Going into college is fun and exciting, yet it requires careful planning, especially if you are starting out with a heap of student debts and/or limited monthly allowance.
To make ends meet, students are typically taking part-time jobs. Although it’s a great thing for you to work part-time in order to pay your expenses, there is another thing you can work on: Live a frugal life.
Well, frugal living doesn’t seem that exciting – you need to cut your expenses in order to living within your budget. But you can pursue happiness by spending your money smart – remember, just like this good old saying goes: “A penny saved is a penny earned” – you have a good chance of seeing some money left at the end of the month to put into your current account. Just remember, you should open an account with a bank offering best student account rates.
So, if you are ready to live a fun, exciting frugal life, here are 5 tips that guarantee you will start seeing money left in your bank account at the end of the month:
1. Eat out less and stop eating junk food
It’s proven time and time again – eating out punctures a hole in your budget – and that includes buying a cup of coffee in a coffee shop or drinking with friends in a bar. A $3 cup of Starbucks a day means $90 at the end of the month. If you HAVE to drink coffee, you can make your own cuppa coffee or if you love hanging out in a coffee shop, replace that with a $1 cuppa coffee from a local, independent coffee shop – you will have $60 at the end of the month, just by “changing” your coffee shop. Not bad, eh?
Also, stop eating junk food, y’all! It’s bad for your health – and put a hole in your pocket! Cooking your own meal can save you money.
2. Share rooms
Living in a dorm is typical, but it can be so much more fun – and cheaper – renting a house and share it with as many friends as possible! Just be sure you have a roommate that will pay for the rent!
3. Look for free entertainment
Entertainment doesn’t have to be expensive – you can enjoy as much as you can on the cheap – even for free. Well, there are plenty to see around your campus – free of charge. There are festivals, street fairs, free concerts and all. A book worm in you? You can borrow books and magazines from the local library. Loves nature? Go hiking. Loves sport? Just get busy. Love arts? Visit the local art galleries and museums. The possibilities are limitless.
4. Use public transport/walk/biking
Buying a car looks so cool – and convenient… but it doesn’t have to be that way. Use a bike instead – or walk or use public transport – saves you aplenty on car purchases, insurance coverages, and maintenance/repair expenses.
5. Buy used
My favorite! I typically buy used books, and many others because of one simple, obvious fact: They can be darn cheap. Going to garage sales, second hand goods store, and such can save me plenty of money on the things I need.
So, there you go – 5 frugal living tips for you. If you are experienced in cutting your expenses studying in a college, please share your cool tips by leaving a comment below.