How You Can Save Money as a College Student

Headed off to college soon?

With all the excitement and happiness that goes with pursuing an education, it can be hard to grapple with the reality of financially supporting yourself as an adult. How can you balance earning a degree without going broke? Read our tips below to get you started on the path to financial independence.

Work in school. Whether by having a part-time job or work-study, working throughout college will provide a few things. First, you will earn extra money for rent and books. Secondly, working can help you gain experience and develop essential professional skills that will look great on future resumes. Third, it will help you develop a strong work ethic that will take you far in your professional career.

Learn how to be financially smart and independent. Working hard will earn you lots of money but if you don’t have the right financial habits, you won’t be able to hold onto that hard-earned money. To start with, track your current saving and spending habits. Are you being smart with your money habits or are you scrambling to pay rent every month? Learn to save, budget and invest. Find resources from your school, credit union, family and online to develop and maintain financial habits.

Stick to a budget. As a result of learning to be financially savvy and self-sufficient, learning to budget will be your greatest asset. At the beginning of each month, budget all your bills and necessities — rent, schoolbooks, gas and more — to prevent overspending on your credit card and blowing your savings. Budget in a little wiggle room in order to treat yourself without feeling too guilty.

Get used, not new. From clothes to books to dorm room furniture, there are plenty of resources for you to find quality, used items at a steep discount. Check online, at secondhand stores and college social media pages. There’s always someone looking to get rid of a mini-fridge or to sell a textbook from Bio 101. Buying used will save you hundreds on school and lifestyle expenses so get thrifty.

Be responsible. Got a credit card? Use it as little as you can, and pay it on time, every time. Track your accounts and spending habits to avoid overdrafts. Consider if you really need cable television, a gym membership and multiple fast food trips in a week. Being responsible now can save you tons of money, protect your credit score and set you up for life after college.

With all the educational and lifestyle expenses that come with college, it can be overwhelming to balance earning a degree and supporting yourself financially. Follow these tips, and speak to our experts at First Choice Credit Union for information on student and car loans, as well as checking and savings accounts for students.