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How to Save Money In College

**How to Save Money In College**



View Time:9:52Minutes



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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

5 Easy Money Saving Tips | Unite Students

**5 Easy Money Saving Tips | Unite Students**



View Time:4:47Minutes



Saving money as a student seems impossible at the best of times! I’ve got 5 really simple, easy ways that you can save money as a student.
If these ideas were useful for you, leave me a comment!


Thanks for watching !!x

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hello everybody welcome back and welcome to Verde with I hope is going to be really helpful for a few of you today we're talking Student Finance now I actually get quite a lot of questions on YouTube and on Instagram about how to work on a student budget how to save money and to be honest I don't really budget in the traditional sense I just like to know what's coming in what's going out and really how to make the most of the money that I do have so today I'm going to be showing five little tips that I like to use to make sure that I can make my money go as far as it can so tip number one is use a piggy bank and I know this sounds quite childish a little bit stupid but it works for those of you that I've watched a few of my videos you might have noticed that I have an old like whiskey bottle that I keep in the corner of my room and I just feel that with any spirit change that I have lying around I have to say I'm much more of a card person now than a cash person but anytime I do use cash and I get changed back as soon as I get a warm that change it goes straight into this bottle it stops again lost in the bottom of a bag somewhere and the money really does add up no the bottle I have is pretty huge it's like this size so it takes a while to fill up but when it is fill it's a good time the last time I emptied that bottle and 400 pounds in it and when you do fill it up it's up to you where you want to spend that money on you can put it towards your rent for the next month so you don't need to worry about it you can buy yourself a little treat it's up to you but I would definitely recommend trying out the piggy bank method no the next step they have you're either gonna love it are you gonna hate it and that tip is try and cook as much as you can I know how tempting it can be when you get back from a day of lectures and all you want to do is order some food in but try not to try and make your own food because number one it's gonna save you a lot of money and number two it's probably gonna be a lot healthier there is this misconception that cooking your own food is expensive and it takes time and if you want to eat healthy it's gonna cost even more but that's just not true there are so many recipes online videos on YouTube that show you such quick easy healthy meals and they don't cost a lot at all so have a goal cooking for yourself and keep an eye out on the you channel because I heard that there are some recipe videos coming soon and my next step wawk wawk everywhere it's such a simple way to save money and also makes you feel a lot better by walking to university or walking into town rather than taking the bus or driving you're saving on bus fares you're saving on petrol and you're also giving yourself that little bit of exercise every day I love walking to uni I'm not gonna lie it's one of my favourite bits of the day it might mean gettin up 10 minutes earlier but I love the walk it just really clears your mind before you get to your lectures you know what it's doing you good and even when it's raining it's not as bad as you think my first step is looking for student discounts because they are everywhere I'm sure you're all aware of apps like uni days or student beans anything like that but even if shops and restaurants aren't advertised on those apps the proper gonna do student discount privately anyway this is a great thing to do during freshers if you are out for dinner one day or shopping with your new flatmates just ask a place Easter student discount because then you'll know for the future and don't get embarrassed about it I know it can be quite awkward asking if they do student discount but the worst that they're gonna say is no and even if somewhere made just do a 5 percent or a 10 percent shouldn't discount it all adds up also another little hint to piggyback onto this one look out for different promotions as well places might not do student discount but they might do weekly promotions or different deals so just keep an eye out it's definitely worth it and my last step is probably one of the most important and that is get saving now it's crazy how much money you can save up during summer if you're working but you don't need to worry about school or exams or a uni or coursework or anything like that so while you have your whole time to devote to work do it I know so many people and go through the Uni term without getting a job and then during summer they basically work full-time and they can then fund their time for the next semester so if you don't have a summer job have a look around even if it's just one or two days a week it all adds up and if you are working at the moment why not put aside five pounds or ten pounds every week as your university fund and then when you get to uni on fresh you have that money sitting there and ready to go honestly it's not as bad that's what people make out to be so on that note as the end of this video I hope that you guys enjoyed watching if you did give a thumbs up I hope some of these tips helped you out and if you are going to university at the end of summer good luck that is all from me today so I will see you again very very soon goodbye bye