If you’re a college student like me, you know being in college can be pretty expensive—but it doesn’t have to be that way. Since starting college, I have noticed that I tend to spend lots of money on clothing, food, rent, and getting coffee in the mornings… in addition to textbooks and supplies for some of my classes, which can all be really pricey. Today I’m going to share different ways to save money, especially for college students.
1. Signing up for Rewards
First, I’m going to talk about a couple of websites that have special deals for students. The two websites are called UNiDays and Student Beans. These two websites have discounts for various stores ranging from fashion, beauty, lifestyle, technology, and food. I personally use UNiDays because of the many different discounts that are available for students and how user-friendly it is. To qualify, you either have to have an academic email account or your student ID to successfully sign up for the discounts. It’s also worth mentioning that even signing up for a company’s loyalty rewards program by downloading the app or signing up through email is a great way to earn discounts and rewards.
2. Budgeting
The next thing I recommend is budgeting. I know nowadays it can be difficult to budget your money, but tracking your spending can improve your finances. Creating an excel spreadsheet to keep track of your spending such as rent, food and utilities, as well as how much you are getting paid, will help in the long run. Even writing down your spending habits in a planner can work too. In addition, I also recommend getting a savings account and/or separating your savings account from your checking account. Most savings accounts typically earn a higher interest than a regular checking account. Most banks have their own high Annual Percentage Yield (APY) rates on savings accounts so you can grow that money and earn the highest return possible that you have in your savings account. When finding which bank you want to open a savings account with it’s important to find one that has little to no fees and one with a high APY. Though it’s more common in local credit unions, there are some online banks such as Capital One which specifically have an online savings account with a high APY.
3. Credit Cards
Lastly, and maybe controversially, is getting a credit card. I know credit cards have a stigma around them because of the debt they can incur, but if managed properly, credit cards can be beneficial. There are multiple student credit cards which cater to students in the sign-up process as well as cash back rewards for using one. Companies such as Discover, Capital One, and Bank of America offer quite a few forms of credit cards that are helpful for college students just starting out and wanting to build credit. Tip: take note of the annual fee and APR rate when selecting the right credit card.
Saving money can take form in many different ways and it doesn’t necessarily have to be complicated. Even tracking your spending every month can help.