As a college student, you’ve no doubt had your fair share of money problems. Whether you need to pay for tuition, rent, groceries, or books, there’s always something to keep in mind when managing your money.
According to Education Data, 84% of students get some form of financial help, with parents’ income, loans, and savings covering over 50% of a student’s expenses. If you’re unemployed and relying solely on your savings and parents’ help, the money-saving problem can be even worse. Here’s why learning how to manage your money in college is ultimately a good thing:
- learn to manage your savings early
- create a financial cushion for rainy days
- lead by example in your friends’ group
- reward yourself for great saving habits
So, how exactly can you manage your money as a college student and ensure that you’ve used it in the right way?
Live with Roommates
Sharing living expenses with roommates is an amazing tactic for saving money while in college. By living with another person or a group of friends, you’ll not only save money but also share chores and be able to study together.
While this means that you’ll have less personal space in the apartment, you’ll never feel lonely and there will always be someone there to keep your stuff safe. You can look for roommates online or post a note somewhere on campus and wait for a potential roomie to reach out to you.
Pick Up a Side Gig
Thankfully, it’s very easy to start working as a college student and not compromise your academic performance while doing so. Freelancing has been a part-time job of choice for students worldwide, and you can easily start working online in your spare time.
Any income you make from your side gig will be a bonus and you can spend it on groceries, rent, and other expenses, or choose to put it aside. When you’re short on time and need to hand in essays or papers because of your part-time job, you can check out LetsGradeIt recommendations and find professional writing help. A side job will not only make you feel better about your financial situation but will also encourage you to learn new skills to add to your resume down the line.
Avoid Takeout, Cook Your Food
You can save a lot of money in college by preparing your food inside rather than eating out or ordering takeout. By buying affordable groceries from a local flea market and taking advantage of discounts, you’ll have everything you need in your room or apartment.
You’ll not only save money by making your meals, but you’ll also learn how to cook better which will be a great perk for you after college. Start small and prepare simple meals such as pasta and rice before moving on to more complicated dishes. You’ll also save cash by cooking enough food for two or three days, saving you the time you’d otherwise need to cook more meals every day.
Managing your Money as a Student
Learning how to manage money effectively as a student will pay off in spades once you’re in the adult world. You’ll know exactly which corners you can cut with your grocery shopping and how you can reduce your living expenses by experimenting while in college.
This will reflect positively on your employment prospects, as you’ll be more competent and self-reliant than most first-time job seekers because of your initiative to start saving early. Do yourself a favor and start managing your money personally as soon as you can, whether it’s a parental allowance or income from side gigs – your future self will thank you for it.
Bio: Eric Wyatt is a content writing specialist, blogger, and social media marketing, expert. He is a writer who enjoys helping others with practical advice and trending tips on personal and professional development through his essays and articles. Eric spends most of his spare time napping, reading books, and taking walks with his dogs.