Reduce Spending Increase Savings in College

Everyone knows that college is extremely expensive. It’s not just the tuition, room and board it’s also the books, food and everything else that goes along with college. Everyone knows that if you’re ordering food all the time, out partying or having a good time that your money can disappear pretty quickly. Here are some creative ways of making sure that you don’t dip into your savings as much as you might otherwise, and can maybe even make your savings grow.

1) Start a Certificate CD – Saving money is the best way to watch it grow. Put your money in a certificate or a CD in your local bank to earn extended interest and watch it grow. Since you can’t touch this money without a penalty until the CD expires, this is also a great way to avoid impulse spending, which usually results in the purchase of something unnecessary anyway.

2) Don’t Go out as Much – We all like to go out and have some fun, but there are limits that need to be controlled. Going out regularly not only can easily effect your academic performance, but can drain your wallet pretty fast. I’ve seen people spend hundreds of dollars, even thousands of dollars over a weekend on nightlife, and to me it simply doesn’t make much sense. There are much cheaper options for entertainment on the weekends, which is what I like to prefer, as I like to keep my money in my bank account as much as possible.

3) Cut Down on Food Ordering – Ordering late night food can be fun and very rewarding, but it can also be devastating at the same time. Not only will it probably cause you to gain quite a bit of weight, but it will cost you hundreds or maybe even thousands of dollars over the course of the school year. Try to cut down on late night ordering and save yourself some money, and try buying snacks for your room instead. This is a much healthier, cheaper option, and you’re still fulfilling that late night craving.

4) Start a Business – There are a lot of opportunities to start businesses while in college. Many of the world’s best businessmen started their business while in college, and many of them actually dropped out because their business was so successful. I see people do it every year. Not that they’re going to necessarily become a millionaire selling t shirts or offering services, but they can certainly make a lot of money on a college campus, especially if it’s a big university.

5) Avoid Wasteful Spending – Buy your books online instead of the bookstore, and buy them used if possible. Another big money saver is selling your books online, instead of selling them back to the bookstore. Although the bookstore may offer you quick cash, they’re going to low-ball you and you’ll end up getting more for the book than you would at the bookstore. Even though selling the book online is more work, it’s not that difficult, and I’m sure your parents would be willing to help with the shipping if it means saving them money on books.

6) Get a Job – Although this may be difficult because of time constraints, if you can get a job on campus, or at a local mall that typically gets college students applying this can really help you save yourself from depleting your savings account. Any on campus employer would be flexible with your schedule, and most stores near campuses are probably also flexible due to the large amount of college students that probably apply to their store. If you can land a flexible position, this can really help you make some nice spending money while at college.

Saving money in college can be difficult, as everything seems to cost so much. If you follow the tips above it can really help you save a lot of money in your years at college. I actually did a good job of saving money while at college, leaving my savings account fairly full.