Tuesday, September 4, 2018
10 Things College Kids can do to Save Money
Welcome back to September Bosses! For someone like me, September signals the end of summer, so it is very unwelcomed. For many, it signals back to school, a memory I know quite well. My own College years were spent struggling hard to just get by, and sure enough, debt followed. My hope is that this generation of college students can navigate their way through higher education with a diploma and low or no ensuing debt. Every little bit adds up so today I am going to show you 10 Things College Kids can do to Save Money. Whether you are a student or the parent of a student, these will help you get through the year with less of a bill to burden later in life. My hope is that this generation of college students can navigate their way through higher education with a diploma and low or no ensuing debt.
1) Beware of books
In my opinion, the campus bookstore is a sub-section of the gates of hell. I always found it funny that they had security guards there every September trying to stop students from stealing over-priced books. I thought knowledge was free? Evidently not. Either way, the university book racket is a big one. Millions of dollars are made re-releasing publications slightly changed annually so you must buy it again. Do your best to find the book elsewhere. Buy it used, look online, borrow from a friend, do what you must do. In my opinion, it is a huge scam all on the backs of student debt. Fight the power and do what you got to do. Photocopying a friend’s book may only cost you 10 bucks. I personally would only buy books that I could see myself reading once school is done because I enjoy the book.
2) Food
I vividly remember Hamburger Helper Thursdays at my house in freshman year. That was actually the best meal I ate all week. That has been replaced with wing days at the local pub and breakfast made by someone else. It is not unreasonable to say that the greatest expense you will have while at university is food. You have to be vigilant when it comes to this expense. Find any way you can to save on food. Buy in bulk and split with friends. Meal prep for the week. Cook at home and for god’s sake and avoid eating out. The city of London, Ontario’s restaurant industry thrives on the back of student debt. You do not want to be paying off a cheeseburger 5 years from now so smarten up.
3) Fashion
Clothing in university and college should be seen as utilitarian, especially for men. I was always a jeans and t-shirt guy, so it never really hit me hard, but keeping up with fashion should take a back seat in college. I understand that you must dress to impress when out at the nightclub, but even that can be scaled down. Find things on special, buy last years styles, and most importantly, do not care what people think. Your main priority should be cleanliness and grooming. Beyond that, it is all vanity anyways.
31 Money Saving Tricks for Students – Fast Web
4) Transportation
My university tuition came with a bus pass. That was very useful to me back then. I recommend spending as little as possible when it comes to getting around while you are in college. Owning a car is a money drain. Can you really afford something that costs as much or more than your tuition does annually? Focus on public transportation, cycling, and good old fashion walking. Having a place close to campus should make having a car unnecessary.
5) Free for me
My favorite price is of course, free. Many retailers and shops will give out discounts because you are a student. Take advantage of any free stuff you can get as a student. Grocery stores are big for this, so make your weekly or monthly shopping night their student discount night. However, beware of any discount that sucks you into a contract or signs you up for something bad, like a credit card. A free t-shirt isn’t worth thousands of dollars in debt because you cannot control impulse shopping. Learned that one the hard way…
College Money Worries? Make Money and Save Money in College – OneClass
6) Partner to save money
You have a vast network of people in your life now that are in the same broke, leaky boat you are in. Utilize this network to save money. Split costs on the internet. Live together to save money. Share a car if you need to have one. Buy in bulk and split the costs. Have partner memberships at gyms if that’s your thing. Subscriptions to things like Netflix can be shared so jump on it. There are many ways to “cheat” the system, so get creative and save some money. Do not, however, be a cheapskate and not pay a friend for the service you are sharing. You do not want to be that guy.
7) A pet, really…
Why on earth do you have a pet while you are in college? Let’s be honest here, you are a pet. You require constant attention and maintenance just to stay alive during these years. What makes you think you have the mental capacity let alone to money to keep another living thing alive. Pets are expensive, especially dogs. I know you think it is cute to dress one in your school colors but all I see is a selfish owner. A few hundred dollars a month means a lot to you during your college years. It is stupid to spend it on a dog because you do not want to feel lonely when you are hungover.
8) Be ruthless with borrowed money
Taking out a student loan is a must for most college students. Taking a trip to Cancun with it is not. You must be vigilant with your borrowed money while you are in school. Remember that this is money that you will be paying back, with interest, for years to come after you are done school. Make sure that the money you borrow has a purpose. It should all be school related or to keep you alive. Nights out, restaurants, clothing and useless gadgets should not be part of this budget. You do not want to be paying off a pair of jeans 7 years from now.
5 Reasons Why Credit Card Companies Target Young People – Budget Boss
9) Coffee and energy drinks
A huge market for these 2 products is the student population. The sad part is that they are expensive and, in all reality, not good for you. If you are a coffee drinker, make sure you limit or eliminate the coffee you buy from expensive shops. There is nothing wrong with brewing a pot at home and bringing a thermos. Energy drinks, in my opinion, are a scam. They do not work and are linked to causing health problems. I’m sure cancer and impotence are 2 of them. I don’t want any part of that nonsense and neither should you. $5 for a beverage that can be solved with a good night’s sleep is unreasonable in my opinion.
10) Get a job
Everyone and I mean everyone, can earn a little money during college. Work once a week at a local shop. Get a job on campus. Bartend or wait tables. DJ at a local nightclub. These are all things you can do to make money and that will help you fend off debt while you are in school. Even something as small as $100 a week could be the extra bit that keeps you from using a credit card for necessities. Also, if you are on student assistance, time off school should be spent working. People who borrow money for tuition should not be in Cuba for reading week. It is irresponsible and just plain stupid. I always worked during any off time while I was in college. Spring break down south was a rich kid thing, and I definitely wasn’t a rich kid. Use your time off school to save up some money to lessen the burden of debt you must take on the next year. Every little bit helps, so be smart with your time.
It is not unreasonable for students these days to graduate with little to no debt, even if they are going it on their own without the help of their parents. To do that, however, you must be smart with both your time and money while you are in school. Mistakes happen but limiting them should be priority number one. Take it from someone who paid off his student loan at the age of 30, you do not want this debt to drag on longer than it needs to.
“A budget tells us what we can’t afford, but it doesn’t keep us from buying it.” – William Feather
Email – joe@budgetboss.ca
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