10 Ways To Save and Earn Money in College

Entering college is a two-faced experience. On the one hand it opens the door for you to endless opportunities on the road to success and financial security. On the other hand, it requires that you go through a series of really tough challenges including raising the money for tuition, dorm room, food and other expenses – not to mention the endless tests, projects and academic papers.

After graduation, once you finally get things going on your first job, all the struggles will surely be worth it. But while you are still on the road, here are a few things that you can do to raise your college fund.

5 Ways to Save Money while in College

1. Spend wisely

Spending money while trying to save at the same time can be a tricky thing. However, the only important principle to keep in mind is to separate your needs from wants. It’s what your mom and dad always say. Be strictly in practicing this with discipline and the rest should be easy.

A practical application of this idea is by creating a meal plan. This way, you can avoid frequent and needless eating out which can be really expensive. In a span of a year you will be shocked at the amount of money you saved just by controlling your food expenses.

2. Open a savings account

Having a savings account will make saving money in college so much easier and motivating. Make it a habit of depositing a certain amount of money on a regular basis as your savings. For example, aim depositing $50 every end of the week. Automatically set aside this amount from your allowance and if possible, make a gradual increase.

If you don’t have it yet, consider opening a checking account too. It will be more useful once you start earning more but in the meantime, you can practice.

3. Avail of student discounts

Numerous merchants offer many discounts to students especially during back-to-school season. Almost every business has this promotion including clothing brands, gadgets, restaurants, even bars, and also travel and transportation. All you have to do is present your valid school ID. Discounts may range from 5% to 75% in selected stores.

When you compute for the total value, it will be a significant amount of savings that you can use for many purposes like paying off the portion of your student loan debt.

4. Avoid late payment penalties

Penalties can cost you a fortune if you are not careful. You can totally save a lot of money by settling your bills early on. This is most applicable especially in bank loans including credit card and student loans. Avoid accumulating interest expenses by paying off as much outstanding balance as you can.

5. Buy second-hand books

Throughout your college years, you will be needing dozens of books. Many of which do not need to be necessarily brand new. Search the internet for available second-hand books. There are also those that can be rented. What’s even better is if you have friends who have taken up the same course before, you can ask to borrow or buy in a cheaper price. Doing this simple strategy can help you in saving for college.

5 Ways to Earn Money while in College

1. Get a part-time job

No matter if your long term solid plan is to enter the wall street jungle or be a digital nomad. For now, what’s important is you graduate from college. Run the extra mile by getting a part-time job. You can apply at a nearby coffee shop, be a freelancer or be a resident advisor in your college campus. Aside from the extra cash, you can also earn extra credentials that future employers will appreciate.

2. Be an investment buff

There is no better time to learn about investments more than in your college years. The earlier you discover the perks of being financially savvy, the more rewarding it will be in your later years.

Consider studying the ins and outs of real estate investment and also exploring the different techniques on maintaining an uptrend investment portfolio. Sooner or later, you will discover ways to gain profit from your knowledge which can be an additional source of income.

3. Sell your stuff online

This one is a classic, and it is for a reason! There is absolutely no logic in keeping something you own sitting around in dust, not being used. Someone can actually benefit from them and you can totally use the extra cash. Post those unused items online and aside from the money, you get to clear your space from clutter.

4. Earn credit card rewards

If you have a credit card, the chances are, you have accumulated points or rewards. Check your credit card statement or call your bank. You can convert those points into awesome items as an alternative to spending your money.

You may have already heard it from the grown-ups, “It’s so important to keep a good credit score”. Later on in life, you will see how they are right. From getting a lower interest rate to having a longer mortgage term – it is truly one of the most crucial determinants of your financial future. It is better to start with a good foundation.

5. Ask your family and friends to give gifts in cash instead of in kind

This may sound bold but it’s actually practical. They are going to give you birthday, Christmas and graduation gifts anyway so it might be as well in the form of cash since this is what you really need at the moment. There is definitely nothing wrong with being specific, right?

Now that you know these powerful ways in earning and saving money in college, it’s time to make them happen in real life. Learning the discipline that comes with it will surely be another awesome life tool. Make these strategies a part of your lifestyle and for sure, even after college, it will help you reach dreams a lot faster!

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