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Have you ever thought about the simple ways to save money? If so, you are in the right place! As college students, managing finances can be complicated, especially when it comes to saving money. Most of us are in a phase where we just want to live in the moment; however, it’s also important to be financially responsible. If saving money feels overwhelming to you, here are three easy ways to start doing so.
THE 70/20/10 RULE
I believe that many of us have heard about the 50/30/20 rule, but what about the 70/20/10 rule? This is another budgeting method that suggests allocating 70% of your income to your expenses (needs and wants), 20% of your income to investments and savings, and lastly 10% of your income to debt or donations.
WHY IS THIS RULE SUITABLE FOR COLLEGE STUDENTS?
This rule is beneficial for college students because it eases paying off debt. It helps with organization and allows you to keep track of your spending in college. Overall, it is a favourable method since you can better plan your spending and create good financial habits. If you don’t have any debt or don’t want to donate, you can also opt to allocate 10% of the “debt” money towards your savings. As a result, instead of 20%, you save and/or invest 30% of your income.
BENEFIT FROM STUDENT DISCOUNTS
Student discounts exist to facilitate your life, so make the most out of them! In college, we often have multiple needs and wants, ranging from transportation to simply visiting a museum. By the end of the month, we might feel like we’ve spent more money than initially expected, or that we could have had a discount if we remembered.
As a college student, you are eligible for discounts in many stores, subscriptions (Spotify, Microsoft Office, etc), entertainment sites (such as AMC Theaters), or even transportation, such as the METRORail if you commute. Although student discounts are not available in every service, it is an effective way to save money.
DO IT YOURSELF
As young ladies, we tend to have multiple self-care expenses, such as getting our nails done. So why not take care of ourselves at home and save some money? If you prefer not to pay for a gym membership, you can simply do your workouts at home by following a video on YouTube. And what’s better than spending hundreds of dollars at a salon? Doing it yourself!
You can learn how to do your nails with nail kits (from Walmart or Amazon) and your hair by following tutorials on YouTube or other similar platforms. Besides being fun, these habits will allow you to save extra money while gaining cool skills.
These suggestions are simple ways that you can try out to save some money in college, especially if you’re in your first year and still figuring out college life.