How to Save Money In College

**How to Save Money In College**



Views:19276

Rating:4.99

View Time:9:52Minutes

Likes:671

Dislikes:2

Support the Channel:
PayPal(one time donation):

Follow me on Instagram:
Twitter:

This video covers the 6 tips for saving money in college. Whether you are in college now, or will be soon, it’s important to understand your personal finances and how you can optimize your savings and financial knowledge for after school. Learning how to save money in college now will be especially beneficial as you move through college and into your career.

Many college students struggle with not having enough money, overspending, and constantly feeling broke.

This video will give you a few ways you can make extra income, save money on school expenses, as well as book recommendations for personal finance.

Here is a brief overview of the 6 tips.

1. Set a budget

2. Find a part time job.

3. Avoid tempting credit card offers while in college.

4. Avoid new textbooks, and buying at your bookstore.

5. Learn the basics of financial literacy.

6. Understand your student loans.

Those were the 6 tips and make sure you stay to the end and get the bonus information we provide you on saving for retirement.
in this video I'm going to cover six tips on how you can save money while you're in college the first is to set a budget the most important part in establishing your spending plan is analyzing what your income will be per month whether it be money from your parents student loans or best yet a part-time job this should only take 20 to 30 minutes and you should do at the beginning of the semester or quarter your actual expenses might change a little for month-to-month but the most important part is that you have a general outline to follow you'll want to focus on how much you can spend on food entertainment transportation and books for the semester once you see everything together you can figure out what you can cut down on to save a certain amount if you are a freshman living in the dorms you will most likely be required to buy a dining hall meal plan and this will be creating your spending plan a little easier but one thing I watch out for is how much you go out to eat with friends because this will add up quickly when you enter into college you will finally be on your own and will be responsible for your own finances take this time in college when you have a limited income to build good habits now one great way to tackle all your spending is by using the free app and online service mint this is not a sponsored video or anything but rather something I personally used to keep track of my own finances tip number two is to find a part-time job a great way to improve your spending plan is by obtaining a part-time job while you're in college a part-time job will give you extra income to do fun things with friends go out to eat travel on the weekend eat healthier and more luxuriously than mac and cheese or Top Ramen one of the most convenient places to work at is your school on-campus jobs are perfect for students because these jobs are typically more flexible with your school schedule you can find on-campus jobs at your gym bookstore restaurants dining hall or grading for professors another option you might want to consider is becoming an RA or Resident Advisor for the doors of your school after your first year this is a great option for students looking to save money on room and board because most schools will give you free housing and exchange for being an RA which can easily save you ten thousand dollars for the year number three is to steer clear of tempting credit card offers by the banks on your campus although it is important to build credit if you're trying to finance a car or get an apartment waiting till you graduate college and having a monthly income is most likely the best decision for most students it's important to realize that credit cards are not free money whenever you spend on a credit card you will need to pay off at the end of the month the difference between a debit card and a credit card is that with a credit card you are billed at the end of the month for your spending whereas a debit card is linked to your checking account and the money comes out immediately if you use your credit cards and maybe buy a meal each month and you always pay it off then awesome you'll build credit and won't gather any fees or interest payments but many students go overboard since they don't have to pay the money back immediately tip number 4 is to not buy new textbooks and ideally don't buy it from a University's bookstore you should always rent buy used bar from a friend or find a free PDF version you can save hundreds of dollars each quarter or semester simply by renting or purchasing used textbooks which can add up to at least a thousand if not more in savings over the course of your college career just to show you an example I looked up a book called fundamentals of engineering thermodynamics a required book for mechanical engineering students at the University Bookstore I checked out it was $200 to buy used and 228 to buy new that same book sells used for 150 on Amazon and you can rent it on Amazon for $50 there's also Chegg which is a popular site to rent books a website I personally used with slug books comm all you do is type in the book you want to look up and it lists up a bunch of different websites and tells you the prices of the book at all of them and whether it's to rent it or to buy it in addition to buying used textbooks you should always wait to buy the book until you attend the first class session to see if you actually need the textbook first week of every quarter or semester is primarily used for taking attendance and going over the syllabus and with services like Amazon and Chegg they can get you a textbook in two days there's really no need to buy the textbook ahead of time unless the professor specifically tells you there will be homework due in the first week of the term lastly if you think you will very rarely need the textbook and don't want to rent or buy the book your library should have a couple copies on reserve however it is important to know that come midterms and finals week you and your classmates might be competing to check out the same book number five is to learn financial literacy begin investing in yourself and start learning the basics of financial literacy the best way to do this is through personal finance books and podcast reading for recreation is often a challenge during the school year because of the volume of reading assignments homework papers and labs so an alternative is listening to books on audible or listen to podcasts while you are walking in a class start educating yourself on the basic retirement accounts like an IRA and a 401k when I started my first job as an engineer the second day I just set up my 401k once I got to the page I needed it gave me options to invest in small cap stocks large cap stocks bond international equities and more and my boss as well as yours will not explain this to you it's all on you luckily there's often an option for you to set a year you will likely retire so for those starting out it might be a 40 year plan and they invest the money for you but if you have more experience in this then you can control where your investments go and I don't know about everyone else as an engineer no class I ever took taught me about investing stocks or bonds but luckily I taught myself a little about this before graduating if not I would have had no idea what any of these terms meant you should learn the difference between a Roth and a traditional IRA or 401k and possibly start investing when you come across some extra cash the most important part is you know the basics of financial literacy you are ready for when you graduate college three books that I found helpful and understanding the basics of personal finance include I will teach you to be rich the Total Money Makeover and money master the game just by reading these books you will pick up the basics and be prepared to be financially responsible for when you graduate college and last is to understand your student loans when planning your spending plan you want to look at how much money you will need for school one huge mistake students make is that they take out more student loans than they actually need unlike any other loan student loans stay with you forever until they are paid off you cannot declare bankruptcy on them and make them go away like you could a car loan it's important to look into which loans you qualify for know the interest rates and always know the principle balance you owe let's break this down if you have student loans at 7% interest per year and have to pay them off in 10 years here's what your monthly payments would look like and just remember how much your interest increases the total you'll pay over the 10 years so for example if you take out $40,000 in loans at 7% at the monthly payment over 10 years you'll pay fifty five thousand six hundred and eighty dollars that means you pay 39 percent more than what you took out seven percent didn't seem so bad but it's more than you probably think and look at this if you can manage to take out 30k instead and pay it off over ten years you'll pay a total of about $42,000 so look at that by taking out ten thousand dollars less than student loans you spend over thirteen thousand dollars less over the ten years so you see every scholarship every early payment taking that are a job for free room and board or renting the textbooks will seriously help to saving X amount on loans now really means you're saving more later on and just a disclaimer know that there are different types of loans out there and you will likely have many with different interest rates so make sure you know what applies to you in addition students should not take out more student loans than their projected first year annual income when you get to college is a good idea to go to your financial aid center at your school at least one to two times a year so you can stay up-to-date on information about your student loans grants you might be eligible for and scholarships if you are getting student loans you will need to apply for FAFSA every year and lastly it's important to know who your loan provider is what type of loans you're receiving and how much you are taking out every quarter or semester in conclusion it's crucial for students to implement good spending behaviors early no one is going to learn personal finance for you start with these financial tips and grow from here and as a final tip one thing that gets overlooked by young people because retirement feels so far away is that they don't start saving as soon as possible remember if you put $1,000 into a retirement account at 20 years old it will be worth around fifteen thousand dollars that retirement if the market does well doesn't seem like a lot but starting early allows that compounding interest to happen even faster this will be covered extensively in the personal finance books listed before but it is never too early to set aside money for your retirement we live in a time where retirement age is being pushed back and where social security pensions will be a thing of the past the simplest approach to personal finance and savings for retirement is using the 80/20 rule using 80% of your earnings on your bills and expenses then 10% for long term savings and 10% on yourself if you liked this video don't forget to Like and subscribe and I'll see you all next time you

18 thoughts on “**How to Save Money In College**

  1. College Debt Slavery-on kindle

    Want to save money? Avoid going to college. It is the most overpriced thing in today's society.

    Reply
  2. Angel Monarrez

    I may need this after eight years of schools and get some back up jobs and used parents income taxes thank god private schools are better than public schools cause private schools have more finding than all public schools private schools have more courses than all public schools systems and its better to save parents companies and organizations investing matters as being half rich and for poor people have no chance at all cause private schools they can't afford only public schools poor people waste time on jobs instead of an educations task and private schools have better sports clubs more activities than all public schools just like to screw off and private schools would never screw they knew the board of education for a very long time many kids who are in private schools win money for students instead if public never gave extended time on anything and private schools have tons of money an example a gypsy woman on my first sibbling he had tons of college courses going in the honors programs and she was following him so many places like in love with him and my second sibbling goes to the honors programs in cheap colleges their busy every day in busy every day taking an honors program more home work and educations matter most colleges never took loans some just the entire colleges honors courses and financial. Aids and grants scholarships no loans as never a task but buying a car when I'm 30 saves Money matters being rich teen hood and have kids when 40 happen don't want a mex its better a rich white woman but the gyspsy woman who followed this man he was like Hispanic white American she went everywhere to get liked him or loved him he was busy doing more work in colleges and high school students are nit allowed in colleges they need to graduate high school the woman's mother man she forced and forged her date more rich men none of the girls the Hispanic white man he dated all the girls dated him for study dates and went out he worked at. Rich gyms are better to spedn time on weights and life all colleges want books and minds to better students nit computers or phones teachers will take phones away some teachers hate phones and computers libraries are better to be in books and journals articles finish homework on time in campus and drive forty minutes to schools are better for colleges to get all phds masters and bachelor degrees not like over spend on cheap clothes clearance areas in many stores outside of private schools and cheap groceries count food water rent gas for cars to drive for schools for examples black hawks 60110 are college drop outs crossed boarder made foursome in public areas without visas take off their clothes have STDs herpes for watching porn low paid jobs lazy people females and males teach little kids how to be racist touch trans and gay marriage 💑 people 247 drive low milles cars has side kicks who are lossere have no life when they in the outdoors public areas sex offenders liked to rape anyone snoop around and go to strip clusb beg lap dancing they have no college degrees lame punks fast food make them fat pay poor gyms which are boring like to be in the woman's bathroom perverts watching wants inside the woman's bathroom 🚽 and females humping men bathrooms making sex weird sounds and in cars bare naked without condoms instead of education black hawks 60110 are lossers lazy people black hawks 60110

    Reply
  3. Annonay Mouse

    I go to England where the degree is £30000. My parents pay for this, accomadation is £4000. (P.s. for full degree) I am going to work at a company so I can pay off the accommodation. I am also going to make money by selling stuff.

    Reply
  4. Josue Yanez

    Tip #4
    (Pardon my language)

    Super Fucking useful my University Fucking OVERPRICES fucking textbooks worst of Fucking all I hardly use them. Plus taxes is fucking ridiculous. Sons of bitches love taking my money

    Reply
  5. Prophet Pepe

    Please do a video for Petroleum Engineers, man. Pretty please. I admire the dedication in making these videos. Keep it up. May KEK bless you, man

    And no, I do not know dingus at all.

    Reply
  6. Ahmed Leghari

    Could you do a video on Electrical AND Computer Engneering (ECE) , many colleges are starting to offer that even a bachelors level.

    Reply
  7. RedTriangle53

    holy crap, the college system in the US really is just a business venture exploiting people's need to get an education. 7% yearly interest on a student loan and $1000 per semester on books? My condolences to anyone who lives in that god forsaken country. I live in one of the most expensive countries in the entire world, and that's still just insane. Food and living expenses are high here, but education is a right. Students here aren't punished for daring to aspire for a comfortable life without being members of a wealthy family. What a shame.

    Great video btw. I'd recommend a technique for saving money that is extremely efficient, if you're willing to make some sacrifices. Set up an automatic transfer of a very low amount to your spending account every day, and that is all you can spend(outside of paying monthly bills and other exceptions). I have chosen an amount so that I can easily afford to eat every day, but still so low that it's impossible that I spend more than 1/8th of my student loan on non-bill personal expenses. That way every cent outside of that daily budget you don't use to pay a bill with will be saved and can be invested. I have found that I can still live pretty comfortably even having enforced that restriction, despite spending less than half of what I used to. I can even save up money from that budget, and that money is free to be spent on anything I like, so if I want to save up for a computer or other personal entertainment kinds of stuff, I'll have to save from that tiny budget while I save the rest. It works amazingly well.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *