To balance your money in college, America's Debt Help encourages students to set up a weekly budget in order to limit the amount of money you could use. They also reccomend to see what is really necesscary. For example, it is not important to purchase a $5 cup of coffee every morning. They also bring up apps like Hooked and Pocket Points if you are going to buy food from restaurants and fast food. People tend to spend a lot of money through Postmates and UberEats which can become wasteful really quickly. Since college books are really expensive, it is reccommended to purchase used books online that can cut down the cost dramatically. It is also reccomended to live on the campus instead of purchasing a house or rent an apartment. If you do rent or purchase a house, make sure you're able to deal with the rent or get a roommate. A roommate can help you with your bills, maintenance, and etc. If you don't want to waste money at all on housing, its best to keep living with your parents.
Since college is not free, most of us will depend on student loans. Student loans isn't free money. Since it isn't it is best to stay focused on school so you won't have to repeat a class. Also to help reduce costs of traveling, you can use the school's public transports. For example, a Zipcar according to College Ave. With a car you are forced to pay for insurance, gas, and parking. Another way to save money is to check your school's amenities. Many schools have free movie nights and more depending on your location. With this you don't have to waste money on movie tickets for a fun night. Also College Ave reccommends you to cut cable out since there are websites such as Netflix and Hulu for $10 per month. They also reccommend to buy food from places like Costco and Sam's Club because it is in bulk and it is much cheaper than a regular grocery store. With this also purchase a coffee machine. There is no need to purchase expensive coffee every morning when you can make it for a cheaper price. Make sure you shop wisely though. There is no need to buy clothes online every week and put it in your shopping cart. Most important of all, start paying off your interest. If you are able to pay off your interest it will save you money in the long run.
Sources:
1. https://www.debt.org/students/college-budgeting-101/
2. https://www.collegeavestudentloans.com/blog/creative-ways-to-save-money-in-college/
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ReplyDeleteThis is very useful information to incoming college freshmen! These tips & recommendations will be helpful in the future.
ReplyDeleteI agree with Julia! These are some useful tips, and I think high school students should start saving now (if they have to) just so when college comes, they won’t have a problem on adjusting to these changes of saving instead of spending. Spending for necessities are fine, but we should always limit spending money on our wants.
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