Saving Money in College and in Life |
Posted: September 6, 2017 |
Saving money is difficult for the majority of the adult population. But it’s particularly hard for those in college. Life is just starting. The job skills college may give you won’t help without that degree or experience. So money is a major issue even if a student is employed because wages aren’t always ideal. This guide offers money-saving tips to use during college that will apply after graduation. Change Your Bank Saving money starts with having a checking account that yields a good amount of interest. Banks such as Aspiration, an online bank offer a 1% interest rate. For those that don’t relish switching banks, consider opening a second checking account for savings. All it takes is a $10 deposit to start. Sell Stuff Selling things that aren’t being used is a good way to make a little cash. Anything that hasn’t been used in a year is something that could be sold. This is also a rule of thumb to follow for life generally. If it hasn’t been used or if a new item is purchased, at least one old item should go. Selling, in general, makes a nice side hustle. For those who craft, or find the right product, selling can serve as a small stream of steady income. Cash Reward Credit Cards Almost every major credit card issuer has a cash back card. With regular and responsible use, customers can use the cash bonus at the end of every month on something. These bonuses add up over time too. Plan and Shop for Groceries Wisely A significant contributor to expenses is food. Without a proper dinner plan in advance, it is all too easy to order out. So it is important to plan meals in advance as much as possible. Here are some things to remember when it comes to meal planning and groceries: -Stick to the plan- Plan out meals for dinner and any other meals that are bought by going out. -Buy only what you need- Limit the grocery list to meal items and items used on a daily basis. -Generic brand save money- Generic store brands of items are usually cheaper. This will increase the savings. -Look for sales- Items often go on sale and these opportunities will maximize savings at the grocery store. Comparison Shop Part of saving money in college and in life is learning to make smart shopping choices. This is particularly true of insurance. Before committing to an insurance company, be sure to get some cheap auto insurance quotes. Overpaying for insurance is one way to throw off money-saving plans. So do the research, get quotes, and save money. Cut the Cord Cutting the cord is one way to save money. With all of the digital streaming options out there, it is much easier and cheaper to make up a package that fits the budget. Choose Quality Over Quantity Buying something just because it’s cheap isn’t necessarily the best strategy when it comes to life. As with comparison shopping, better quality items might provide a better bang for the buck and last longer. This isn’t the case all the time. But for items used every day like clothing and shoes, it is generally better to spend more money. Purchases should be made within reason though. Use the 48-hour Rule The 48-hour rule is a simple but very effective way of learning what is truly a want and an actual need. Prior to making a purchase over a certain limit, wait 48 hours. If it is actually necessary, the purchase will be made. But if the purchase is a want, the impulse to buy the item will have faded and saved money. Saving money might be difficult but identifying areas where money gets spent the most is a step in the right direction. By taking action early in life about financial habits, the future will be much easier to navigate down the line.
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