For many college students, the time they join college is their first time to handle money on their own. Creating a budget and sticking to it may seem hard particularly if funds are limited. Nevertheless, with some research and creativeness, they can do much more than just getting by, even with their little resources. Thus it is necessary for every student to understand money organization and budgeting basics. Below are fifteen cost saving hacks for college students, that will help you take worry out of your life completely.
1. Make A Budget
Regardless of where your funding comes from, making a budget is very important. It will help you to plan for future expenses, reduce stress and allow you to have a great financial habit in the future. Make a list of your monthly income sources such as parental allowances, wages, and savings. Then list down all your estimated monthly expenses. There are a good number of free and secure mobile apps to assist student their money, save and plan for emergencies. Such apps include Mint, Spendee, and Wally.
2. Stick To The Budget
One of the easiest parts is creating a budget, but the hardest thing is sticking to it. But remember, the budget isn't a permanent thing, and it is meant to be dynamic. Thus, anytime you get a way to save or use more than you have specified in your budget, remember to update on your app.
3. Distinguish Needs From Wants
Although it might seem like an easier discrepancy, you might be surprised by your ability to vindicate some specific spending choices. Spending money on what you need only will help you save a lot and give you flexibility in your budget.
4. Apply For Scholarships
Since college fee has escalated gradually, applying for any available scholarships and grants will help to recover some costs. Free funds opportunities may come from different sources such as private organizations, your college or government and they don't need to be repaid. Before applying for any grant or scholarship, be sure to understand the eligibility requirement and deadlines.
5. Get A Job
To every student, working while in college is very important. Not only will it add you little money, but it also instills in you valuable life skills. Remember you can start your money management plan this early. The best thing about working as a student is that you are busy working to earn money and not out spending it.
6. Make Use Of Your Student Card
Sometimes you may easily forget the much discount you can receive with the student card, but it is one of the prevalent saving benefits you have as a student. With the card, you can easily get discounts in certain stores, trains, movie tickets to mention a few.
7. Opt To Live In Dorms
The cost of living at the college dormitory is way cheaper as compared to chartering an apartment. Thus, always choose to stay in the dormitory, and in the long run, your wallet will thank you for that.
8. Use The College Library
College libraries are amongst the under-used free tools in schools. They have videos, computers, internet, software and of course books and it's free for all students.
9. Save On Textbook Expense
College textbooks are costly, and in many cases, they are used just for few months if not weeks at most. Only buy if you have to and remember you can buy used ones or borrow. If you happen to buy some books, sell them once you are through and get back your money.
10. Cook Your Meals
Making your meal is one of the best money-saving hacks. Heavens knows how much eating out is expensive. If you want to cut down costs significantly, making your meal is the best way to do it.
11. Make Your Coffee
Buying coffee every day might cost you $3 per cup which will end up costing you $600 in just one school year. Instead, purchase coffee beans and travel mug and be making your coffee and carrying it to college with you.
12. Attend College Free Events
There are many events take place in colleges where you can take advantage of free entertainment and food. Be on the lookout of the associated student calendar to be aware of the coming events.
13. Purchase Groceries At The Cheapest Store
When buying groceries, always compare the prices of the goods you will be buying. When you are conscious of the price tag, you will be able to save a lot. Also, purchase in Bulk. This may not apply to all items but any item that doesn't expire easily take advantage of it. For example, skip bulk buy for fruits and vegetable but paper towels, apply bulk buying.
14. Use the Public Transport
Whenever possible use public transport as it allows for multitasking, is much cheaper, and no traffic. Plus, cars are a major money suck.
15. Choose Cost-Free Social Activities
Many people think every hobby has to cost money-not all. You can have a walk in the park, do cycling, hiking, drawing, or sightseeing in your spare time and you will still stay entertained.
Contributed by Harry Southworth
Harry is an entrepreneur, life coach and author who has been recognized as influential personnel among the youth especially students. His content has been used in most educational platforms and is aimed to guide college and university students. He has diversified in covering significant areas from how to cope up with academic mayhem through seeking online writing services from various education platforms like https://essayontime.com.au/assignment-writing-services and to develop social skills that will help them become all rounded individuals.