The years you spend in college are some of the most fun of your life, even if you don’t know it yet. These moments shape you for your future, when you experience first hand life’s ups and downs. The dedication to saving money should start now if it hasn’t already, so that financial savvy is a well worn habit by the time you matriculate. College can be expensive, so there is even more reason to learn the basics of saving money so you will make wise financial decisions for the rest of your life.
4 smart money moves to save now – and for life
Watch Your Credit
Make sure you watch the amount of money you spend on your credit cards and avoid having more than one. This will help you to exercise control and monitor your spending as much as possible. Make sure you are aware of your credit limit and don’t exceed it at any cost. Being aware of your credit transactions is a saving habit that you should ideally practice. Watching your credit card spending will go a long way in ensuring good credit history with the bank. With , you’ll find it much easier to take a home loan or any other type of loan in the future.
Set Aside Budgets for Yourself
Being aware of your income and expenditure on a daily basis is beneficial for helping you make the right choices with your money. Make sure you don’t spend more than your income or allowance. Set aside a monthly budget and discipline yourself enough to stick to it. Having a budget helps you to track your expenses. You can budget for different items like food, drinks, social life, traveling, daily expenses, entertainment expenses, book expenses, college tuition fees and much more.
Live In Shared Housing
While it may be tough to share your room with a classmate, it’s a great way to save on accommodation costs. This is an important factor because accommodation can end up being expensive. Whether you choose to live in college dorms or off-campus housing, be sure to consider sharing your apartment or room to bring down your rental costs. If you’re looking for places to rent with classmates to save money, check out a great , some of which are located right next to schools.
Use Old Textbooks and Reduce Transportation Costs
Using old textbooks is a wise way to save money, so don’t hesitate to ask for old books from friends. This is a good idea because you will need to keep buying books throughout college. Old textbooks are perhaps half or less than half the cost of new books and serve the same purpose. Apart from using old books, you’ll also want to reduce your
transportation costs because owning a car or taking a taxi can get expensive. Invest in a bike or simply put on your
walking shoes and save on the cost of transportation to and from college.
These saving habits are simple, yet effective enough to build up funds. Remember to always look out for good discounts and other great deals when you’re in college to maximize the worth of your money. Consider these as stepping stones to financial freedom when you step out in the real world.