How To Save Money In College

Submitted by kouldisha on Thu, 2011-07-14 12:21

College is a big change from high school. There is a lot more independence in college than there is in high school, but with that independence comes responsibility. There are many more responsibilities in college, such as taking care of health without having your parents to watch over you all the time. Another responsibility is doing well in school and getting good grades. We have all been nagged by our parents to do our homework and study for tests in elementary school, middle school, and high school, but no more in college.

Although it may seem like ultimate freedom, we do have to remember that it’s our responsibility to take charge ourselves. However, one of the biggest responsibilities of college is managing your financial status. College can be very expensive and it can take a big toll on your parents’ finances so it’s essential that you handle your money well in college. Spending money is necessary to have in college especially when your parents are across the country. In order to save your parents the task of sending more spending money to you when you’re in college, try helping your parents by getting a job on campus. It is beneficial in two ways. First off, your parents don’t have to send more money to you and second, you get the experience of what it’s like to have a job after you graduate from college.

There are many places you can look for a job. Since most of the jobs that you could potentially get during the school year are on campus and are available to many people, the wages will most likely be around minimum wage. Do not waste too much time looking for jobs that pay more because they will most likely be hard to find. For example, the most common jobs on campus are research jobs. You can ask your professors for any openings and they will tell you if they have any open positions for research. Another common job on campus is data entry. It does not require much preparing in advance so you can do the job as a break from your studies and you don’t have to bring anything to work. You can also apply to work in the library as work study.

Also if you are not a computer person, you can work at the dining hall. Jobs range at the dining hall range from cleaning the halls to cashiers, etc. It may not be the most fun job that you can find, but the extra money is very helpful. Moreover, you can try to apply at banks. There are a couple weeks of paid training but after that you can work as a teller in a bank. By the way, do not limit yourself to only working during the school year. Continue your job during the summer or get a new job. Instead of working during the school year and spending all the spending money that you earn day by day, you can start earning in the summer itself and save up.

There are also some off campus jobs you can get. For example, if there are any high schools or middle schools nearby, apply to be a tutor. Tutoring is a great way to make some money and also sharpen your own skills in a particular subject. It forces you to master the material that you are teaching. Moreover, if there are any libraries nearby your campus, you can apply to work there as well.

It is very important to save money in college. It helps your parents because they don’t have to constantly send money to you at college so you can support yourself. Get a job during the school year that you are able to balance with your studies and it will improve your parents’ situation and also give you a good job experience.

Making Memories in College (mycollegepal.com)
Things I wish I had done in my freshman year (mycollegepal.com)
The College Loan Credit Crunch: What You Need to Know (education.com)

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Wed, 2011-08-17 13:39

SocialScholar

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Joined: 2011-08-10

Financial Security

Managing finances is one of the most important skills one can learn throughout a lifetime. I remember watching a documentary on credit cards, and learning that they would give credit to college students because they would not know the value of a dollar, while they would ignore a hard-working 18-year old. It was really hard for me to manage my finances because I did not have a lot of funds. I also tried to save as much money as possible because I was working my way through school. One thing that would have helped me would have been to have a budget for fun, instead of having a grand total. Your post brings up many important points, and I hope there will be more articles about money management in college.

Mon, 2012-04-23 10:38

kevspow

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Joined: 2012-04-23

Make Money While In College

Early on in my first semester of college, i saw an ad that told me i could make as much or more than my professors. Needless to say i was interested...not to mention BROKE. So I jumped right in. I was able to start my biz for cheap...$25. I may not have made millions while taking classes, but it did help me keep afloat, and not run up student loans. I am glad to say, ate when I was hungry, had a nice car, and most importantly, was abe to pay off my starting student loans, and didn't have to take out student loans to make it.. The best decision I ever made.

Sun, 2012-05-06 20:24

java602

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Joined: 2011-07-05

Honestly, the best way to

Honestly, the best way to save money in college is to just not spend it. It sounds like a super simple solution, and that is because it is. But the problem is the college students actually have a lot of hidden expenses, especially if you are living in a dorm and even more so if you are living off on your own in an apartment and your parents expect you to pay for everything you need by yourself. First of all, it is actually really difficult to manage a job while in college. Academic course work takes up so much time, because you need to first devote the time to go to class and then devote more time to sitting down and doing homework on top of that. It really adds up and usually you will find that your days zip right on by and leave you completely and utterly exhausted in their wake. While you are in college, expect to have little to no money available for you to use at all times. Five dollars will end up feeling like a lot of money to you. Unfortunately, this is just the way it is; every student is in the same boat.

Tue, 2012-05-29 22:43

iracquel

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Joined: 2012-01-14

I will start off by

I will start off by saying...whatever job you get on campus, hold on to it, at least until you get a job you feel suits you better. Jobs are really very hard to come across on campus. Secondly, I must say that earning extra money almost is a necessity on campus. You cannot always depend on your parents to meet your needs especially during this bad economic period. When you start to earn your own money you earn more than just money; you gain financial independence, in addition to work experience which is very important for any career....no one would want to hire an inexperienced employee...its just too much of a risk.

On campus, it is likely to find students who work as much as two jobs, and this helps especially in the case of international students who to some extent have to figure out how to meet their expenses on their own because their parents are not at their beck and call....you just have to have something for emergencies...(which I think applies to all students, though).

To potential college students, I would recommend that you consider getting a campus job...it is far more convenient than waiting on your parents to send in adequate money for you....in this tough economic times, sometimes it is just more convenient to depend on yourself for your own well being :)

Sun, 2012-08-19 18:47

Mercer Smith

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Joined: 2012-05-05

There are a number of ways to

There are a number of ways to save money in college, and a lot of them are the same way that you could save money when you aren't in college. The first thing that I would recommend doing is looking into getting scholarships. Scholarships are a great way for you to ease some of the financial load that paying for a college education can cause. Scholarships can be difficult to get, but if you do a little bit of research you can quickly find a lot of information about getting ones that work for you. Secondarily, what I would recommend doing is looking into off-campus housing. Finding an apartment, and cooking your own food will save you a whole bunch of money that you would be spending on food and board. By buying your own groceries, and paying rent you will be able to save hundreds of dollars every month that you can put back toward your education. It will also help you fend against the potential "freshman fifteen" that so many people are always worried about! By cooking for yourself you avoid all of that saturated fat in dorm foods, and the temptation of buying easy microwavable junk! Easy peasy!

Sun, 2012-08-19 22:35

IrisMarr

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Joined: 2012-08-17

Finances

Saving money in college can be a very difficult concept to grasp. But it is possible with a few simple steps. First of all, you need to sit down and asses where your money is going too. There are always inevitable things such as books, gas, food and tuition. But there are always other insignificant things such as clothes, shoes, accessories where we can always cut back on. Set a financial plan for yourself. Planning out all the things you need to spend money on and all those things you don't need to spend money on. Stick to your plan! Also, one way that your money will fly out the window is eating out every day. You'll be surprised how much money you'll spend a month on just McDonald's and Taco Bell alone. Get yourself to the grocery store and stock your self up on food that you can eat throughout the week. This will help you save loads of money and can also be much healthier for you. Gas is another thing we can try cutting back on. If you want to go somewhere that's not too far, try walking or taking some public transportation. Any small thing helps, and with these tips you'll find yourself a little more comfortable financially.

Thu, 2012-11-08 11:36

shamie21

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Joined: 2012-11-08

Saving Money

I admit that during the first years of being in college, it was difficult for me to budget my allowance. It’s clear to me that budgeting is important. But when I see something that I like, for example a nice blouse, then I’ll buy it right away. However, as I mature, I now realize how important budgeting and saving money is. My mom gives me allowance that exceeds to what I can really spend for a week. I tried to tell her to reduce the amount of my allowance, but she insists on giving the same amount to me. So what I do is I save half of my allowance, go to a bank, and deposit it. If ever I need to go to the mall or to the grocery, I prepare a list of the things that I have to buy. So now, I only buy the things I need. Also, during the time that I am paid for my internship last summer, I deposit half of the money I earned to the bank. I also made use of the fact that I have a stable access to the Internet. To increase my earnings, I started to look for a part-time job online. So what I did was I created an account in oDesk, and I was hired as a part-time researcher and worked for two months. I withdrew the money and linked it to my local bank account. Now, even if for example there’s something that needs to be paid for school, I can just withdraw money from my bank account without troubling my Mom.

Mon, 2012-12-03 08:47

Hearty Marial

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Joined: 2012-11-16

Saving

Yes it's true, saving in college is totally difficult specially if you have long breaks and you are staying in a city far from your home. You’ve got to spend for your coffee on a coffee bar in order to stay in there for as how many hours as you can, for snacks while you are waiting for your next class and sort of things like that. I had once experienced a semester where I could hardly budget my money, I don’t know why but at the end of the day, all that is left in my wallet is 10 pesos, from the 100 pesos I have before I went to school. One reason is my long breaks. During Tuesdays and Fridays, my first class starts at 7 in the morning and ends at 9 in the morning. The next class is still at 5:30 in the afternoon. And during that time, I had no friends yet, no one to save me from the curse of over-spending just to save myself. What I usually do is I stay on a coffee bar and would just read for like 5 hours straight. And since you can’t just stay in there without an order, so that makes me responsible for availing their coffees and cakes just to stay. Every night when I get back home, I would always regret the moments I spent too much, but I can’t help it. I don’t want to stay in school for that long period of time. So what I did the next semester was, I really looked for classes with schedules that are not far from each other, so that I don’t have to go out of the school just to kill the time. That strategy worked, until now, it saves me from overspending. I have a day that has long vacant times, but it’s fine now because I’m staying at a friend’s house during those period of times and my girlfriend saves me every time I only have small penny on my wallet. This helped me in saving, I could already save 500-600 pesos weekly and that’s a very good improvement.

Sun, 2013-04-21 10:56

#10

footballchick29

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Joined: 2013-04-16

tips to save money

Stretching your budget can be nerve racking. Especially when you live to the dime then an unexpected burden comes up, for example the car breaks down or your laptop dies. Whether you live on campus, in an apartment with roomates, or in your own apartment I have some other tips to add.

1. Clip coupons- I know this can be a pain but they really do help. In addition, but things in bulk when they are on sale like toiletries and toilet paper. Do that and double it up with a coupon and you will save.

2. Buy generic- I never understood why people do not buy more generic things, including food. I know it's a personal choice, but I suggest buying generic whenver possible. You will find that most products are of the same quality.

3. Work online- As stated in my other posts, I am a HUGE advocate for working online. There are many sites that you can work from home that are not scams ( I work 6 of them myself) that bring in extra money. One site in particular pays out the next day, which is good if you need to make an extra $10 or $20 just to hold you over. In addition, look for a free easy survey site to do. Typically these are a pain because you need to pre-qualify for surveys. But there is one out there in particular that you don't have to do this. You answer between 1 and 6 questions and gain points that you trade for a walmart or amazon gift card. It's pretty cool.

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