Thinking about college can be overwhelming sometimes for both parents and students. The financial strain college can impose on someone is hard; hence you have to find ways to survive. You should not be worried about it so much since people have survived with less before. The expenses needed in college include tuition, living expenses, personal expenditure, transport, and entertainment.
Read on to find out how you can save money in college to avoid being broke.
Knowing your budget is very crucial if you want to save. Record your monthly expenditure from the most irrelevant spending to the most significant. After knowing how much you spend in a month, set a sound budget that will help you save the extra amount and cut off some unnecessary spending. For instance, set aside money for food, rent, personal spending, and entertainment. You should already have settled the tuition fee by now.
The money that remains can be your savings.
Buy Things in Bulk
Buying things in bulk will give you wholesale prices meaning one piece will cost less when you buy at wholesale prices than buying one item at a time. Since you intend to spend as little as possible, you do not have to compromise on the things you need. Go to a retailer that offers wholesale prices and buy your supplies. Ensure you have proper storage where the supplies will stay without spoiling.
Things you can buy in bulk include washing powders, soap, some kitchen supplies, toiletries, and 6D mink eyelashes in bulk. All these items can last long without spoiling, saving you money in the long run.
Make Your Entertainment
Entertainment money can be slashed by half and save the rest. You can make your entertainment by inviting friends over for a game night or other sporting activities. Also, colleges tend to have many free events on campus. Take advantage of these events and go and enjoy yourself for free. You will be saving a lot of money when you focus on free entertainment or home0made ones.
Focus on Security
Theft can be a traumatic experience in someone’s life. In addition, it brings financial strain on you since you will have to replace the stolen things. The best to avoid such situations is to have security systems installed in your apartment. Focusing on security will cost you some money, but eventually, it will all be worth it since you will be living with peace of mind knowing your things are secure.
Sell or Swap Items
Suppose you have too much junk in your space; the best option is to sell things you do not use. Do a home cleaning during the weekend and collect all the things you don’t use. Separate those that are in good condition to sell them or swap with friends. You can make posters to announce a sale or, better yet, use social media to drive in traffic. Price them at reasonable prices not to scare away your prospects.
You can also swap some items with your friends. Choose something they like and swap it with something of theirs you like.
Start a Side Hustle
Find a side hustle that can earn you money. Having a source of income makes saving a little less hard since there is money coming in. find a job such as waiting tables, freelance writing, babysitting, tutoring, or being an errand person. All these jobs pay well for a college student. The extra money you make will be your savings. If you have a talent, you can explore it further and try to earn from it.
Moreover, you can also start a business around campus or the city selling things like desktop air purifiers, clothes, shoes, stationery, among others.
Apply For Scholarship
Scholarships are an amazing opportunity to take to help yourself with some tuition expenses. Most colleges have programs that help students who are not financially stable. Take advantage of these opportunities and apply for them. If the aid covers your tuition, you can direct the money for tuition elsewhere. The extra money can be your savings or used as capital to start a business.
Focus on Healthy Habits
Teach yourself healthy habits like eating a balanced diet with no junk, exercising, and self-care activities. Being healthy will help you be productive in your studies and place of employment. Furthermore, having healthy habits will ensure you are in optimum health; hence you won’t get sick easily. The benefit of having healthy habits is you will avoid spending on junk food and unnecessary snacks. Also, eating a well-balanced diet will help you stay longer without getting hungry, saving you money in the process.
- Preferably don’t own a car, it is expensive to maintain.
- Take advantage of student discounts.
- Choose your housing well.
- Take care of your credit cards.
- Monitor your usage of payable utilities.
It is a bit challenging for young people to save money, let alone invest it. It is time to change the narrative. You are the only one responsible for your future, and if you don’t start now, you will struggle through life with the little you have. Saving is a habit that everyone should have and while in college, the little money you get can add up to a fortune in the coming years. Learn to save and invest for a brighter future.