Did you know that the national student loan debt has skyrocketed to $1.5 trillion?
If you want to limit the amount of debt you accumulate by graduation, saving money in college should be your priority.
Do you want to learn how to save money as a college student? Keep reading for six genius tips.
1. Take Advantage of Your Meal Plan
Saving money as a college student doesn’t mean you have to live off of ramen. If you’re paying for a meal plan, you need to take full advantage of it. Dining in can help prevent unnecessary spending on takeout and many colleges even allow students to fill to-go containers with extra food.
2. Never Buy New Textbooks (and Sell Your Old Ones)
One of the best ways to save money in college is to take your time shopping for textbooks. With so many textbook providers on the market now, there’s no reason why you should pay the full price. If you’re not renting your textbook, be sure to sell your textbooks back for extra cash.
3. Research Your Options Before Spending
If you want to know how to save money in college, it all starts with forming smart spending habits. Before you buy anything, do your research to see if there’s a cheaper or free alternative.
For example, instead of buying a gym membership, scout out the campus gym that you’re already paying for with your tuition. If you’re ever shopping online, make sure you use money-saving tools that can help you find deals.
4. Meet with a Financial Professional
College is tough as it is, which means you shouldn’t have to worry about your finances either. If you want to focus on your studies, a financial professional can help you find more clever ways to save. Since they can listen to your unique needs, their plans will be helpful and attainable.
5. Get the Right Credit Card for Your Needs
Opening a new line of credit may not sound wise at first, but credit cards can actually help college students save more as long as they don’t get tempted into buying things they don’t need. Instead of using cash or debit for your normal purchases, many credit cards offer impressive cashback rewards. If you take advantage of these perks, you’re essentially earning free money.
6. Set a Budget and Give Yourself Small Rewards
Although the best way to save money is to minimize your spending, that strategy can be hard to maintain. This is why it’s important to create a monthly budget and set aside a small portion for fun spending. If you don’t reward yourself reasonably, you’ll be more likely to spend impulsively.
Saving Money in College Can Be Easy
If you use these six tricks, saving money in college can be a lot easier. With the right planning, you’ll be able to achieve all of your financial goals.
Do you want to learn more ways you can build your savings and decrease your debt? If so, Dayton & Sydney Wealth Strategies Group would love to help. Contact us to learn how we can develop a unique financial strategy tailored to your needs and goals.
This article is for informational purposes only and is not intended as investment, tax or legal advice. PPG-139592 (9/19)(Exp. 9/20)
