5 Ways to Save Money Now as a College Student!

As a college student, you're probably trying to find ways to save money/put more money back into your pocket. In this first blog, I'm going to give you 5 tips that will help you do just that!

Hi, I'm John, Your Financial Mentor! I am here to tell you about how we can all be smarter with our money and our financial decisions. As someone who's experienced college first-hand at Cal State University, Fullerton, I know it's hard to put aside funds for your future because there are SO many expenses that come up in day-to-day life.

Thankfully, there are some steps that you can take now which will help you not only save more in college but also in the long run. So let me break down these 5 easy ways for saving money in college. 

#1: SIMPLE BUDGET, MONTHLY SPENDING PLAN

Make a simple budget, then turn that budget into a Monthly Spending Plan. Download & Use THE FINANCIAL EMPOWER KIT™ for all the tools & resources you'll need!

This sounds simple enough, but it can be difficult to keep your spending under control when you're on your own for the first time.

1.List out ESSENTIAL NEEDS: try creating a list of everything that you NEED to spend money on and then prioritize those things over optional expenses (mainly, your WANTS).

2. TRACK YOUR SPENDING: now, make sure you are tracking every cent that comes in and out of your account, or you're going to find out the hard way, how easy it is to overspend. The only way you'll be able to stay on track and not constantly over-spend on unimportant things is by holding yourself accountable. Utilize reminders, spending limits within your bank apps, or even putting money into certain accounts and locking up the cards! I know it may be tempting, but don’t turn to loans or credit cards when your funds get low!

3. SPEND WISELY only what you CAN PAY OFF in 30 days (avoid credit card interest/fees). 

4. EARN from YOUR TALENTS/SKILLS: see how you can be paid or it by people in the community, while in school. (side hustle teaching piano, logo creations, photoshop works, babysitting kids, etc.)

I know these credit cards/loans options may seem like a good avenue at first, but if you can see 10 years down the line, the end result is a nasty reality. When we are young, it's quite easy for loans to be 'out of sight, out of mind' or be stored 'at the back of your mind'. But plan for unexpected things.  Many people change their college plans halfway through college, which can put off their ability to earn sooner, leaving them with a big bill of loans. 

Pay for everything, teach yourself the hard way. It may seem a bit harsh at first, but you'll become incredibly good at spending the money you HAVE and not the money you'd LIKE to have. It's a good practice to have, as DEBT is one thing that can spiral out of control, but if you use DEBT wisely; DEBT can be USED to make you wealthy! After you are disciplined with your finances. For example, student debt is only a bad investment if your skills don't manage to make back the money. If you manage to pay off your debt tenfold with the job it got you, then it was a good investment!  Also, look at yourself, know your skills and talents, and what your community can benefit from you! You may be surprised you can be paid a lot doing things you’re so good at that you love. It's also a great way to get involved in your community to make some extra money.  

#2: BE your own CHEF

Cook at home as often as possible.

Eating out is fun, but it gets expensive very quickly – especially when you're a college student who may not have a lot of expendable cash to begin with.  Even if you do have the money, you shouldn’t spend a lot of it on eating out.  Learn to organize your fridge and freezer.  Plan your meals ahead, buy only what is needed.

1. BUY WITH A PLAN: Organize your fridge and buy only what’s needed

2. EAT FROM YOUR FRIDGE: Planning your meals for the entire week before buying is a great way to ensure you save money or stick to your budget. When you've got the food already paid for, sitting in the fridge, it becomes a lot more of an incentive to use the food instead of eating out! 

3. MEAL PREPPING: Cook in bulk and then freeze extra meat, veggies, and soup base to be used in meal-prep on a later day! Your best friends should be bread, rice, potatoes, and soup, or alternatives if you don’t eat carbohydrates! These are all cheap options that will make you feel full, and you only need to add herbs and spices to make them palatable. They are also quite versatile so you can combine them in different ways to get completely different results! 

4. LIVE FRUGALLY, LIVE HUMBLY:  This is a good thing to experience and learn from! It's about practicing control and having discipline over yourself and your spending habits. I built these skills in college, and I still use them today! If you can do this, then the few times you treat yourself out will be so much more meaningful and special.  

#3: Buy with Discounts and/or Buy Used - Refurbished, Open box, etc.

You'll save SO MUCH by doing this! 

Before a purchase, always ask: 

1. Can I buy this item for less?

2. Are there deals, discounts that can apply to the item? 

3. What alternatives are there (USED, REFURBISHED, OPEN BOX, RENEWED, ETC)? 

4. What warranty or guarantee does it come with to assure that it works like new and/or it will last me long enough for my use? 

5. What perks do I get as a college student for this purchase? 

The obvious bonus as a college student, you automatically are entitled to a lot of college student discount pricing! Everything from membership, subscriptions, entertainment tickets, travels, software, electronics, etc.! Again, every dollar you save is equal to MORE THAN a dollar you have to earn from your job (remember to account for taxes). 

#4: BUY to use, then SELL, DON’T KEEP!

Sell textbooks and other items you no longer need.

The money we pay for college books is completely ridiculous, I mean; I've seen hundreds of dollars on one book that you'd only use for a semester... So, make sure you're buying used textbooks to save yourself some extra bucks. And when you're done with it, quickly resell it on Amazon or eBay, or even take them back to the textbook store at college! You may even find some new people taking the course that might give you some cash back for it that are browsing the sections where your book came from. Declutter your life by selling other things you just don't used or need anymore! There's just some great magic about it when you declutter, give away or sell off items you no longer need or use.  Such an act makes moving forward/looking ahead to your future so much better! 

#5: Don't missed out on FREE MONEY

Actively seek opportunities for scholarships, grants and reimbursement programs.

If you seek it, you will find it! Every year, there are billions of free money that goes unclaimed in grants & scholarships! How crazy is that!? So start checking with your current school scholarships and then start googling for outside "college student grants & scholarships." Also there are jobs that offer educational cost reimbursement for college students, offering to pay for all tuition costs and more. There's a lot out there if you will only take time to look by doing some basic research! With the internet, resources and opportunities are plentiful. So make the commitment to SAVE MORE MONEY TODAY, any money you save will add to your bottom line and adds to your total net worth! :)