Money Tips College Students Should Know

peerTransfer helps international students make international payments, but we also care about how you think about your finances.  Here are some interesting money tips that may benefit you.

Savings & Budgets

Whether you are studying in your own state, another state, or if you are studying in America from another country, there are certain tips that are going to serve you well when it comes to saving money and making money. Some tips in this list may seem counter intuitive, but each has its own explanation as to why it is going to make you more financially able, no matter what college ranking and college fees apply to your situation.

Tip – Buy non-food items in bulk

Buy items such as toilet roll and bars of soap in bulk. Buy from a place where you can get a bulk discount.

This works because the little non-food items are the ones that add up without you noticing it. That emergency trip to get some printer paper is always going to cost you more in the long run. If you see a very good offer on non-perishable non-food items, then stock up on them and enjoy the savings for months. If you buy from a wholesaler, then you can even sell discount non-food items to other students. If you can sell them to other students for cheaper than they will get them at the shops, then you can make a little profit too.

Tip – Borrow before you buy

Students should borrow items from each other to save them from buying those items themselves.

I need a camera for my next project, so let’s go out and buy one. That is a common train of thought for students, even though for the next 2 years of their qualification their camera will gather dust. In that situation, you could have used the camera on your phone or the camera of another classmate. You could return the favor by letting that classmate borrow your car to pick up his or her partner from work.

Tip – If you don’t have it then you don’t need it

Take a look at what you need and ask yourself if you really need it. If you have gotten along without it, then is it really something you “need”?

Students have trouble differentiating between needs and wants. They claim they “need” a car, even though they have survived the last 7 months in college without one. They claim they “need” new shoes, even though they have two slightly unstylish pairs that they have hardly worn yet.

Tip – Takeaway food isn’t always worth it

It is a lot more expensive than grocery shopping food. A single takeaway may cost between $15 and $20, which may buy two or three meals from a grocery store/supermarket.

The only good argument for junk food is if there is enough so that you can reheat it in the morning. This means that fast food fries and certain pizzas are not eligible, but a curry and Chinese food is. Takeaway food always tends to be more expensive than buying the ingredients from the supermarket. But, if you can make it so that your takeaway covers two meals then it may be permissible as an occasional treat.

Tip – Save money…you know it makes sense

It does not matter what country you come from, it is not the money you earn that makes you rich–it is the money you save.

Students and adults do things such as throw their loose change on the floor, or spend the rest of the money in their pocket just because it is there. Then two days later they are knocking on their parent’s doors asking if they can do the garden for some spare cash.

Here is a piece of advice that will serve you well for the rest of your life, so congratulations for reading this far. “Every rich person on the planet is rich because he or she saved his or her riches.” The money you don’t spend is what makes you rich. If you have $20,000 in the bank, it is because you saved it there. It is because you didn’t buy that car, go on holiday, or get engaged.  The rich people, who said “Every little helps”, came up with the saying because they know that a “lot” is the sum of lots of “littles”.

Thanks to Emily Lucas, an experienced freelance writer and blogger for many sites, including scholaradvisor.com for contributing this guest post.

One Response to Money Tips College Students Should Know

  1. It is important to save money even to college students.

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