery shopping on days when grocery stores are doing 'double coupon day' or 'triple coupon' day. You could end up getting products for free!
How to deal with things like overspending on food and entertainment; being late with rent; and wasting money on clothes-shopping sprees are learning experiences that you can take and apply directly to life after graduation.
In order to avoid financial emergencies, it is critical that you save money as soon as possible. You can also avoid debt by saving money, reduce your stress level, leave a lasting financial legacy, and obtain greater financial freedom when you do so.
A lot of jobs and side hustles mean significant start-up time and money, or they require waiting a significant amount of time before you get paid. You may not have the luxury of time. So what do you do if you need to get paid yesterday?
Getting a basic idea of how much you're spending each month and where you can cut back is one of the most fundamental financial lessons you'll learn while in college. This worksheet will help you brainstorm your expenses while Mint.com can track your spending.
I didn’t have a brag-worthy income, but it was enough to pay for rent, the occasional brunch or night out with friends, and build a modest savings account. Nowadays, there are many more options to make money between classes, some of which you can do without ever leaving your bedroom.
Look at all of your options and find one that will a) give you flexibility when it comes to classes and studying, and b) offer the most money for your effort. To get the ideas flowing, you can check out our blog post on the best college jobs for every personality type.
A good way to keep your costs down is to rent or borrow course materials rather than buy them brand new. There are numerous websites that allow you to search for the books and materials you need for your classes and buy or rent them at discounted rates
If you haven’t planned, shopped, packed lunch or stocked the fridge, you’ll be tempted to eat the wrong foods and spend too much money. That aroma of pepperoni wafting from the neighborhood pizza joint is hard to resist when the cupboard at home is bare.
With that said, here are 25 ways to save money no matter where you are in life. To make things easier to navigate, we’ve grouped our advice into six main sections. Use the table of contents above to skip around if you like.
Not only does this card entitle you to discounts in a wide variety of retail stores, restaurants, and cultural institutions, it can also get you big reductions on tech products from Apple, Adobe, and Microsoft. Use your discounts wisely and you can make some big savings.