You must be having a laugh! Save money in college? Well, I certainly didn’t have enough to live on, when I was in college. Nowadays, things are way different and in my opinion, better.
This is a guest post by Lucy Wyndham.
Bio: “Lucy Wyndham learned the hard way about how important budgeting and money saving is at college. She now has a daughter about to go through the same thing and is using her knowledge gained as a financial adviser to help.”
Do you like saving money? It’s no secret that the cost of college, much like the cost of living, is increasing every year. In the UK, the average cost of attending college or university is 6,000 GBP per year, with some colleges costing up to 9,000 GBP – and this estimation includes tuition alone. Factor in all the other general living expenses that are inevitable for students and the numbers increase to reflect rather expensive total costs.
While many students will find an on-campus or part-time job to help maintain their spending habits, college is a job on its own; taking courses, joining societies, and trying to gain a full experience as a student leaves little time for making money. It’s easy to forget all of the additional costs that will inevitably pop up over time, including renting textbooks, buying food, and paying for accommodation.
Thankfully, there are many tips for saving money in college, and the good news is that you can plan ahead for all of your upcoming collegiate expenses. Believe it or not, there are methods to money-saving and income-making that will not take up all of your free time. With these methods, you won’t have to worry so much about your bank account and can enjoy your uni years more freely.
Some of the tips my research found include:
Buying used textbooks
Cooking your own food
Getting free food at campus events
Couponing like crazy
Before You Go, Make a Plan
In order to be successful with any new challenge, you will want to make a plan that will help you stay on track with your goals. If you have some time before heading off to college, consider selling some of your unused clothing or belongings. Apps such as Poshmark, Vinted, or Depop are all great options for selling clothes, and they are also useful if you want to purchase a few new trendy outfits at a discount.
Once you have organized your bank account and know how much money you have before going off to college, you can create a budget. Most banks, especially ones that have student bank account options, are readily willing to help you create a budget that you can track online. Make categories such as food, travel, rent, and entertainment. You can be more flexible within each category as time goes on and determine how much you actually spend in each area.
Taking Advantage of Local Deals, On and Off Campus
One of the best perks of being a student that your budget will appreciate is student discounts. Becoming familiar with the local area in the town that houses your college campus will help you find deals every day of the week at restaurants, clothing shops, and even supermarkets. Showing your student ID at many local businesses will guarantee a discount, so make sure you present it whenever you can.
Another budget-friendly perk of uni life is the many on-campus events. Campus organizations will often offer many freebies to gain popularity with students, including giving out free food, drinks, and goodies like shirts and school supplies. What better way to save money than by getting things for free? You should also keep your eyes peeled for on-campus studies and scholarship opportunities, which can appear at seasonal times throughout the year. Studies in the medical and business fields will often compensate participants with either money or course credit.
With these tips in mind, and as well as some in this post, you will be ready to save money in college and ease the anxieties surrounding all of the increasing costs of your years as a student. Having a budget in place, selling your unwanted belongings, and seeking out ways to make extra cash or enjoy things for free are all essential to maintaining a comfortable bank account. Besides, your uni years should be about having fun, making friends, and experiencing all that your campus offers – leave the money worries for your post-graduate years!
Do you have any other clever pieces of advice for the college years? Do share with us in the comment section below. Sign up for our newsletter for even more useful nuggets of money saving information.