College expenses can burn a hole in your pocket. From student loans to hostel fees, expenses pile up so quickly. And before you realize you have no money left. Even worse, you are piled up with debt. So how do you deal with such a financial crisis as a student? College is indeed one of the best times in anyone’s life. But it is also one of the most confusing and critical times. When you are in college, you have all the time and energy in the world to enjoy your life. But the only thing limiting you might be the missing dollar. Here are creative ways to cut down your expenses and save money as a college student. Read on to learn tips for college students to save money.
Why Start Saving Money As A College Student?
To enjoy and to have fun and to do everything we love, money is necessary.
Unlike working adults, college students have no constant source of income to live their lives independently.
The only way they can get some money is through their parents, i.e., limited pocket money. We end up spending most of it on our assignments, projects, or daily meals. There is hardly anything left for us to save.
Suze Orman says, “The key to making money is to stay invested.”
5 Ways To Save More Money In College
If you are a college student looking to save money, you have landed in the right place. Today we will discuss how a college student can save money while in college.
1. Be a Smart Shopper
Also, be smart when you shop. Many roadside hawkers are selling branded clothes at a cheaper rate as compared to malls. These are original pieces that have been rejected by the manufacturer for some minute flaws like improper stitches, broken seal, etc.
Shopping with local hawkers instead of big malls can help you a lot of money.
2. Cut Out Luxuries
Reduce the number of times you purchase food from your canteen or an eatery outlet. Instead, pack your own homemade snack. If you are too bored to do that, you can always switch to fruits. Cut out on purchasing luxurious items like cellphones, laptops, clothes, etc.
3. Deposit In Bank
Always deposit a small amount of your savings every week in your bank account. When you start saving early, you develop a good habit which will surely benefit you when you become an adult with a steady income.
Also, opt for debit cards instead of credit cards. A credit card gives you the freedom to spend all you want first, and then they end up charging you a hefty amount along with interest.
On the other hand, a debit card makes you pay from your own savings, and every time you spend, your bank will send you a message about your balance. This will help you stay on track and reduce your spending and focus more on saving.
4. Go For Discounts
Whenever you have to purchase anything, wait for the discounted days to come. Online websites have many college items, including reference books. Always use coupon codes while shopping online.
Even when you shop local, try to bargain for a discount. This way you will be able to save some amount of money. Also, buying in bulk will help you save a lot. Many shopkeepers offer student discounts on bulk purchases.
5. Keep A Journal To Track Your Expenses
Maintain your own accounts. Keep track of your spending. Maintain a journal and always make notes of any purchases. At the end of the month, evaluate your spending and savings.
Earning and saving money is a great way to become independent while in college. But remember, don’t let your studies be affected in any way. What are your thoughts on how to save money?
To start saving money in college, you need to learn to start earning money as well. Check out our article on how to earn money while in college.
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