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Money management and saving is very important whether you are a kid, college student or a senior citizen. Especially, when you’re in college, you need to save money and avoid incurring on debt or else, you will come out of college with a huge debt burden. Thus, it is very important to know about smart money management techniques so that you can reduce your expenditure to develop a strong base for your future.
Tips to save money when you are in college
Here are 9 tips on saving money and remaining debt free when you are in college:
1) Create a budget
The first step to save money is to create a budget. Create a budget keeping in mind the different spending categories like – entertainment, food, rent, etc. These will be your basic needs. Once these are fulfilled, you will be able to utilize your scholarship or grant money (if you have one) for your tuition and books.
2) Consider buying pre-used books
College books can be extremely costly. So you can consider buying pre-used books at a low price from your seniors or college pass outs. These books will help serve the purpose of your study and will also help you avoid debt.
3) When in college, behave like one
Don’t act as if you have graduated and have a job. Live like a college student and concentrate on your studies rather than spending money on a sophisticated lifestyle. You will be able to lead a grand lifestyle after few years when you have a proper job and don’t owe any debts.
4) Take a part time job
Once in college, you will know your class schedule. You can opt for a part time job with a good salary during your free time. Make sure that this does not impact your studies. With the money earned, you may even consider opening a Roth IRA account.
5) Avoid big spenders
Some of your friends will come from an extremely rich and well-to-do family. If you cannot afford a lifestyle that they lead, it’s better to avoid them. If you don’t do so, you may fall into debt problems. Avoid shopping or eating out with them. However, maintain good terms with them.
6) Take advantage of grants and scholarships
You should always opt for grants and scholarships when you decide to start off with college. This will help you avoid student loans and you may be able to come out of college debt free.
7) Stay near your college
If you live closer to college, you won’t have to drive much. You can even walk to your college. This will help you save money that you would have otherwise spent on your car.
8) Stay with roommates
If you have decided to rent a property, then you can look out for roommates. If you get 1 or 2 roommates, then you will be able to divide the rental payments amongst yourselves. Thus, every one of you will save money.
9) Look out for student discounts
As a student, you will be eligible for discounts at various places like libraries, restaurants, etc. Check out for such places and take advantage of the freebies. Always carry your college ID cards with you in order to get these student discounts.
Hope all the above tips will help you save money when you’re in college!
Another way students can save a ton is by attending a community college for their generals and then transfer to their 4-year of choice for their specialized courses.
Thanks for sharing this Emmy 🙂