In this article, "How To Save Money For Students," I will share with you the statistics of an average college student and what you can do to save money!
Did you know?
- Students in college are constantly worried about their finances. According to Ohio State University's NSFW (National Student Financial Wellness Study), they found that over 70% of college students feeling stressed about their finances.
- More than 77% of students reported running out of money at least once in 2016.
- 46% of community college students were considered insecure about their housing situation.
If you're reading this article, then there's a 70% chance that you're struggling to save money as a college student.
How To Save Money For Students: Bad Spending Habits
Now that you're here, there's a chance that you have a bad spending habit. I know I did too. Many students in college rarely see their parents which means that they probably eat out. You're lacking social life which means you're going to go out on weekends getting drunk, doing college things, or whatever it is that's costing you money. You're likely hitting Starbucks, a coffee place, or a boba place to study with your friends. You buy one cup of coffee a day. It all adds up! What can you do?
Stop Purchasing Drinks At Your Study Location
Let's say you buy one cup of coffee a day at your studying location. You study at your favorite location from Monday through Thursday (because who studies on Friday?!). If each cup of coffee is worth around $3.50, then a month's worth would equal to around $56. Times that by 6 months, it would equal to $336. That's how much money you could be saving in your bank right now.
Stop Eating Out
After a few semesters, your group of friends begins to increase. Every now and then, your friends invite you out to go eat. You know you're financially struggling or you just want to save, but what do you do? You're not living with your parents and you miss the times when you're at home and having dinner cooked by your mother. You don't have that anymore, so you begin to develop this bad habit of eating out. If an average meal at a restaurant is around $8 and you eat out every day, then that's at least $240 a month. If you eat out twice every day, then that's $480. That's probably how much a part-time working college student makes. You need to learn to cook if you're trying to save money.
Don't Spend Too Much Money On Fun
When you're looking to save money and avoid having fun, it takes A LOT of self-discipline. In college, you're likely to get invited to a bar, to a club, a concert, and many more activities that require money. Well, I can tell you that there are free activities that can be equally as enjoyable. One concert every 2 months can cost $100 per ticket. Going to the bar can range from $10 to hundreds if you're not dumb drunk and dumb with money.
What makes you happier? Regret spending $100 the next day or having that $100 in your bank account?
Cancel Unnecessary Subscriptions
That's right! I know some people with 3 different music plans. Some people will carry Hulu and Netflix. The truth is, you don't really need that many. If you're hesitant about canceling your subscriptions, you could always sign up with your college email for discounts or join in on the family plans that many of these services offer. They all add up and you really don't need that many!
Think about it. Do you really need to pay:
- $11 a month for Netflix
- $25 a month for a premium gym membership
- $5 a month to a newsletter
- $5 a month for Spotify
- $5 a month for Soundcloud
- $12 a month for YouTube premium
You should create a list of what you subscribed to and cross out what you really don't need.
If you're looking to start a business right after college, have money to invest, etc, then you should definitely start by saving up every penny. Remember that piggy bank you filled up half-way or near the top? It's the same concept except you're saving hundreds of dollars and not pennies and nickels.
How To Save Money For Students: Good Habits and Money Saving Tips For College Students
Now that we got your bad spending habits out of the way. What are some good spending habits that you should know? As easy as this list sounds, it takes a lot of self-discipline to spend wisely.
Learn To Cook
I know that it's time-consuming and laziness usually kicks in. When you learn to cook, you're not also learning to save money but you're learning a new skill. Your knowledge of food and recipes will expand. There are stories of people eating well and healthy for under $1 a day! There are so many benefits to cooking:
- You save money
- You create what you want
- You learn new recipes
I often cook at home. As a person that grocery shops almost every month, I would recommend heading to Aldi. They're often much cheaper than the average grocery stores around you. I once bought a dozen eggs there for only $0.29 and that could last you an entire week. You can get a month's worth of rice for $20.
Find Free/Cheap Activities
There are so many fun activities that are inexpensive compared to clubbing and concerts. Let's run down the list.
- Sports
- Movie Nights
- Don't drink out, drink in. Create your own jungle juice with a cheap bottle of vodka and save money from the bar.
- Hiking
- Beach Day
- Game Nights / Lan Party
- Photography
There are hundreds, if not, thousands of free activities that you can enjoy. Don't know of any activities? Download the MeetUp app. You'll find more events that way. You could also check for Facebook groups where people do activities together.
Invest in Something Sustainable
You can invest in something sustainable. That way, you can't spend your money because you already have an investment. I'm not talking about cryptocurrencies because it's volatile but look for something worth investing in. This is one of my favorite money-saving hacks for students.
Thoughts from @mysocialgod
Overall, saving money is all part of investing in yourself. I had trouble saving up money growing up as a kid because we were never taught that in school. It took a lot of self-discipline especially coming from a person with bad spending habits. But once you save for so long or reach a certain goal, it doesn't hurt to reward yourself a little. Enjoy the little things in life and I hope that this article will help you achieve your money-saving goal.
If you have any questions or comments, feel free to comment and I will add it to the article.
Thanks for reading: "How To Save Money For Students"
Here are some related articles:
