How to make money for college
For most of us, the hardest part of saving money is getting started. It doesn't get more comfortable when you're trying to save money in college. In fact, for most students, it is a nightmare.
Saving money as a college student comes with a lot of advantages, especially being able to manage funds. A lot of individuals in the labor market today are bankrupt because of their inability to manage their funds.
So, if you can master the art of saving, it will help you a lot after college. This is why I came up with some helpful tips on how to save money in college.
Choose a reason for saving by creating short and long-term goals
Before saving any money, you need to have a reason for saving. Without reason, it will be challenging to stay motivated when you are about to give up, trust me, moments will come when you feel like you can take it no more. Also, when a good reason for saving is nonexistent, the entire saving will end up being used on an irrelevant spending spree. This is why you need a reason to save.
You can start by dividing those reasons into short-term needs or long-term needs. By differentiating between emergency needs and long-term needs, a goal for your savings will be created and only then will you be able to appreciate the purpose of saving.
Believe It or not, in most cases, for you to be able to save, you need to cut your spending limit, and I understand this is very difficult for a college student, but saving money comes with a price. A very efficient way of reducing overspending is to spend less money on what students will generally spend lavishly on.
Things like phone bills and internet bills come to mind. To make the temptation a bit less, you can make use of prepaid cards in place of cash, since you can spend within the card’s limit.
To make this work, you need to mark out what’s essential and what’s not, this leads me to my next point, budgeting.
What’s your budget?
After choosing a reason for saving and reducing your spending limits, it’s time to make a budget for your daily, weekly or monthly needs. Without this, you won’t be able to keep track of what you are spending your money on, and this can skyrocket your spending.
When you are budgeting, you need to be realistic with it. For example, if you don’t have an extra source of income or you don’t work a job, it will be very unrealistic to spend money on designer shoes and apparels every single week.
Also, when you budget, you will be able to allocate funds to the essential needs down to the least important things.
Many online tools will help you with budgeting if you don’t know where to start from. Since we are trying to help you save, I have decided to link you with the free tools right
You don’t have to cut out fun… entirely
Now, just because you are trying to save money as a student doesn’t mean you have to cancel out having fun. We all have “Lifestyle choices” right? It’s only fair you reward yourself when the opportunity presents itself. For fun, you can budget more money on what you enjoy most than what you enjoy less. For example, going to have fun with friends versus going out to eat. Which would you rather spend more money on?
Create a separate account (savings)
Creating a separate account will go a long way in reaching your savings goal. This was one of my most effective strategies. The temptation to grab that money becomes less when you have all your savings in a separate account. Having a savings account will help you differentiate between cash meant for spending and meant for savings.
Two types of savings account will help you with your saving goals are Savings Account and Certificate of Deposit(CD). The savings account will help you keep money on the side while being able to access your money when you need while with the CD, you will be able to lock your funds for a period of time.
Stay away from impulse purchases triggers
Friends are fun to be with but not always, especially when shopping. It's no news that friends can influence your shopping decisions. When you are shopping with a friend, there’s a high chance that your buddy can talk you into purchasing what you won’t buy if you were to shop all by yourself. Shopping alone won’t be a bad idea to ward off impulse purchases.
Putting all the blames on friends is not fair, there are so many circumstances that will trigger an impulse purchase.
E.g., we can also put some of the blames on the lights that turn on when you pass the aisle of frozen foods, candies or magazines. Some stores have this light to turn on when customers pass by them. So, next time, be on the lookout for the lights to avoid impulse purchases.
Make the most out of discounts and gift cards
A lot of brands and shopping mall located around college campuses are always giving out discounts. You can be on the lookout for such discounts and take advantage of them.
Thanks to the internet, sites like Cardpool and Raise will help you save up to 20% by purchasing someone’s unwanted gift card.
Buy used stuff and sell old stuff
Instead of spending money every time on new stuff, you can actually recoup the money spent on new stuff by selling some of your old items- this alone has helped a lot of students save money in college.
Before you buy a new book, for example, check around campus to find students who are willing to sell their books for a lesser price. There are a plethora of used books on www.thriftbooks.com. Collegebooksdirect and CampusBooks will help you buy and sell books.
Rounding it up….
These are some of the ways to save money in college. I know it’ll be tough but trust me, it will be well worth it. Make sure you use a tip or two in the above guidelines and in no time, you'll see yourself achieving your savings goals.
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