5 Tips to Help You Save Money in College
1. Credit Cards
It’s better to have no credit than bad credit when it comes to applying for small loans and credit cards. It’s easy to get approved when you are fresh in college at 18, so I am warning you that it is crucial to be selective when applying for credit cards. Accumulating multiple credit cards can create financial chaos for your future. So start by applying for one and having no more than two credit cards. Having a credit card is NOT all bad. When you are making payments on time and not using more than 30% of your cards usage you are building credit. It’s important to start creating some sort of a credit history at 18 years old.
About 10 to 15 years ago, college students would buy their textbooks at the school’s local book store. Books would cost hundreds of dollars! If you were to resell your book to another student you never really got your money back. Today, there are a variety of places to buy your textbooks. Take advantage of the online resources such as Chegg, Amazon, Craigslist and Ebay. These databases are available to assist you in comparing prices so you get the best deal. So, instead of going straight to the bookstore, look at other options such as renting, buying used books and electronic books. Do your research!!!
College dorm rooms could cost a fortune especially if you are paying for school loans after college. Every college institution has apartments and houses in walking distance to the school available for rent. Consider these options because renting an apartment or home with others could cut your housing expense in half!
4. Part-Time Jobs
Part-time jobs do not request a lot of time from you, it’s easy money to get some extra cash. It’s anywhere from 5 to 6 hours per shift and no more than 3 shifts per week. Having a part-time job can assist in building your credit and budgeting.
5. Start A Budget
Learning how to budget is crucial at a young age. It’s important to start budgeting NOW versus after you have destroyed your credit. Maxing out credit cards and overspending can create bad habits so start by taking all incomes and taking a portion for your expenses and savings account. Giving yourself an allowance prevents the attempts to either spend all your money or spend you don’t have. GOOD LUCK!