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How to Save Money In College

**How to Save Money In College**



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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

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**5 Tips for Saving Money in College | How to Save Money in College**



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Helloooo everyone! In today’s video I share my tips and tricks for saving money in college. Keep up with me on my other social medias, info below!

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everyone welcome back to my channel so today I'm going to be doing a video all about different ways to save money in college so as you guys then already know I'm going to be a junior this year in college so I've had two years to kind of practice saving up money and just living comfortably in college and these tips and tricks have really helped me and I hope that they can help you as well so the first tip I have is to be organized this is so important if you're not organized with your finances there's no way that you're going to be able to keep track and know how much money you're spending each month until you get your statement or until you see like the number in your bank account if that makes sense so what I thought works really well for me is writing everything down in a bullet journal so I have basically just a page for my transaction for the month on my credit card and I just write down literally every purchase I make and I kind of organize it based on whether it's like coffee or food clothing fun activities things like that it just helps me kind of break down how much money I'm spending each month on different things and if I see that one month I spent X amount of money on something and that's a little bit higher than I wanted then the next month that helps me kind of reshift my focus and try to cut back spending in that area and like I said it's a really tangible way to see how much money is coming in and out I also write down all the money that I'm making through my jobs and stuff like that and that has worked really really well for me but if you're not a tangible person like me another great option would be like an Excel spreadsheet and just like logging all your finances there mint is a really great app it basically just takes your transactions and puts them into different graphs and charts and shows you how much you're spending in each department you can set goals it's free it's really really nice so I found that having some sort of way to organize and keep track of all your finances really helps put you on like a good path to saving money in college so my second tip is to be aware of how much you're eating out in college it's so easy to get sucked in this kind of vortex of going out to eat all the time and going on a bunch of cookout runs and things like that and obviously it's so much fun to do that and it's great to be social in college up a huge part of going to college but just try to limit the amount of times that you go out so I found works about me is having one meal out a week with friends on campus and then the rest on campus and most likely your friends are going to have meal plans as well and are trying to save money most people in college are so more often than not people are pretty willing to eat on campus especially if a bunch of people are going you still have that social insulin interaction but it saves everybody a ton of money so my third tip is to not buy textbooks that you don't need I have so many classes where even the teachers have admitted that you don't really need two textbook look online app friends read the syllabus make sure you need the textbook before you buy it and there's definitely going to be classes for you 100% needs a textbook you'll use it every day and for those I always try to read my textbooks buy them used and borrow them from a friend something like that there's a lot of really great resources online for finding inexpensive textbooks your bookstore will most likely jack up the prices I know mine does and that's a very common thing in college campuses so typically if I do need a textbook I'll use Amazon velour books and I'll always check the prices on slug books comm basically just enter the number of the book and it will compare a bunch of different websites and give you the best price for it so basically before you buy your textbooks just make sure you need them and if you do try to buy them used or rent them it will save you a ton of money so my fourth tip is to always get water when you go out to eat with friends getting water when you rec eat is such an easy way to cut like two or three dollars off of your bill and you can most likely get soda or juice or whatever you want to drink on campus with your meal plan I know that I can in a lot of my friends at other schools can so just order and water is a really great way to save money it's really great for you so it's pretty much a win-win situation and then my last tip is to utilize your student discount so this is something that I'm still trying to get in the habit of doing just because I forget that it's an option sometimes there are so many great stores that offer student discounts if you have your ID or a school email address and it can save you so much money if you just google it student discount to get lists of like hundreds and hundreds of companies that have them I resent some of my personal favorites Amazon Prime is 50% off as a student which you will definitely utilize if you get it I love Amazon Prime Apple has really great student discounts especially if you're buying like a laptop they'll normally throw in a pair of like these are a couple hundred dollars off just for showing your ID or giving them your email address like why wouldn't you do that a couple other really great ones are made well Spotify and Harris Teeter grocery stores always have them student universe is a website we can buy flights I booked my flights when I'm studying abroad through student universe and I saved so much money I would definitely definitely check that one out and other stores like Topshop is well like I said if you just google student discounts or check on different websites most of the time make you have one and it will save you around 10% maybe more off of your purchase so that's just basically found money so what those are my tips for saving money in college I hope that you guys found them helpful if you have any other tips or suggestions for saving money in college please leave a comment down below I would love to read through them and I'm sure that they'd be super helpful as always my social media will be linked down below I've been posting a ton Instagram and Twitter lately and I would love for you guys to check it out and with all that being said I will talk to you guys next time bye