Budgeting in college is difficult. Between classes, a social life, and normal expenses, saving money is often put on the back burner. However, college is the perfect time to build credit, save your money, and grow your bank account. Taking deliberate acts now allows your money to increase by earning interest and will make your life easier in a few years whether you’re buying a house or a car, or paying off student loans. You can also take advantage of resources designed specifically for students to help you financially!
- Make money off a bank account!
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Most people have some account with their bank, but most of them offer minimal interest rates or none at all. Banks offer high-yield savings accounts where interest rates are much higher than normal savings accounts, and the only difference is you can’t withdraw any money for a certain period of time. If you have a chunk of money you want to safe for the future, putting it in a high yield savings account gives you interest payments every month. And who wouldn’t want that? Check with your bank to see what interest rates they offer!
- Build your credit!
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Credit cards can be a little intimidating, and you might not feel the need for one, but you can actually make some money off of it. Almost all credits cards offer some percentage of cash back. You get free money just for using your card! The cash back rate normally ranges from 1%-5%. On top of that, paying your credit card bill on time and being responsible with it helps improve your credit score, which makes buying a house, car, or applying for loans in the future even easier. Many credit cards are aimed at college students and only take a few minutes to apply to!
- Save some money – no matter how much!
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Saving money in college is a huge challenge – especially when it seems like you barely have enough money to pay for rent, groceries, and everyday costs. I find it easiest to put away a set amount every week that I don’t touch – unless it’s an emergency. I like to put my bi-weekly paycheck in the bank, but keep cash from tips I get at work to use as I want! You can save up for a certain goal, or for the future in general. Saving just $20 every week adds up to over $1,000 every year!
- Get some free money!
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Scholarships and grants for college students are an amazing resource, and often times, you can use the money for whatever expenses you want! Scholarships are offered through UMass, and through hundreds of websites, like scholarships.com and niche.com. You can also fill out your FAFSA every year to see if you qualify for government aid. They might take a bit of work to find, but there are a ton of unclaimed scholarships out there for college students! You can also check for local scholarships in your hometown or state, and even the company you work for to see if they offer any aid for students!
- Take advantage of student discounts!
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Student discounts are everywhere, and often go unnoticed. You could be getting free food, discounted clothes, and lower monthly subscriptions costs just for being in school. Many of these discounts will still apply after you graduate college as long as you have your student ID!
- Experiment with investing!
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Being young doesn’t mean you can’t handle your money like a full-grown adult. Apps like Acorns and Robinhood have gained popularity in recent years for allowing people to invest small amounts of money and trade stocks at a low risk. Many investment apps are made for beginners, and can allow you to make some extra money!
By doing little acts like taking advantage of student discounts and opening savings accounts, I have saved so much money without much work. As a busy college student, saving money doesn’t have to be difficult. It can be an easy habit that will add up over time!