As a college student, I find myself trying to find a comfortable balance between saving and spending. Recently, a large portion of my income has been spent on food and entertainment.
While searching for tips on how to budget wisely, I came across an article with great ideas geared toward college students. Here are a few of my favorite tips from Fastweb’s 31 Money Saving Tips for Students. To see the full article click here.
1. Don’t make impulse purchases.
2. Never go grocery shopping when you’re hungry.
3. Limit the number of times you eat out.
4. Always pay bills on time to avoid late fees.
5. If you have a credit card, pay it off as quickly as possible. (It’s good to establish credit, but a bad credit score follows you everywhere.)
6. Shop where they offer student discounts. There are so many places that offer discounts to students with a school ID.
7. Sell what you no longer use or need. There are plenty of stores and web sites, where you can sell your used clothing, furniture or tech items.
8. Make your own coffee. While coffee shops are convenient, they charge hefty prices that really add up over time.
9. Open a savings account that earns interest.
10. Avoid buying name brand items. Purchase generic items when possible. They are exactly the same item, at a highly reduced price.
11. Look into class requirements and the options for testing out of classes. Why pay for a class you could easily test out of?
Written By: Amrita Singh