Saving money as a college student these days seems nearly impossible. I know I am always so tempted to get Doordash or go shopping for random stuff I don’t need. Since I have had a job for most of the high school and all of college so far, I want to share my tips about saving money as a college student since I have learned the hard way, and I know how challenging it can be.
Tip #1: secure a good work-study or off-campus job!
For those who don’t know, work-study is jobs given out by the federal government for students in need of financial assistance. There are so many different jobs available through the work-study program at every university. For example, last year I filmed different sports games, while this year I deliver the student newspaper around campus as well as being a sociology tutor. Work-study jobs do have limited hours, so it can be tough to rely on these jobs when it comes to saving a decent amount of money. That is why I suggest getting an off-campus job if you have a car on campus. As a freshman last year I was not allowed to park my car on campus, but this year I am and I am taking advantage of the opportunity! I recently just got a job at TJ Maxx and I am super excited to get started! My advice for looking for jobs is to look up some of the businesses near you online and apply via their website or in person. Apply to a bunch of places and see what happens. Another off-campus job that is extremely easy and can make you a lot of money is DoorDash or Instacart. With both of these jobs, you make your hours and just need a car.
Tip #2: Work at your hometown job during vacations and breaks!
If you had a job during high school in your hometown I suggest working there during vacations and breaks. I have been working at Market Basket for over four years and I always go back and work when I can. Working during the summer or winter break is a great time to save a lot of money.
Tip #3: Create a weekly or monthly budget sheet!
Having a budget sheet is so important when it comes to saving money and creating your own financial goals. I usually get paid weekly, so I made a budget sheet every week, but depending on when you get paid you can change this to fit your own needs. I would split my check into categories of what I needed to pay for that specific time: bills, gas, food, entertainment, savings, and emergency fund. At the beginning of each month, I always write down all my bills in my planner and then split up the bills in my weekly budget sheet depending on when they are due. Gas is also something I have to pay almost every week, but it depends on how much I drive. Food is also a category where I spend a lot of money on, and I have become more and more aware of this. Becoming aware of what you spend the most money on and learning to limit the unnecessary things is so crucial when it comes to saving money. I like to limit myself to going out and getting food a few times a week since I do have a meal plan on campus that is a part of my tuition. I also put aside money for entertainment and hanging out with friends, since I also do that every week. Lastly, and the most important is putting money into your savings account every week. Even if you only can put $5 into your savings, that is better than nothing. Having a solid savings account is extremely important for paying things like college tuition or car payments.
Tip #4: Be aware of the big payments in the future!
I know that I always have a few big yearly payments that always sneak up on me. Being aware of when these big payments are due and preparing for them is crucial. For example, I knew that my tuition bill for the fall semester was due at the beginning of August, so I became aware of that a few months prior and worked towards paying it off all summer. Coming up I know I have to pay for my car registration and inspection, so I have been preparing and saving for that since it is pretty expensive. I also made sure to write these payments down in my planner so I would not forget them.
Tip #5: Treat yourself or save big with your tax refund check!
Every year I look forward to getting my tax refund check because I usually buy something that is pretty expensive that I usually can’t afford or I put the money into my savings account. For example, last year I was able to buy a new Garmin Forerunner 245 with music which I have been wanting for so long. The previous year I bought a new iPhone, which is also something that I can not usually afford. Saving this money is also a great option, but remember it is ok to treat yourself every once in a while because you deserve it!
Comments