Every college student should learn how to budget and save money because life in college I s non-stop. If you spend money on something you do not need today, you won’t have enough to survive tomorrow.
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Here are 7 innovative ways to budget your money and be in control of your finances.
1. Look For Second-hand Textbooks
The thing is, whether a book is brand new or used, it has the same information. Since you’ll only be using your textbooks for one academic year, you should consider buying second-hand books.
This is an excellent way of saving money because to excel, you need access to all learning material. You can visit renowned bookshops to find send-hand books that are well-maintained.
2. Watch Your Expenditure on Food
The first time you join college, all you’ll want to do is eat out and party over the weekends. Soon, you find out that your expenditure on food is extreme. To keep this in check, you should but groceries and cook your own food.
This way, you save money as well as watch what you eat. To prevent this from being a huge chore, you should cook large quantities and have meals prepared for when you return home.
3. Use Student Discounts
The main benefit of being a student is that you can use your student’s ID to get discounts. Many shops and restaurants allow students to enjoy significant price cuts that will help you save money.
To enjoy these discounts, make sure you always carry your student’s ID everywhere you go. Before shopping anywhere, find out if there are any student discounts you can benefit from.
4. Make some Money
Another way of saving what you have is by making money. There are many part-time jobs that would suit you as a student. As you know, saving is not always about cutting costs, but ensuring you have enough to survive.
With a side hustle, you can ensure you afford everything you need for a comfortable college lifestyle. You can take up library responsibilities at your school library or find out if there’s an opening at one of the school cafes.
5. Live Without a Car
Owning a vehicle in college is a huge liability because you’ll need to fuel and maintain it. If you own one, leave it at home and find other means of moving around the school. It’s even better to have a bicycle because it’s not only low maintenance, but it helps you exercise every day.
You can also use buses and trains for transportation. There are so many taxi services today that come with apps for easier access. There is no reason for you to have a car in college.
6. Make the Most of University Events
You must be wondering how events help you save money. Well, most university events are free, which means you don’t have to spend money to have a good time. Instead of going out and spending money on alcohol, you should make the most of these free events.
After all, every college student needs to ensure they make time for socializing and making connections that’ll help them when you’re job hunting.
This cannot be stressed enough because, without a budget, you end up spending all your money without knowing where it went. Accounting for the money you have ensures that you know what you can and cannot afford.
Each time you need to go shopping, estimate how much you’re supposed to spend so that you don’t come back with no money. You need to ensure that your needs do not exceed the amount you have in your account.
When you’re economical, you find that you can go through an entire semester without worrying about food, or school supplies. In case there is something you’ve been eyeing, the best thing is to save for it slowly, rather than using all the money you have to buy it.
As a college student, you need to ensure that you manage your finances. Spending without budgeting will result in you buying things you don’t really need. Ensure that you carry your student ID so that you can take advantage of student discounts when you’re out shopping. If you realize that the money you have is not enough to sustain you, you should consider taking up a part-time job. Saving money is a life skill you’ll need even after you graduate.