As tuition rates increase with each semester so do the financial stresses of college students everywhere. Tuition is only one of the many expenses associated with college. The cost of room and board, books, and food drown struggling students, and managing even part-time jobs can be difficult or near impossible for students with demanding academic schedules. Small lifestyle changes can help alleviate some of the financial anxieties many college students have to deal with on a daily basis. Here are 10 ways you can start saving money while in college:
1. COLLECT CHANGE: You may think it’s embarrassing to walk around with coins jingling in your pocket, but holding onto this chump change can eventually help pay a bill or even fund a much-needed trip to the mall. You would be surprised at how quickly loose change can add up. Rather than letting those nickels and dimes collect dust at the bottom of your purse, set aside a jar and start building up a change collection. You could cash in a jar of change for a couple hundred dollars in a matter of months.
2. SWITCH TO TAP: Let’s be honest, can you really taste a difference between a sip of Evian and a gulp of tap water? My guess is probably not. Turning to your kitchen faucet rather than a pack of water bottles can save more money than you think. Not only will you be helping out your wallet, but also the environment.
3. BREW YOUR OWN COFFEE: I know, there’s nothing like a Starbucks caramel macchiato to get you going in the morning; however, it’s financially in your favor to brew a pot of your own coffee at home. An average drink at Starbucks costs around $4, so nursing that caffeine addiction can end up costing you. According to Consumerist.com, the average American worker spends more than $20 a week on coffee. If you can’t give it up cold turkey, allow yourself one day to get Starbucks and pack a thermos the rest of the week.
4. RENT, DON’T BUY: According to The College Board, the average student pays $1,137 for books/supplies each year. You can save hundreds of dollars by renting textbooks as opposed to buying them. After the semester comes to an end, will you ever really need to open your microeconomics book again?
5. IT’S ALL ABOUT THE COUPS: Cutting coupons may seem like something only your grandmother does, but watch one episode of Extreme Couponing and you’ll be amazed to see how much money you can save. Plan your week’s meals around what’s on sale, make a list, and stick to it. If you can stick to your list, ringing up your cart at the register won’t be nearly as stressful. Also, try to buy in bulk if you find coupons for buy one get one free. If you need it, it won’t go to waste.
6. STICK TO CASH: It’s hard to imagine your money dissipating when spending it is a simple swipe of your hand. If you take out a certain amount of cash to get your through the week, you will watch how quickly it can go. Watching your cash whither away to nothing will keep you from being quick to spend. Also, avoid breaking big bills. This will keep you from spending smaller bills here and there on meaningless expenditures. Relying on cash will also keep you away from online shopping, which we all know is nothing but trouble for our bank accounts.
7. GET CRAFTY: Being a little crafty can definitely save you some money, especially when it comes to giving gifts. Rather than spending $50 on a superficial gift, make something original for your friend’s birthday. Not only will this cost you half as much, it will be a more personal and meaningful present. You can get crafty with your wardrobe, too. Rather than spending $70 on a pair of distressed high-waist jean shorts from Urban Outfitters, find a pair of mom jeans at Goodwill and a decent pair of scissors and you’ll have the same pair for $15.
8. LEAVE YOUR ATM CARD AT HOME: It’s easy to get a little tipsy at the bars and think you’re a millionaire for the night, generously offering to buy shots for anyone within a 10-foot radius. You’ll come to your senses the next morning, but by then it will be too late. The $50 dollars you spent on rounds of kamikazes and $30 spent on late-night pizza for you and all of your friends is gone. My best advice: leave your cards at home, and take a set amount of cash. If you leave your cards at home, you won’t even allow yourself the option to spend more than you need.
9. TRADE CLOSETS: Personally, I waste the most money when it comes to clothes. I hate looking through my closet and trying to put together a new ensemble for the night. Rather than running to the nearest mall, check to see if your roommate has anything you can borrow. Trading wardrobes with your friends for a week will allow you to wear different outfits without the financial burden.
10. WANT? OR NEED? While gawking at a pair of Steve Maddens through the DSW store window, it’s nearly impossible to distinguish want from need. Being an impulsive shopper will hurt you financially throughout your entire life, unless you get control of this nasty habit while you’re young. It’s important to reassess what you want from what you really need. A trick to avoid reckless spending is to give yourself a grace period. Write down a list of everything you want then give yourself an allotted amount of time to think it over. After you wait the certain amount of time, return to the list and see whether you’re still in the want-everything-on-it mood. This will keep you from buying things you think you want at the time, but don’t really need in the long term.
Even if you only take a few of these tips into consideration, your wallet will thank you.
Remember: the opposite of saving is wasting.
Good luck!
PHOTO CREDIT:
collegecareers.com