There is absolutely no doubt that college is expensive. Everyone wonders how to save money in college. Even if you have a job it can be tricky. However, there are definitely ways to do it! Here how to save money in college in four great steps to get you on your way to a strong savings account even while you’re in school.
Step One: Choose the Right Bank
Not all banks are the same. You want to be educated when choosing a bank or a credit union for your checking and savings accounts. Do research into monthly fees, ATM fees, interest rates, online banking fees, bill pay offers, and fund transfers.
You don’t want to set up an account and find there are fees you didn’t realize existed. Doing your homework now will pay off for your financial health and future.
Step Two: Start Money Saving Habits Now
If you haven’t developed them already, you should be following healthy money saving habits sooner rather than later. This includes:
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Paying bills on time
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Putting money in a savings account each week
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Consider using automatic savings!
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Setting up credit card and fraud alerts
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Keeping an eye on your credit score
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Understand your score and what affects it
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Step Three: Cut Out Unnecessary Expenses
Is there anything you’re paying for now that you can do without? For example, if you have a cable package, consider dropping it for an online subscription. In turn, if you have several online subscriptions to services like Netflix, HBOGo, and others, you may want to think about trimming it down to just one or two. (One great way is to share accounts with your roommates and/or friends. One person has Hulu, one has Netflix, one has Prime Video, etc.) You might also have a video game, coffee, or other habits that is costing you a lot in the long run. Go through your other expenses and see which ones you can trim down or cut out of your budget.
Spontaneous purchases can also put quite a dent in your checking account and even your savings account. Try to refrain from these and only make larger purchases after saving up the money to justify it. You may find, after you saved up the money, you no longer want the item!
Step Four: Take Advantage of Student Discounts
Many businesses, especially in college towns and cities, offer discounts to students. Whether this is to the movies on a specific day or year round free admission to the local museum, take advantage of these, especially when heading out with friends!
Not all discounts and offers will seem like a lot up front, but it definitely adds up in the long run. You might also find that more businesses offer these discounts than you realize.
How to Save Money in College
College can be tough on bank accounts. Taking these four steps can help you save money during your education but also prepare you for your finances after you graduate. Healthy financial habits now can lead to huge savings and smart choices concerning your money down the road.
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