Today, we’re talking about the basics, as the beginning of school can always be one of the most financially trying times for students looking to save some cash. Without any further delay, here are this month’s five tips:
- Set a budget – Before you start spending money, it’s best to have a plan. Start by allotting yourself a maximum amount of cash to spend each week or month, and it should help reduce your financial worries. At the same time, by allowing yourself to spend money on smaller items, it may help prevent you (and your bank account) from splurging on that motorized massage chair.
- Set your priorities – Books and food are likely high on every student’s list, as they should be. But after that, write out what you find yourself buying each week. After you’ve completed that step, go back and rank every item in order of importance. Odds are, you’ll be able to find one area where you can skimp in order to buy something else.
- Used textbooks – For those looking to save, buying books for your classes are often a familiar source of pain. Many services like Chegg.com offer book rentals on hundreds of college textbooks, which can save the average student a significant amount of money. Also, if you think you’ll want to showcase the book later you can always look around on Amazon to see if you can find a newer version listed for a low price.
- Plan ahead – Taking the “set a budget” advice one step further, it’s generally known that most students will be going somewhere during winter or spring break. If you can, try to put some money towards that if you’re working on campus. If you’re not working, then try to roll back your monthly budget by $50 to help pay for that expense. If your travel plans end up falling through, you can always spend it later.
- Meal Plans – It may take a few months for you to figure out which meal plan is best for you, but some students find themselves paying a lot more than is necessary. If you find this to be the case, see what you can do to save that extra cash.
What tips do you have for saving money? Drop us a line in the comments and be featured in next month’s post!