Top 5 Ways To Save Money For College And Significance Of Saving
Saving money during college life can be of great importance to you. The earlier you value the importance of money, the better your college life becomes. Saving money is one traditional form for students to finance their college education.
Yes, college is the academic stage when your ‘real’ life begins. Various expenses like rent and food are add-ons apart from your course fee. Don’t feel nervous if you are a spendthrift. Just read this blog to realize the importance of ‘savings’ in college life. Remember, the less you fall into the trap of student debt, the more you enjoy your college life.
But first let us learn some useful ways to save money and lead a financially sound college life:
1. Set your goal
Before you begin to save money towards your college education, it’s necessary to have well-defined goals in mind. Such goals can help you plan wisely for controlling your expenses and adjusting your lifestyle in college. For example, analyze the course fees by the time you enter college and see if it adjusts well to the inflation. You can even see if there is enough money being saved so that you can shift to a hostel if required.
You can start well by figuring out the total amount to be spent on the college course and how much out of it could be saved. If you can save such amount of money consistently within a Savings account, it will boost your college fund.
2. Reduce the student debt
Student debt is surely a problem that can weaken your financial stability during college life. But don’t panic as the following ways can help you eliminate or at least reduce student debt in college.
- Borrow only what’s needed:
If you are thinking about taking student loans, then make sure that the amount borrowed by you should be proportionate to the type of salary available after obtaining the degree. You better avoid paying interest on things like bigger hostel rooms when you can adjust in a cheaper alternative. Yes, low priced dorm rooms are a better choice since adjusting with more number of peers is better than being ripped off.
- Spend on relevant things:
Loans may seem to look like free money but when you need to return it with interest, it may bite you hard. It’s better for you to spend such financial aid on things like tuition or books rather than social outings or parties. If the financial aid is your own savings rather than a loan, the same rule applies so that you don’t get broke by the middle of the course.
3. Go for a part-time job
If you can’t stay away from living a social life during college, arrange its funding through part-time job earnings instead of student loans. Just make sure that your work location is quite near to your campus so that you maintain a balance between job and studies. It’s better for you to adopt the ‘pay now’ policy for whatever purchase you make so that you don’t need to pay heavily later in life.
4. Don’t buy full-price textbooks
Textbooks are sure-shot budget breakers. Most of the textbooks in a college course remain the same each year. You can surely save lots of money on college textbooks through the following ways:
- Try availing textbooks on rent from sites like Chegg
- Try textbook rental programs if your college provides it or head straight to the library
- At the end of the course year, sell off your used textbooks to the juniors who need them during the following semester. Social Media is a great platform to sell off such textbooks. You can recover some of the money spent on purchasing textbooks and use it as savings for the coming semester or pay off any credit card debt.
Just remember NOT to buy any textbook from the college campus bookstore until it’s urgently required since prices over here are probably the highest!
5. Go for automatic deposits
Try connecting your checking account to the college savings account since it’s easy in this way to save money regularly. Such a connection can divert the money directly from your personal budget right towards your savings. Yes, such an automated process can help you get habituated on saving and prevent you from the temptation of overspending.
6. Mind your credit card
If college life is an ocean, then credit cards are sharks. Make sure to analyze the plus and minus points before signing up for any student credit card. The credit card should provide you benefits like cash back rewards and remember to set a low spending limit. If you are thinking to use a debit card, then make sure to use a prepaid one. Not doing so will land you in a mess of overdraft fees from the bank. Ultimately, it can affect your college savings.
You may not make perfect financial decisions, but these useful ways may help you save money before and during college and avoid too many financial mistakes!
Saving money can increase your college choices
If you are heavily dependent on scholarships to pay for your course fee, then the choices to admission are limited to a few colleges. But if you aren’t dependent just on your college scholarships, then you have many more academic options in hand. You can go ahead and pursue your college course at a preferred college even if it doesn’t offer scholarships. In this way, you don’t need to face the stress of opting for a pre-determined number of subjects or sticking to a specific degree/diploma course just to maintain a scholarship. Hence, this is why saving money for college is of utmost importance.
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