It can be very rough to go from being a high school student to being a college student. I mean, when was the last time you were actually worried about missing a class, because you didn’t know which room you were supposed to go to? Well, that’s just one of the many problems you’re going to face when you make the transition from high school to college. One of the main problems you’ll likely have is money. I had a hard time in college with money and had to learn a lot of things on my own. That’s why I’ve made it a point to teach my children about the importance of money at a young age and how to manage it. That way, when they make it to college, they won’t suffer in the same ways that I had to suffer.
Do you want to know how to save money if you’re new to college? If so, scroll down and I’ll outline some tips for you.
#1. Figure Out Your Expenses
It’s important that you know exactly where your money is going to go. List everything that you’re going to have to pay for, such as rent, utilities, debts, parking, food, transportation, etc… One you’re able to figure out your expenses, you’ll be able to figure out how much money you can save.
#2. Create a Budget
Now that you know where your money is going, you need to construct a budget and stay within that budget.
#3. Create an Allowance for Yourself
Remember when your parents used to give you an allowance? Well, now you’re in control of your finances and you can give yourself an allowance every week that you can spend on whatever you like. Use this allowance for things like fast food, clothes, entertainment, etc… That way, you don’t dip into your savings or monthly budget that’s going towards more important things.
#4. Keep Your Receipts
It’s important that you start to form a habit of keeping you receipts rather than just tossing them in the first trash bin you come across. You never know when something may break and you could return it. Also, you may purchase some things that you could write off on your taxes. Keep your receipts and keep them organized in a binder.
#5. Buy Used Books
One of the first things you’ll find out about college is that the books that your classes require are very expensive. I highly suggest buying used books, rather than new ones. Most used books I’ve ever seen are practically still new and they’re much cheaper. Only buy new books when there’s no other option available.
#6. Have an Emergency Fund
I highly suggest that you sign up for a savings account and you put some money into your account every single month. Do not touch this money and keep it in there as an emergency fund. Life is full of surprises and you never know what could happen, so you’ll want to have some cash saved up for when it does.