Tips to Save Money While in College

07 Aug, 2016 / By

College time is a fun time, not just because you can make new friends while receiving a professional formation, but also because this is the time when you start to move away from your parents’ home and living independently which is an open invitation to explore new and exciting horizons. However all this excitement will crash as soon as you start understanding why your parents complain about household expenses, because college time is also the time when you begin to pay for your own expenses and saving money becomes a goal rather than a nuisance in your life.

Making the Painful Transition

While you are under your parents’ roof, chances are that you do not really appreciate the living setting that they have offered you. You might complain consciously or unconsciously about how much your parents bother treating you like a little kid, when you simply want to run wild. At college time you have the opportunity to be yourself and do what you really want, but you have to cope with something that you would like better not to; spending money that seems to be insufficient no matter how much you try to stretch it.

Outlining an Emergency Plan

When you are short of money, one good tip is doing what you parent always told you to do; control your expenses. Outlining a budget is a good startup to save money and practically everyone can make a budget. Simply jot down how much money you have at hand every month, along with a list of those expenses that you necessarily have to cover including educational material, food and other living expenses. If you have a way to get an extra income, add an estimated amount to your budget, so this way you can figure out how much money is left for other not-so-necessary expenses.

Save Money Above All Else

This is true! The eleventh commandment for the college student should be “save money above all else ” because this is the only way you can cover all your expenses in the long run. In addition, if you have a college loan, saving money with also contribute to getting it repaid sooner than you think and you should, because the longer you start to repay it, the bigger the interests that your debt will accrue overtime.

There is Strength in Numbers

One good way to save money while in college is sharing. Find yourself one or more roommates to break down living costs, invite your friends to join forces to save money and buy only one breakfast order and divide it up. Buy solar lamps for reading rather than using electric lamps if you have to pay the electricity bill and use your creativity to find many other ways to save money with ease.

Eventually you will learn that saving money was not that hard, and that doing it pays off, because you can also save all the cash that comes to your hands, and reward yourself by buying something with it once that you can save enough for this purpose.

Jennifer Hamilton

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