While college remains one of the best ways you can invest in yourself and your future, it doesn’t change the fact that the costs of attending college only continues to grow. Focusing on your education should be your top priority while you’re in school. However, developing strong saving habits can not only cut costs while you’re attending college, but those habits can also help you be more responsible with your money once you’ve graduated.
Set a Budget
While this may seem simple and obvious, creating a budget is the first step in any successful savings strategy. Outline what your monthly expenses are, including things like going out with friends on weekends, and figure out how much money you have. If you’re working while in school, your goal should be to have your income be more than your expenses. If you’re living off money you made during the summer, figure out how much you can afford to spend so that it lasts you throughout the entire year.
Saving on Supplies
While your school’s bookstore may have the latest and greatest when it comes to logoed swag, shopping there won’t help you when it comes to saving money for your school supplies. When it comes to notebooks, pens, pencils and backpacks, you’re much better off going to a local big box store.
Additionally, buying new course textbooks from the campus is usually more expensive than exploring other options. Whether it’s purchasing a used copy of the book, using an older version of the text book or exploring book rental programs online, finding alternative textbook solutions can save you hundreds.
Getting a Part-Time Job
Even if you’re considered a full-time student, you probably have some free time outside of attending classes, doing your homework and studying for exams. If you find yourself with extra time, getting a part-time job is a great way to earn extra money and start saving. If you can find a job on campus, you can save money and find a job that will work with your class schedule. But, don’t be afraid to look for a job off-campus. Just be clear with any potential bosses about what your class schedule is and set realistic time expectations for yourself.
Develop a Strategy that Works for You
There are countless ways to responsibly save while you’re in college. All you need to do is develop a strategy that works for you, and stick to it. We hope these tips will give you a good starting point that can help you develop strong savings habits that will serve you well throughout your life. Place your new savings into an account with us – we’d be happy to help your money grow!