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Money Saving Advice for College Students

Money Saving Advice for College Students

Elizabeth Hoyt

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August 21, 2014

Saving money as a college student is critical. The more you save, the better off you’ll be. And, while plenty of expenses arise, there are also plenty of overlooked opportunities for students to save. Don’t allow yourself to overlook these opportunities!

If there’s ever a time to live frugally, college is it. You’re currently in a very unique situation where frugality is the ubiquitous norm. It’s highly unlikely that you will ever find yourself in this same scenario – so take advantage of the situation while you’re in it. That way, you’ll be able to enjoy the finer things in life once you graduate!

The following money saving tips are opportunities to save that students often ignore or overlook. Start taking advantage of these chances to save:

General Tips:

• Know your “wants” from your “needs”.

Everyone has both “wants” and “needs” in life and they are often easy to tell apart. But, sometimes, our wants become so overwhelming that we trick ourselves into feeling that it’s a need.

Start asking yourself whether items are necessary before making a purchase. You’ll likely surprise yourself at how little you actually need.

Work on creating a realistic budget that you can stick to, incorporating any regular bills or payments. A budget isn’t set in stone and often takes

several attempts to get right – so keep working on it until you find the right balance!

• Try different savings and budgeting methods to see what works for you.

There are many savings and budgeting methods out there. Much like finding the right match, you need to find the right systems that work for your lifestyle. Don’t give up on the first, second or, even, fifth try – keep going until you find the method that works best for you.

You never want to find yourself in a sticky financial situation with no way out. That’s why it’s always important to put extra money aside whenever possible as a “just in case” fund.

• Buy textbooks after you’ve attended classes.

It’s important to go to class to make sure you’re not planning to drop the course before you buy the textbook. This is key because you will not get the same value when you sell the book.

Additionally, professors will often let you know which books are absolutely necessary and which books aren’t. From there, you can make educated decisions on which texts to purchase.

What’s the difference? It’s a book. Oh yes, the difference is it’s CHEAPER !

Don’t purchase books at your university bookstore because it’s convenient. Shop around for prices – at local bookstores and online for competitive pricing to ensure savings.

Category: Family finances

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