Money saving tips for students are important for
anyone who is going away to a college or university to live on their own for
the first time.This is the time of life when young adults face their first
really important financial decisions. College students need to follow basic budgeting guidelines even
now, in order to build up a good credit score and
prepare for the future. Below are some money saving tips for students:
1. Know the costs of living and tuition, and plan for them. Be sure to apply for any financial aid and scholarships you can possibly get. Ask your college financial aid adviser about any scholarships you may not know about. Plan ahead for living expenses on campus such as laundry, extra food, and phone bills.
2. Find out how much living will cost, and set up a budget. This may be your first budget. Figure out how much money you have to spend, and don’t spend more than that amount.
3. Eliminate unnecessary expenses. Do
you really need a car on campus? If you are on a large campus, walking to every
activity, classes, and work is a real possibility. Also, don’t become a
partyer. The more you party, the more you spend. College students waste
millions of dollars on alcoholic beverages each year—imagine the money you
could save if you decide not to drink!
4. One of the best money saving tips for students is to buy used college textbooks. College bookstores mark up college textbooks a lot. Shop around before you buy. Perhaps a friend in your dorm had the class you are taking last semester and will let you borrow the book. Even if you have to buy the book new, shop around online first, and get the best deal.
5. Don’t fall for the credit card traps. Credit card companies
set up stands at colleges, hoping to lure you into getting a credit card with
them. They ofter freebies in exchange for your business. Don’t be caught in
that trap. College is not the time to get into credit card debt.
6. Start a savings account for emergencies. It is always a good idea to have a small amount of cash saved—you never know when you may need it. Online savings accounts are typically the best way to go.
7. Pay your student loan payments and bills on time. This will affect your credit rating later on in life. Set up online bill pay with your checking account, so you don’t have to worry about it.
8. Avoid splurging. Skip huge trips for spring break, which could cost you thousands
of dollars. Do not spend all your time with people who waste money (you will
become like them). For recreation, look into local parks, and other
activities—even campus activities that are free or low-cost.
9. Finally, make the most of your education. Remember, that’s why you are at school. It’s nice to have friends and fun, but at the end of your four or five years of college/university, the best money saving tip for students is to make your college education count. Excel in academics. Prepare for your future.
Financial responsibility is important, even at a young age. Young adults headed to college would to wise to follow these money saving tips for students. Set yourself up now for a solid finances throughout your life.