If you’re leaving home for the first time and going off to college, you’re probably pretty excited and really looking forward to being on your own.
While it’s true that college can be one of the best times of your life, unfortunately, it can also be one of the easiest times in your life to accumulate a lot of debt.
Here are some of the best college students money saving tips…
- Say no to credit cards.
While it’s true that credit cards can be great to have in the event of emergencies, they can also be a horrible way to add to your debt load before you even graduate. Saying no and paying for things with cash ensures that you won’t be tempted to buy things you don’t need. - Know your total cost of living.
Figure out exactly how much money you need to pay rent, utilities, gas, food etc. ahead of time. That way, you always know the bottom line and will be less likely to spend frivolously on other things. - Pay yourself an allowance.
An allowance allows you to set aside some money for fun. Sure, it will be a smaller amount than your parents set aside for fun, but even if it’s only $25 a week you’ll be happier in the long run. If you stay within your personal allowance each month, then you won’t overspend on a bunch of impulse buys like many college students do. - Keep track of your receipts.
It’s easy to just toss receipts from the things that you’ve purchased. However, receipts are one way to track exactly what you’re spending. They’ll also help you get a handle on your spending, in case you frequently find yourself going over your budget. You can even make it fun by tracking your receipts on with a cellphone app. - Be frugal.
You are never too young to learn the art of frugality. By pinching pennies here and there, it now will help you to stay out of debt in the future and it will help you save money now! - Keep your eyes open for identity theft.
If you become a victim of identity theft in college, it can ruin your credit rating and the ability to get a good job before you even graduate. So, it’s a good idea to stay on top of your credit reports.
Also see this great article: Student Loans, How To Find The Right Loan For College.
