Let’s face it: saving money can be tricky. On the one hand you want to set yourself up for some financial independence but on the other hand, you don’t want to live like a broke college student. Here are some smart tips for saving money while still maintaining a respectable lifestyle.
1. Save your change
Maybe saving your change brings up feelings of being a kid stashing your coins into a piggy bank. But you should think about this savings method as a helpful tool in padding your savings. “If you cash it in at the end of the month you can put that money towards your savings. Who couldn’t use that extra money?” says Tom Bishop, a business major at New York University. If you’re feeling ambitious, try saving $1 and $5 bills.
Potential Savings: $100 - $250
2. The Potluck Party
The days of “potluck” being synonymous with “broke” are long gone. In fact, one student says, “they’re very chic and allow for lots of creativity.”
When Sheila Mathurin, a Pharmacy major at St. John’s University, and her friends get together once a month, they decide on a theme for the evening and let that dictate what will be served at the social.
“Our favorites are Southwestern night. Everyone brings a different fix-in and we make tacos. It’s great, we get to save some cash and hang out with each other.”
Potential Savings: $50- $80
3. Swap Books
“Who wants to spend a small fortune on new books when they’re made easily available for swap?” says Derek Fisher, a Journalism student at the University of Phoenix. Today’s money savvy college students are embracing a “sharing is caring” philosophy and turning to book swapping. Web sites like Paperback Swap make it easy to trade used books.
Potential Savings $50- $200
4. Downgrade Your Phone Plan
Most of us can’t do without our fully loaded phone plans. But consider joining a clan and reaping the rewards. Ask your parents or family member to add you to their family plan or start one with your most talked to friends. The difference in your bill may not be astronomical, but it can save you some dough.
Potential Savings: $30-$60, depending on plan
5. Learn how to Do-It-Yourself
There are many ways you can save money if you adopt a “can-do” attitude and do-it-yourself. Instead of getting a bi-weekly haircut, one graphic design student has his girlfriend give him a trim. “It saves me about $20 each time. She’s pretty good at it now, too” says Jason Turturo from SUNY Binghamton.
Potential Savings: $20-$80
6. Think Before You Buy
When you go into a store and feel like buying something you don’t need, it pays to sleep on it. Most people practice a 24-hour waiting period before making a big purchase.
Rebecca Torres, an Interior Design student at the Fashion Institute of Technology in New York takes it a step further and applies this tip to purchasing her school supplies. “For art students, they give such huge lists for supplies. I buy the supplies as I need them. I get the must-have supplies right away and leave the others to buy as necessary. Often times, I won’t even need everything given on the initial list.”
Potential Savings $100+
