We’re all in college and we all know the struggle, especially when you’re waiting on your refund check to drop. But when you do get your refund check, don’t spend it all at once and especially not all at Lenox! Saving money in college will definitely be one of the best decisions you can make as a college student. Those extra $2-$10 you save each day can go a LONG way. Here are a few tips on saving money in college.
1. Don’t make impulse purchases. Don’t spend money faster than you make it! That Michael Kors bag or those Louis Vuitton shoes will break your pockets. Many times we get this sense of power when we first get money in our bank accounts and it can very much overwhelm you, but it doesn’t have to. If it’s not a necessity, then maybe it can wait!
2. Rent textbooks or purchase used ones. Many times we will find ourselves spending almost $1,000 on textbooks just to let them sit on our desk in our room or only use them once or twice during the entire semester. What a waste! Sites like Barnes and Nobles and Chegg will allow you to rent textbooks for the entire semester for about $15-$40 per book depending on the book and edition of the book. These sites will also allow you to buy a used copy of these books for a discounted price.
3. Don’t go out every weekend. It’s natural to want to go out and party or go to an event every weekend as a college student, but sometimes it’s okay to just stay in. Think about that $10-$15 you saved by not buying a party ticket. Find some alternatives like having a movie night with your friends or even taking some alone time to focus on yourself and maybe catch up on some homework or more importantly, SLEEP.
4. Go grocery shopping. As college students, we have the urge to want to purchase food from a variety of places such as McDonald’s, Taco Bell, Wendy’s, Popeyes, and especially Chick-fil-A and Moe’s (since they’re right on campus). Sometimes it’s better to take that same $7-$10 you spent on fast food and spend it on getting groceries instead. On average, you’ll have more food to spread across a week or two rather than just eating that one meal that you bought. Also, making a grocery list helps to not spend unnecessary money on extra snacks.
5. Create a budget and stick to it. Some of us are fortunate enough to have a job or have our parents/grandparents send us money each week/month. Being able to plan out how much money you’ll spend each week/month is a very important key to saving money. If you have a set amount of money to save each week/month, it will make spending the rest of your money just a little bit easier. Also, set a certain amount to spend on food, entertainment, transportation, etc. You’ll be happy you made a budget in the long run.