Preparing for college is not an easy task. With the rising tuition fees, expensive school supplies, and other necessary expenses, an average college student may struggle financially just to make ends meet. According to the National Student Money Survey 2018, 78% of college students are worried about how to make enough money to cover their bills. Of these same college students, 70% wish they had a better financial education.
If you’re a student looking to save money while attending college, consider the following options:
1. Create a budget
Many students encounter financial problems because they don’t have a budget or are unsure of how to make one. Creating a budget may be necessary if you want to make your finances last as long as possible. Moreover, it keeps you on track and can help prevent you from spending excess money on unnecessary things.
To help you construct a basic budget, take note of the following:
Set your budget according to your financial means
Make an inventory of all necessary monthly expenditures, and ensure enough money is allocated to these areas
Include your target savings goal to ensure you are not overspending
Use your plan to evaluate your expenses, and see if some are garnering too much of the budget
2. Find a part-time job
If you want to earn more money in an effort to raise your monthly budget, you can find university jobs on Gumtree that will help you make extra cash. Nowadays, you can easily find part-time jobs related to your course, talent, or skills. These jobs are available online or even around your community.
You can also find part-time jobs on your college bulletin boards or through digital job boards. For example, if you excel in academics, you can look for online tutoring part-time jobs on sites such as Cluey Learning Scholarships. Since online tutors are popular nowadays, you can acquire a part-time job fairly quickly if you have the necessary skills and knowledge.
3. Choose second-hand devices
Some colleges require their students to have their own laptop, USB drive and other devices for certain courses. As this can put significant strain on your budget, a great option can be to buy second-hand devices.
When purchasing second hand devices, you may find it helpful to:
Look to local buy and sell boards for the devices you require
Try negotiating a payment plan if you cannot pay the whole amount up front
Check the device to ensure it is functioning smoothly
Ensure the specifications of the device meets your needs
Be careful when making online transactions, especially if it requires payment before the item will be shipped
4. Take advantage of options
According to Student Monitor’s report on Student Spending Trends Spring 2018, college students spending on textbooks declined about $500 for the year. This is because they were able to find other methods for acquiring the required course materials instead of buying them new.
Today, some publishers offer innovative Inclusive Access programs. These programs allow students from participating colleges to have options to rent rather than purchase. Both digital and print textbooks are available through this program in order to help students save from 50% to 80% on their investment.
There are many ways to save up money when you’re a college student, but it depends on your situation and location. By following some of the suggested tips, you can optimize your available resources into more productive spending.
Remember that in every sacrifice, awaits a paradise. Dream big, spend wisely, stay focused on your goals, and you’ll have a better chance at succeeding in your academic pursuits, and life thereafter.
For more great topics on all things related to college, check out the other blogs at College Basics.