What are your financial goals? While college itself is an investment, there’s something to be said in favor of learning how to save money this early in your life. Even if you are lucky enough that money is not a major struggle in your life as you go through college, you can still benefit from the discipline and mentality that one develops by taking good care of their own finances. On that note, here are some things college students can do in order to start saving money.
1 – Have a budget
Budgeting is a skill you want to develop as soon as possible. Having a solid budget involves tracking and predicting both your income and your expenditure for a given period. And tracking where your money is coming from and where it’s going will help you reduce costs, cut off unnecessary expenses and — should you desire it — help you start saving money in order to reach a goal of your choosing.
2 – Don’t get a pet
When it comes to owning pets, you need to consider the pros and cons. On one hand, pets are a good way to boost your morale and mental health during the roughest periods of your college life. But on the other hand, keeping a pet can get very expensive over time, and those costs add up if you are scrapping for money. You may be better off waiting to have a pet later in life.
3 – Buy used
Buying textbooks can quickly become your largest expense in the semester. You can save money by buying those books used off local stores and online markets, or by asking senior students if they have a copy of the book they are willing to lend or sell to you.
Remember that searching for used books may take more time than buying new ones. If you want to maximize your savings, you should try to buy the books you’ll need as close to the start of the semester as possible.
4 – Make your own meals
While eating out is both pleasant and convenient, packing your own lunch in the morning will usually cost you less. Since you need to eat every day, reducing the cost of food can lead to a lot of savings over the years. On top of that, making your own meals often makes it easier for you to enjoy a healthier diet while on a budget.
5 – Don’t buy a car
Cars are a huge initial investment and a long-term money drain, making them a terrible idea for college students on a budget. You can save money and avoid headaches by sticking to public transport or using ride-sharing apps to get to campus.
6 – Enjoy student discounts
You may be surprised by the number of discounts you are eligible for as a student. Usually, students get to pay less on travel, movies, books, software, food, and much more. On top of that, plenty of companies will offer student discounts on their own, without the need for the government mandating it. Keep an eye out for student discounts and other offers targeted at students. For students interested in halal trips, you can further reduce travel expenses by using sites that offer Umrah travel packages.