The college days are often some of the best times of a person’s life. But financially, balancing your studies while maintaining your new independent lifestyle can be challenging. Opening a credit card can be tempting, especially if you want to build credit. However, the dangers of credit cards are real, with 42.1% of undergraduates saying they had credit card debt in a 2023 survey.
To avoid the pitfalls of credit card debt, here are five tips on how to save money during your college years:
1. Start with a budget
Budgeting is an essential tool that can help you throughout your life. By tracking your expenses in college, you can ensure you’re not overspending while also implementing good financial habits.
2. Buy or rent textbooks
Textbooks can cost you up to $1,200 a year, a significant chunk coming from your available spending money. Try buying used books from an online seller or renting them to reduce costs. You might even be able to find the textbooks you need in a library or buy them from another student. Once you finish the class, you may be able to sell them to other students and get some money back.
3. Eat your meals in
Instead of spending $400 or more on eating off-campus, try to eat in or cook more frequently to save money. It’s also easier to balance nutrition when you make your own meals at home. Something as simple as making your coffee instead of grabbing a beverage every morning at the campus coffee shop can save you significant money.
4. Get a part-time job
While your studies should be the priority, working part-time can give you a steady cash flow to offset the expense of college living. Campus jobs are ideal because they’re convenient, allow you to mingle with other students, and may be more understanding regarding your class schedule. However, if you can’t snag an on-campus job, local coffee shops and restaurants are also good options.
5. Talk to a credit counselor
If you get a credit card, try to pay it off every 30 days. But that may be easier said than done. If you’re struggling to manage your money, talking to a credit counselor can help. They can help you create a budget that works for you and put you on the road to paying down your debt. If you have student loans, they can also help you navigate repayment when the time comes.
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