For many young people, going to college is when they get their first taste of financial freedom. Many college students who aren’t used to being able to make so many purchases on their own may end up spending too much money on things that they don’t really need. But by knowing how to save money in college, you can end up with high-quality materials while still having money left in the bank.
Interested in learning more? Continue reading and we’ll walk you through everything you need to know.
1. Don’t Purchase New Textbooks
This is a common mistake, especially by Freshman. If your professor is assigning you a textbook to read, there’s a good chance that there are professors all over the country also assigning that book. First, you should see if you can borrow a textbook from another student.
You can also save money by buying a used textbook or just renting a textbook. Renting is useful because you probably won’t need that book for more than one semester.
2. Make the Most of Your Student ID
Now that you’re a college student, there are going to be a plethora of brands that cater to your age group. Many of the country’s biggest companies offer discounts to college students. Whether you’re buying new tech from Apple, need some software from Adobe, or even want to get some new clothes from Forever 21, make sure to have your student ID on you.
Many movie theaters and other entertainment places offer student discounts too.
3. Don’t Own a Car
Cars are extremely expensive. And they’re often unnecessary for college students. Especially for students who live on campus or close to it.
When you own a car, you’re going to have to pay for insurance, gas, and parking. And if you ever park in the wrong spot on campus, you’re going to owe a fortune in towing fees. Many colleges offer really great public transportation to students.
You can also always use Uber or Lyft or even borrow a friend’s car.
4. Check Out Your Local Bank
Many local banks offer special deals and accounts designed to help college students save. You might even have a bank that’s associated with your school and you may be able to get special perks if you bank with them. Many institutions will have little to no fees and will let you use online banking too.
5. Watch Your Cell Phone Usage
Services like My Data Manager, as well as features that come with certain smartphones, will let you analyze how much data you’re using. You want to make sure that you’re not paying for a cell phone and data plan that you’re not taking advantage of.
This is one way where you can lose a lot of money without even really knowing it. You should sign up to get alerts every time you reach your data limit and make sure that your Wi-Fi is always turned on.
The Importance of Knowing How to Save Money In College
College is where many people start lifelong financial habits. And by knowing how to save money in college, you’re setting yourself up for more financial success later on down the road.
Are you interested in reading other helpful articles? Check out the rest of our blog today!