Our firm is the ultimate destination for all financial and insurance services. We work a lot with college students who need college education plans, or students who are looking to get a jumpstart on their savings and financial planning. Although we can help, it is also helpful for students to understand ways they can save and protect their money on a day to day basis. We have complied a list of simple things college students can do to save money!
Never Buy New Textbooks
Textbooks can be a pretty heft cost at college. First things first, make sure your textbook will actually be used in class. Some teachers have an automatic textbook requirement but end up never using the book. If the textbook is necessary, then make sure you’re not wasting your money on new textbooks because you will most likely only use it for a semester! Your campus bookstore should allow you to rent books, or there are plenty of sites to purchase used textbooks in great condition!
Avoid Eating Out
Although sometimes you’re just craving a good meal out, try to avoid eating more than five times per week out. Take advantage of your school’s meal plan if they have one. Also, look at easy recipes for college students to avoid dropping too much money at the grocery store. There are plenty of options even if you don’t have an oven or stove top!
A Coffee Maker Will Save You Loads
Yes, we all love a great Starbucks in the morning, however it can add up quickly! If you are getting a drink every morning, you are most likely wasting around $30 per week and $120 per month. Making a good cup of coffee is not that hard and you can even buy the Starbucks syrups to make it taste just like they make it, so invest in a good coffee maker today!
Pay Interest ASAP
Interest on student loans can start to add up faster than you may realize. Although the student loans seem big and overwhelming, take them one step at a time by just making small and basic payments each month. Even if you’re only paying $20 per month to start with, you’ll thank yourself later.
Capitalize on Campus Amenities
Start reading the generic emails or campus bulletins the school sends out because you may actually be able to score some free or discounted food! There are always events and fundraisers happening on college campuses, so take a look, because there is probably more going on than you realize! There are also usually opportunities for things like free movies or free concerts.
Savings Accounts are a Given
Start saving now. Although in college it’s easy to prioritize interest payments, food and clothing over putting money into savings, it is something you should seriously think about. Opening a savings account is not difficult and has no harm to you. If you have a steady job you can automatically have 10% (or whatever you choose) of each paycheck deposit into this savings. Having a savings account with money sitting in it builds up over time. Getting to the end of college and realizing you have a good chunk of money sitting in your savings account is a relief you will be thanking yourself for!
Buying New Isn’t Important
In college things like furniture, clothing and decorations get worn down so easily that we recommend straying away from buying new! You will save a ton of money and it’s not that hard to do. Check out Facebook or your school’s website to see if they have “for sale” pages where students sell their used furniture, clothes and decorations to each other. There are some great finds!
Give us a call today for more tips on budgeting for college students or to speak to one of our team members about financial planning!