How to spend less and save more at college
Saving money when you are young is key to financial security and comfort later in life, but for many studying for a college degree saving money can seem impossible. With tuition rates at an all-time high and student loan repayments gathering interest every month, students also need to worry about making ends meet at home with their rent and bills. But, even if you're not getting any financial aid or help from your parents, there are some savvy tricks that can help even the most broke of students scrape together some savings.
If you're hoping to save money on your tuition fees or simply want to minimize your student debt, then studying online is a good option. Today, online tuition has become wildly popular, with many well-known and reputable schools, such as The University of Arizona, offering online programs in a variety of subject topics, from engineering and architecture to nursing or a masters in public health online. In general, online tuition tends to be cheaper, since the program costs less for the school to deliver to students. So, by switching all or part of your college degree program to online learning, you can save up to a third or even more on tuition fees.
The student lifestyle can be very spontaneous and sometimes this is good fun. But, when it comes to your finances, not having a plan in place can land you with no money to last you for days or even weeks at a time. Budgeting wisely really pays off for students, who often don't realize just how much money they're spending on things such as take-out, nights and meals out, or even coffee from the Starbucks on campus. Set some time aside to prepare each week, for example making packed lunches or preparing your own coffee to take; this will help you avoid the temptation to spend!
Use Your Discount Card
For most students, their university or college identification card also doubles up as a discount card in many stores, both online or offline. So, before you buy anything new, whether it's a new outfit for a party or a new MacBook, don't forget to check whether you can save any money thanks to your student status. Whenever you save money with your student ID card, put the difference into a savings account and watch the money grow.
If you're studying for your bachelor's degree, this may well be your first time managing your own utility bills and living away from your parents' home. Whether you're studying on-campus or taking your public health degree online, taking steps to be kinder to the environment can also be kinder on your bank account. For example, taking steps to reduce the amount of electricity, gas, and water that you use at home will not only reduce your carbon footprint, but also the size of your utility bills.
Saving money as a student can be tough! But, these strategies can make it easier for you to put money aside.
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