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Posted 8 October 2020
I know this is not a fun topic for college students, but imagine if you do this and become able to pay off your student loan. There’s something about starting early in life. When you start young and start saving for your future, before you know it, you have accumulated so much money.
Being debt-free is what most people dream about, but it’s possible. If you are debt-free, you can save up to buy a better house, marry, or even have kids. You know all these are expensive, but assuming you started saving while in college, it should be easier for you to pull it off when you have a full-time job.
Why shouldn’t I just enjoy my college life and spend as much as I can?
I never said you couldn’t enjoy your college life, but you need to cut down on some things, especially if you want to save money.
Most college students are spending all the money they get. It’s limiting, but you can choose not to behave like them.
Below you can learn the best ways you can start saving money as a college student.
1. Spend less when you dine out
According to BLS, adults under the age of 25 spend an average of $2,362 every year dining out. That’s what you can’t afford to pay. Let’s say you bring in $250 every week, just because you are working part-time. You can’t afford to let go of $45 a week dining out.
I’m not saying you shouldn’t eat out, but you can commit to a reduced meal plan. In this Forbes article, you can learn how a young girl gave up restaurants. It will show you options and ways you can manage your spending while dining out.
2. Don’t buy a car
Yes, if you want to save money in college, you don’t need a car. Some college students go broke just because of their vehicles.
If you own a car in college, you will pay for gas, packing, insurance. Oh, imagine if the car breaks down, and you have to tow it to the mechanic. Cars are money suckers, especially if they are not brand new. They will keep having one problem or the other.
I know you still need to get to class, but there are ways you can do that without owning a car. You can own a skateboard, bicycle, or scooter. If you want to go a far distance, then you catch a bus. I know they are slow, and you might be late to class, but you can wake up earlier to catch the bus.
3. Don’t own a pet
Oh no, they look good, and they can even make you smile, but you don’t need them in college. Pets are expensive, and they can cost the owner over $1,000 a year. Not having a pet will save you precious time. You might be out, but because of your pet, you rush back home to feed it. It can limit your movement.
As a student, you can decide at any time to travel or even move. Having someone look after your pet will cost you a lot of money you can’t even afford.
A pet sitter can cost you up to $20 per visit. Of course, if you have a dog, you need to walk them.
4. Buy used books
Yes, you can buy used books. Smart ways some students buy used books are through Amazon or past students.
You can meet a student who is way ahead of you and ask them to see if they have a book you want. If they say yes, then you can borrow or buy it.
In your first year in college, you can meet someone in their second year and ask them for their books. You might be surprised they were waiting for you. Just negotiate a fair price.
5. Buy used clothes
Oops. I know, right? You might want to show off your brand new clothes, but if you want to save money, thrift stores are the places to go.
I would have said you should use some of these apps to rent clothes, but you don’t need to because you might forget to return the clothes.
If you buy from a thrift store, you own the clothes, and I trust you will pick the best from the store.
You can go ahead and check out this blog post from MoneyCrashers. In the blog post, you can learn how to make the most from thrift store clothing finds in detail.
6. Brew your coffee
Buying coffee from Starbucks and other coffee sellers coffee is expensive. You could be spending over $1,000 a year.
In this article on CNBC, you will see how the writer spends over $2,000 a year on coffee.
The cost of coffee will be lower when you brew yours.