College can be a financially difficult time in our life, but not anymore! Here are some money-saving tips for students in college:
Make a Financial Plan
For college students, the 50/30/20 budgeting guideline applies.
At any age, making a budget for oneself is highly important and vital in order to save money in the long term. You’ll be able to tell the difference between your needs and your wants if you have a budget. When it comes to budgeting, there is a well-known formula.
The 50/30/20 Rule states that 50% of your money should be spent on necessities, 30% on desires, and 20% should be saved.
The first and most crucial step in saving for an emergency, a trip, or future expenses is to create a budget.
Saving is done automatically.
make a financial plan
When you have to think about it, saving money is difficult, but who says you have to? The majority of banks and financial apps provide some form of automatic saving plan. You choose how much and how often you withdraw funds from your checking account to put into a savings account.
Every time you get paid, transfer the money to your savings account; this way, you won’t even notice that the money has vanished. You’ll soon be saving hundreds of dollars without even realizing it.
Invest Your Capital
Investing in acorns for college students
There are several choices for automatically investing your money every time you make a purchase, just as there are for automatic saving.
Acorns is the name of my favorite investing app. It invests your money in well-known stocks without you having to worry about it. After you make a purchase, Acorns provides a tool that invests your extra change.
Investing in your future is critical, and applications like Acorns make it easy for college students to do so. Sign up using this link to receive a $5 bonus after your first investment: https://www.acorns.com/invite/QGHEXG which you have the option to pay out at any time!
Discounts for Students
There are always student discounts accessible, no matter where you are in the world. Amazon, AMC, Chipotle, and other well-known corporations are among them.
So, no matter where you are, don’t be afraid to ask for student discounts.
Textbooks are available for free.
Finding your textbooks online… for free! is one of the top money-saving techniques for college students.
By just downloading your textbooks as a pdf file online, you can save a lot of money. The majority of textbooks are available for free on these websites:
The Origins of the Library
Ebookee
Manybooks
20200k
freetextbooks
Gutenberg
Bookfi
Apps that help you save money
Honey is a browser extension that helps you save money.
Take advantage of the twenty-first century and save money by using your phone. The following are some examples of money-saving apps:
Honeydew nectarine (Finds discounts automatically when shopping online)
Contrary to popular belief (refunds you money when a price drops on something you purchased)
Make a drop (Earn cashback on popular brands)
These apps will simply stay on your phone or computer and take care of the grunt work while you relax and enjoy the free cash.
Make Your Own Meals
meal preparation
The majority of college students’ bank accounts are consumed by eating. Buying your own groceries and meal prepping them for the next few days is a great method to save money.
You’ll not only save money, but you’ll most likely eat healthier as well!
Take a look at these easy snacks you can make in your dorm!
Expenses on a Daily Basis Should Be Replaced
coffee maker for students in college
Every year, the average college student spends over $1,000 on coffee! Consider how much money you could save if you bought a coffee machine instead.
There are machines that will make you the same cup of coffee every morning for less than $100. That’s a significant reduction in your expenses. Other expenses can be cut just as readily. If you fix them, you’ll be saving a lot of money in no time!
Grants and Scholarships
scholarships and grants for college
When it comes to paying for college, apply for as many grants and scholarships as you can. It’s never too late, and there are a plethora of solutions available to save you far more than you’d be paying otherwise.
You can locate some fantastic chances on websites like Fastweb and Scholarships.com. This is a great long-term payoff because you’ll save money on student debts that may come back to bother you later.
Live within your means.
Simply put, don’t spend more money than you earn. This ensures that there will be some money left over for saving. Saving money isn’t easy, but it may be simply incorporated into your daily routine.
Don’t procrastinate when it comes to saving and investing your money. The longer you delay, the fewer options you’ll have afterwards. Do the arithmetic, keep track of your costs, and you’ll be well on your way to saving a lot of money!
Remember to collect your free $5 by signing up with Acorns, which is completely free for college students!
Hopefully, these ten money-saving strategies for college students have taught you something about saving money that you may use in the future.
Thank you for taking the time to read this! If you have any questions or concerns, please contact us.
