It is that time of year again…time to head to college. Whether this is your first semester or you are simply returning after break, now is the time to start thinking about how you can cut your expenses and save money. While living at college offers almost unlimited freedom and more than enough opportunities to spend, unless you are a trust fund baby, you need to learn how to prioritize and budget your money. These 5 saving tips will help you to cut unnecessary spending and to live on what you have.
- Set up a budget: One of the primary tasks of budgeting is to actually design and stick to a budget. Take the time to consider any expenses that are not covered and budget for them. This may include such things as food, entertainment, clothing, school supplies, and more. At the start of the semester, determine how much you can spend each week and stick to that amount.
- Buy used: Used textbooks are quite a bit cheaper than new. For the best deals, skip the campus bookstore and choose sites like Amazon or Half.com. For other needs, check yard sales and thrift shops. You will be surprised at some of the fantastic name-brand clothing, furniture, and appliances you can find for next to nothing.
- Watch for specials: Check local restaurants, movie theaters, bowling alleys, and other businesses for 2 for 1 deals or special discounted days or hours and take advantage of the savings. Also make sure you check for student ID discounts. Even better, enjoy the many free activities available on campus.
- Open a savings account: Regardless of how thin your budget, it is important to save money for unexpected emergencies. Tuck back a little at a time in a high interest savings account. Make it a priority to leave this money untouched unless there is an emergency. (No, a flat screen TV is NOT and emergency.)
About the Author:
This guest post was brought to you by Michael. Michael is a finance expert and content writer for savingsaccounts.com.au.