While college remains one of the best ways to invest in yourself and your future, the cost of attending college continues to grow. Developing strong saving habits can help reduce financial stress and better prepare you for life after graduation.
Set a Budget
Creating a budget is the first step in any successful savings strategy. Outline your monthly expenses, including things like going out with friends on weekends. Next, figure out how much money you have to spend each month. If you’re working while in school, your goal should be for your income to exceed your expenses. If you’re living off of money from a summer job, figure out how much you can afford to spend to make it last throughout the entire school year.
Save on Supplies
Your school’s bookstore may have the latest and greatest when it comes to logoed swag, but shopping there won’t help you save money on school supplies. When it comes to notebooks, pens, pencils, and backpacks, you’re much better off going to a local big box store.
Additionally, buying new course textbooks from campus is usually much more expensive than alternative options. Purchasing a used copy of the book, or using an online book rental program, will save you hundreds.
Find a Part-Time Job
Even if you’re a full-time student, you probably have some free time outside of attending classes, doing your homework, and studying for exams. Getting a part-time job is a great way to earn extra money and build your savings. If you can find a job on campus, it’s easy to work around your class schedule. But don’t be afraid to look for an off-campus job. Just be clear about your class schedule with your potential employer, and set realistic time expectations for yourself.
Develop a Strategy that Works for You
There are countless ways for a college student to save money. All you need to do is develop a strategy that works for you, and stick to it. We hope these tips will give you a good starting point to develop strong savings habits that will serve you well throughout your life. Place your new savings into an account with us – we love to help your money grow!
You must be logged in to post a comment.