Saving money is the best thing to start in your early life, especially when it comes to saving money in college. As the old saying goes, “life begins after college.” Therefore, it would be advisable to start responsible spending habits and learn how to save money in college towards your goals. You don’t need a significant amount before you can begin savings; start with what you have or received weekly or monthly.
Although the money we received on campus is relatively small, we sometimes spent money on unnecessary things. Before we can save money in college, we need to be disciplined with our finances. Therefore, in today’s post, I want to discuss the best practice you can follow to learn how to save in college.
Cut Back On Subscriptions
Look at the services you pay for each month, and resolve if the money you’re wasting is genuinely worth it.
Think of your gym membership subscription, the software you rarely used, magazines or newspapers in the mail which you’re not reading anyway, and so on. If the losses on those subscriptions are not worth it, abandon the services and look for other alternatives to achieve the same thing for less.
Consider using some free home exercise routine from YouTube or any additional software to replace your gym membership for now.
Track Your Spending Habits
Track your money habits by taking a record of all your accounts; it could be your checking account and all the credit cards you have. Doing this will help you to catalog where you’re spending most.
I usually use free budgeting software like the Nerd wallet to track my spending goals, expenses, and budgets. It also helps me to see how I’m doing and get accustomed to my finances.
Apply The 24-Hour Rule
The 24-hour rule is a strategy you apply before flipping out money from your wallet to buy something. This rule says, use 24-hours or a day to meditate and reflect on whether the item is worth it.
Lower Your Utility Bills
Paying high utility bills sucks! It can make you go crazy, Chalie.
I remember the last room I rented, hmm! The tenant fee was 60 cedis a month, but the light bill was 50 cedis every month, just imagine.? Most electronic devices steadily draw a small amount of electricity, which can add up swiftly when analyzing how many devices and small appliances you own.
To drop that usage, unplug any items or power strips you use sporadically.
Lower the temperature of the water heater a few degrees to save some money off your electric bills.
Using Coupons And Discount In Shopping
Using coupons on shopping is a great way to save money nowadays. Most stores have websites that offer discounts and coupon codes to their customers. Today, shoppers can save by just giving a cashier their shopping carts, and any applicable coupon deducted automatically from their grocery invoice.
Below are the best coupon sites I used to cut back on my expenses.
Consider Buying Your Groceries And Household Items In Bulk
To buy items in bulk has never been easier. However, it is worth it if you have the funds to settle for a bulk purchase upfront and the capacity to store it.
It’s vital to note that, contrary to popular belief, you don’t need to buy everything in bulk to save a lot of money. I advise you to purchase items that you’ll go through to avoid wasting it when it’s unused. Things such as; Paper towels, Toilet paper, Toothpaste, Soap, and Cereals can be bought in bulk to save you some money in the long-run.
Limit The Time You Normally Spend Online
Let me give you a rough estimate of the time I run through this morning.
- Thirty minutes spent reading and watching posts on Instagram about Gary Vee and other motivational discussants.
- Twenty minutes spent engaging my Facebook fan page with motivational quotes (that’s quite interesting).
- Ten minutes spent on WhatsApp, viewing my friend’s status, and watching some funny videos.
I spent one hour this morning by our calculations. You can limit the time you spent on the internet and avoid unusual spending on data usage. Don’t get me wrong; I believe we all go to the internet to study and write about a project, but we’ll be scrolling down Facebook by the time we realize.
To keep you on focus, try eliminating notifications, block access to the place where you waste much of your time temporarily.
Do not make things complicated for yourself. Saving money in college requires self-discipline and a little common sense. After all, our primary goal in college is to learn and achieve our degrees. Learning how to save in college will only help us start a financial future for a more incredible achievement.
Moreover, there are many online business ideas you can start in college to earn money on the side and enhance your saving habits. How do you save money in college? Share your tips with the community via the comment section below.