How can you save in college? Find out!

You don’t have to work at a high paying job to watch your savings grow while you’re in college or university.  By creating a budget and setting aside a certain portion of your college internship or work/study job income each week you can start to build your savings.  If you manage the amounts of money you spend on entertainment, clothes and eating out with classmates and friends you can also grow your savings.

To create a budget, review your daily and weekly expenses.  Write down each item that you purchase.  This may help you to clearly see where your money is going.  After all, it’s easy to spend several hundred, even a thousand dollars, without recalling exactly what you spent the money on, and before you know it, your weekly paycheck is spent.  A budget that lists your weekly income, expenses and the amount of money you want to deposit into an interest bearing checking or savings account can help you to monitor your money and grow your savings.

Make Your Money Work for You as Your Pursue College Degrees

You can also grow your savings by:

  • Shopping for the best deals on transportation expenses (e.g. airline tickets home, rental cars)
  • Filling your vehicle’s gas tank up at the lowest priced stations in the town where you attend college or university
  • Getting overdraft protection on your bank accounts to avoid paying fines and penalties
  • Walking to nearby events to save on gas money
  • Turning off and unplugging appliances when you travel away from home to save on monthly utility bills
  • Purchasing renter’s insurance if you rent an apartment off campus (this way should your property get damaged or stolen, the insurance company may pay to repair or replace it)
  • Reading through purchase contracts including cable and telephone service contracts, so you are aware of all fees associated with the purchases (also be sure to purchase services from vendors who offer you the lowest rates and the best service)
  • Purchase products in bulk to save money over longer periods of time (for example, instead of buying two spiral notebooks for $3.50 each, you could buy a pack of 10 spiral notebooks for $25, saving yourself $10 over what you would have paid had you purchased the notebooks individually)
  • Avoid talking or texting on your cell phone beyond the monthly limit to avoid incurring additional charges and expenses
  • Opening an investment account with your bank or another reputable financial services agency and watching your deposited investments grow
  • Tutoring, babysitting, sewing clothes for classmates, etc. to earn additional income and grow the amount of money you deposit into your bank and investment accounts
  • Buying a campus parking pass to avoid having to hunt for a parking spot every day and to save on meter expenses

As a college or university student, this might be the first time that you’ve been away from home and living on your own.  Whether you’re receiving spending money from your parents or from a part-time or full-time job you’re working, spending and saving habits that you establish now may have a far reaching impact on you.  Start educating yourself on ways to grow wealth, manage your finances and grow your savings while you’re in college.  Open interest bearing checking accounts that offer overdraft protection.  Also consider opening low risk investment accounts with reputable financial services firms.  Manage your budget and watch your savings grow.

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