Basic Money Saving Tips for College Students
With so many college students heading off to school annually, you would think that the
world would get smarter each time around. Still, the same financial mistakes seem to
follow college students every single year. The mistakes may vary a bit, but the poor
principles behind those mistakes remain the same. College students are smart by
definition, so what gives?
Chances are, it is the fact that they are not educated in the basics and warned of the
mistakes in thinking that lead to poor financial management. Perhaps too many of them
are supported entirely by their parents. Whatever the case, they could all benefit from
adopting five basic principles of financial intelligence.
Here are 5 simple money saving tips for college students that could change college
Adopt the “used is better” philosophy
From new cars to the latest in fashion, used is almost always going to be better than
new for college students. In college, you really only need to have the minimums to get
by and it will lead you to make better decisions down the road. Entering college and
buying everything new leads you to think that you get the prize before the contest. Life
doesn’t work that way. Buy a used car and learn to work on it. Buy a second hand skirt
and rock a new style of your own. Buy used textbooks and sell them at a profit online
when you finish with them or donate them to a needy student.
See how these decisions are better?
Take advantage of campus entertainment
There is a reason that campus officials and volunteers spend tons of resources and
time on providing inexpensive options to college students. It is because they stand to
benefit when the students get involved on campus. It is also because students will save
their money and spend it on the things they are supposed to…books, tuition and college
life. Going out and spending tons of cash on entertainment is likely only going to lead
you to trouble.
Consider being an RA or Tutor
Resident advisors and tutors are going to benefit in several ways. One, they will be
helping their fellow students and learning about leadership. Two, they will be earning ree room and board in some cases. Three, they will be immersing themselves in the
very things that college are supposed to be about….college life and learning. All of
these things are good both in life and financially.
Take your time finding a roommate
There are things worse than not being able to find a roommate believe it or not. Having
the “wrong” roommate is a perfect example that comes to mind. When you pick your
roommate, you need to be certain they are going to hold up their end both fiscally and
socially. They can make your life hell on earth so choose carefully and don’t be too
quick to pick.
Commit to no vices
Vices cost college students more money than any other expense. Sometimes that cost
is direct and sometimes it is indirect, but both can be equally devastating. Whether you
are a heavy smoker that kills a five dollar a pack habit a day, or you are an alcoholic
that drinks constantly and ends up with a DUI, the cost can be horrendous. Not only are
vices incredibly bad for you, they are also expensive. What would you think it would cost
to lose your health, your pride and your college education? Consider adopting a “no
vices” attitude for college and you will be ahead of the vast majority out of the gate.
Need some more tips? Check out this article for money saving tips for teens!
If this article here helped you out, then maybe this book would be of use! Here’s a neat book filled with plenty of other money saving tips!