You Would Not Believe These Six Saving Tips for College Students
Saving money as a broke college student can be tough. There are some easy ways to save though, with just a little thought and effort. Start with these ideas to build a savings account the slow and steady way.
1. Instead of using a local bank, join a credit union. You will usually have access to services for free or at reduced rates. If you don’t have a credit union nearby, ask for student discounts at your bank.
2. Track your spending to see where your money goes. While students often are very busy with school, work, and social activities, taking just a little time to monitor your spending can go a long way. Even just a simple notebook will work, but there are also many apps and programs available to make tracking your spending quick and easy.
3. Avoid non-academic debt if possible. It is best to develop a mindset that student loan money is to pay for school-related and living expenses only. Using student loans to buy an Xbox or a new skateboard will only hurt you in the future. If you have a credit card, try to pay it off each month so that you don’t graduate with even more debt.
4. Cut your expenses where you can. Buying used textbooks is easy to do, but also consider buying other necessities used. Visit local thrift stores or check Craigslist to find used clothing, bikes, and other needs.
5. Take advantage of your student discount. Many retailers and entertainment venues offer discounts if you show your student ID. Even better, see what free activities are offered on campus. You’ll often be able to fill up your social calendar with these events without spending a dime.
6. Consider who you are hanging with. Having lots of friends who are big spenders can be a drain on your wallet. These can be kids with wealthy parents, but may also be friends who are headed down the road to financial trouble themselves. Studies show that we are extremely influenced by the behavior of those around us. So if you cannot afford to spend like the rest of your social circle, be open to making new friends who can support you in your quest for financial freedom.
The Quarters on Razor Back Road in Fayetteville, Arkansas hopes that these helpful tips will assist you in improving your financial life.