Money is a tough area for a student. Higher education means not only debt but tons of expenses that you cannot avoid. At the same time, college years are there not only to study. It is time when you can finally separate from your parents, travel on your own, and do all sorts of experiments.
But all of that still requires money. And usually, a lot of it. Besides, you’ll have to think about the future as well. Having savings can seriously help you start your adult life right and even get you out of student debt faster. Granted, it’s not always easy to save money while still in college. But with these seven tips, you’ll be graduating with a pretty sum on your account.
Make Budgeting Your Best Friend
First things first, you have to understand where your money goes. As a student, you probably have a side job to earn some extra money for yourself. And it’s easy to splurge without even noticing it when getting that paycheck. So, sit down with a pen and a piece of paper and write down your spending for the day first.
Thus, you can see clearly how much you spend a day. Track your expenses for at least a month. Then, you can plan your spending strategically. There will be some that are simply unavoidable. Think utility bills, groceries, and gas. And there are some that you can cut down on, like coffee or eating out.
But as a college student, you will have a category that needs to be paid for at all times. That includes textbooks, exams like MCAT, looking to pay someone to write my essays, or even stationery and tech maintenance. Thus, you will need to consider your study spending as a part of your necessities when planning your budget for a month.
Set Goals
It’s hard to save money without having clear financial goals. As a college student, you’re likely to break the bank on some impulsive spending. And as much as it’s an inevitable learning experience, it reflects poorly on your bank account. So, you need some focus to control these impulses.
Think about what you want to accomplish with this money. Buying a car? Going on a trip to Europe? Or even getting out of college debt? Whatever it is, it has to serve as your motivator to save money. And it’s much easier when you know exactly why you’re doing this.
Have a Savings Account
Do not expect yourself to save with just one bank account. You’re likely to just spend everything there or be left with very little. Since it’s the one you pay for everything, you’re not likely to stop yourself when temptation comes. Thus, you’ll benefit from opening a bank account purely for saving purposes.
Consider this as a more efficient piggy bank. You can even set an automatic transfer of a certain sum from your main bank account to the savings one. Thus, you’ll be accumulating savings without even thinking about it much.
Self-Made Lunch and Coffee
One of the largest spending categories is eating out. Whether it’s your daily take-out coffee or lunch, it quickly piles up in more than a hundred dollars per month. So, you’re losing money without even noticing. Of course, it does not mean that you have to give up coffee or any of your dietary habits.
There are plenty of tutorials and videos on preparing lunches for yourself. Plan this into your groceries rather than relying on take-outs. If you don’t have a coffee machine, look into alternative ways to make coffee by yourself. You can even have it in a thermal cup for your classes, so you save yourself the habit and money at the same time.
Rethink Your Leisure
Another thing that drains your budget is nights out. Of course, it’s a usual college experience. You do not have to give up hanging out with your friends. But it does not have to be clubbing every Friday and spending tons of money on shots. Be mindful of your leisure.
If you go out, try to minimize your expenses. Also, consider exploring other options as having a movie night with your friends and cooking at home. Social life is an important part of student years. But you don’t have to spend a fortune to maintain it.
Consider a Deposit
If you want to achieve a serious financial goal, look into the deposit option. Thus, you’ll have your money working on you. This would be the smartest way to save up a big sum without thinking about it all. And if you want to do it strictly, you can even open a deposit without the possibility of taking money from it.
But you have to understand that this is a long-term prospect. Deposits only work over time. And that usually means years or decades. So, do not rely on it for saving on a car. Look at it as future savings to accomplish a financial milestone.
Invest
This one might sound counterintuitive. To invest, you need to spend. And moreover, you need to take risks. But that is one area that, if done right, can provide you with a spare income to save up entirely. You do not have to invest large sums into some enterprises right away. There are ways to start with as much as 10$ and see how it will grow.
If you’re interested in creating a spare income for yourself, make sure to do proper research. See what are the most reliable ways to invest your money and start small. Of course, there is always a risk to lose. But not with the right strategy and smart approach.
You can also become a part of students’ emerging businesses. As with any investment, it might be risky. But it is worth it in the long run. So, if your friend is looking for a partner in their writing business, consider taking that chance. After all, sometimes you have to spend money to save some.
Wrapping Up
And here you have it. Start a consistent budgeting practice to have a clear picture of where your money goes. Have clear financial goals to control impulse spending. Start a savings account that you won’t touch. Prepare your own lunches and see where you can cut down on leisure. Think about opening up a deposit for achieving a huge long-term financial goal. And finally, consider investing to create a spare income that will work for you.
Featured Image: Unsplash @ Towfiqu barbhuiya
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