You’re in college; therefore, you’re living that college broke life. Am I right? Campus is supposed to be a place of study, but it’s also a place where you learn valuable skills of ways to save extra money as a college student.
Knowing this, it is only wise to ask oneself, “What are the ways to save money whilst studying on campus?”
To ensure that you have an easy time figuring this out, I’ve invested a sufficient amount of time to prepare a list of healthy money behaviors that will earn your savings with the least hassle. Among these impressive cost cutters include:
1. Avoid taking out loans for leisure
Among the unhealthiest habits students have shown to develop in campus, loans rank on top of the list. With the coming of mobile loans, taking loans was made a bit easier thus being the go-to for a crisis. However, this can easily turn into a bad habit thus getting you into large debts.
To avoid this, only take loans when relevant and always have a payback plan.
2. Share your apartment with roommates
Out of all the survival skills that one can apply in campus, this has proven to be the creed thus ranking among the best ways to save money as a student. A major cost that all students on campus have to cater for is rent.
If you have spent time in campus, you must have noticed the larger percentage of students prefer to share their apartments thus sharing the costs of rent and utility bills. While at this, however, ensure that your roommate shares your principles thus getting a worthwhile time in campus.
3. Consider taking public transportation
Of all utility bills, fuel may prove to be one of the most lucrative bills that may apply a major blow in your wallet. Although you wish to arrive in class earlier, considering public transport would be of much benefit to you.
By opting for public transport, you get to save a substantial amount of cash that can be channeled to other uses thus saving yourself from having to pay more for your own gas.
4. Keep leisure times affordable
Music and movies are among the cheapest entertainment options one can get in campus. Avoid going to high-end shows or $300 ticket concerts. If you are frequently buying this, you may find yourself in jeopardy as you will have little money for other purposes.
To avoid this, consider your outgoing activities to cheaper expenses thus avoiding huge charges. Among cheap or free activities include:
- Movies (particular $5 movie Tuesdays)
- Midnight bowling
- Playing sports at the park
- Board game night
5. Get a savings account
Among the major situations campus students get is saving money. Many at times, you will save a sufficient amount of money only to blow it on items that are not necessary for your daily survival. Well, this is solely to blame on the lack of a savings account.
Apart from ensuring that you are able to keep track of your savings, accounts also allow you to set targets hence making it possible to achieve major milestones from your little savings.
6. Avoid missing class!
Although many students don’t categorize this under savings, attending class is among vital methods of saving money in campus. Apart from ensuring that you get service worthy of your hard earned money, this also keeps you occupied hence preventing unhealthy expenditures.
Attend class, so that you won’t be spending that time doing money spending activities.
7. Consider preparing meals on your own
As much as it might be tiresome to prepare meals for oneself, this is among the best nuggets one will ever share. Given you are splitting grocery bills; you will save a large sum of money whilst preparing meals on your own as compared to takeouts.
Additionally, preparing meals on your own ensures that you take balanced diets that are critical in daily operations. For this, it is recommended to create a timetable that will help in keeping track of your food and expenses in the overhaul.
8. Don’t buy books that you will only use for a short duration of time
As much as you wish to embrace effective study methods in campus, buying each book can prove to bring a headache. Not only don’t you use the books for a long time but also you leave yourself in a tight financial situation.
To avoid this, getting books from the campus library would prove to be more efficient. However, you may opt to get books that you will use for the longer duration of time as it will save you from hassles of paying the library.
9. Wade away from impulse purchases
Among the mantras that have been commonly used since childhood, planning ranks on top of the list. Owing to the nature of items and needs, it has been advised to prepare shopping lists as they aid in planning one’s purchases thus allocating a reasonable amount of money to purchases.
Also, ensure that you don’t go shopping out of the blues as it may lead to impulse buys that were not planned out.
10. Repay your borrowed debts early
Reputation is key! Protect it with your life. A great law among those that successful men hold dear to heart. Given the ease of accessing loans, you may find yourself in a place where it is tempting to default as the impact at the time is minimal. However, you may end up in collection bureaus thus tarnishing your name and making you uncreditworthy.
Additionally, late payments attract fines that may be quite hefty thus avoiding them would prove to be efficient to one’s wallet.
BONUS: Keep track of your spending
Lastly, keeping track of your spending ensures that you are able to pinpoint loops that lead to wastage of money in campus hence fixing the leaks. For this, you may use financial tracking apps and thus ensuring you are in the right track with saving money in campus.
With campus being the ultimate place for molding knacks that one will carry for the longer part of their lives, ensuring you know ways of saving extra money as a student is crucial. Not only does this create space for efficient studying methods but also ensures that one has charge of their financial life hence preventing hassles that are associated with campus life.