It's possible to save while in college (and here's how)

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Traditionally, college life is one that alternates between extremes: excess and brokenness. When you’re young it’s easier to fall into the temptation of impulse buying (or crazy partying with friends) that leave you searching every pocket later to make it through the end of the month. So, today I am going to show how, with no gimmicks, you can actually save some money while attending university.

Image: Kat Yukawa - Unsplash.

Opening a savings account
Because it is possible to save, you should start by having a basic saving and checking

account at a credit union. This will allow you to have a separate account where you can stash those extra bits. When you get to the end of each month/pay cycle, you can look at your checking and, whatever’s leftover, move it to savings. Also, if you don’t think you’ll be able to resist the temptations, it’s perfectly Ok to ask your credit union to not link your savings account to your debit card so you don’t fall prey to weakness later.

Little by little that money will grow; you can’t imagine how much pride you feel the first time you realize you started really saving for other stuff. It’s a great lifetime habit and I am telling you, you can do it if you set your mind to it.

Starting solidly – by saving on your first college
I get it, going away from home, making new friends, learn a new city, it has huge appeal. However, who’s to say that you need to study all four years away? Community colleges offer college level classes level 100 and 200 for all the core subjects that make up every college degree, plus some more advanced ones that are part of people’s study guide; except that at community colleges these classes come at a fraction of the cost than at a 4-year school. You can study at your local college first and then transfer to a 4-year university of your choice and do your last 2 years there. Transferred credits become part of your university transcript, and you’ll save thousands of dollars in tuition/moving/life away.

Learning to cook
It’s one of the best ways to save, in life. By learning to cook you can make things you like, knowing how much it costs, and by sharing you can also make friends. I recommend that you check out these two very well-known blogs on the subject of cooking on a student budget:

Image: Jakob Owens - Unsplash.

• The first blog is Budget Bytes, who author Beth Moncel suffered the cost of college food when she didn’t know how to, and set out to learn and share her experiences with others. Hers are recipes that are easy to make, with easy to find and use ingredients and that, to top it all, are affordable. 
• The second page is The Spruce Eats, which not only provides affordable recipes with few ingredients at a time: it also teaches you how to cook using the typical college dorm equipment: microwave, indoor grill and crockpot.

Living off campus
Campus living does have its advantages (you’re in the middle of everything and can walk/bike/kick scooter your way anywhere) and its cons (it’s pricier, there’s little personal space and well, campus keeps you far from everything else). Living off campus is a better option in terms of cost and freedom.

If you go this route, look for a shared house or rented room near school or well within the public transportation routes to it. Make sure you know all related expenses before agreeing and signing (not just rent but all utilities and internet) so that you’re sure you’re within budget.

Understanding your monthly budget
A budget shows you on what you spend your money and the ratio that each expenses

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represents of your total monthly money.

To create your own working budget for a whole normal month (meaning, a routing month without extra expenses) you’ll need to keep a written or electronic record of every single expenses you pay: rent if you have it, utilities, food, coffee, the bus, gas, going out with friends, streaming, the weekend parties, the apps you buy and those in which you spend extra money (like games), and pizzas; everything.

When you have that one month tallied up, here are two options to draw up your budget: you can search online for a free app or site that will allow you to input your data and gives you a budget; or, you can use our article, which includes a spreadsheet and explains how to read your budget results.

Your budget will pinpoint unhealthy habits (things on which you spend too much needlessly) and will allow you –if you decide- to set yourself on a more frugal path.

Joining the circular economy – buying second hand
Almost everything you have in college is temporary; therefore, you have invaluable chances to save by furnishing your room via Craigslist, shopping online for second-hand books, and

Image: Brooke Cagle - Unsplash.

even shopping for clothes are your local thrift shops. These are perfectly healthy and frugal options that will save you hundreds of bucks and are planet-friendly. By the way: to get that thrift-shop smell off your clothes: add a cup of vinegar to that first wash.

Value shopping
This is an economics term (it means buying an asset for less than its intrinsic value) that you can apply to life. Translated into everyday life, it means not buying something the moment it comes out, as it will be at its priciest ever then. Common examples of value buying are:

• Waiting a couple of months after products are out in the market before buying them (especially electronics); 
• Buying not-name brand food of the same quality for a better price; 
• Buying a used bike to use in college. 

Avoiding credit
Many people turn 18 and think “time to establish credit!” I believe that at that age it’s needless and even risky; the younger you are, the easier it is to make a mistake, and those errors in judgement stay on your credit report at least 7 years. If possible, avoid credit card debt for now.

Paying on time

Image: Sharon McCutcheon - Unsplash. 

If you disagree with me on credit cards, here are three keys to proper usage of a credit card:

1. Go for a rewards card that provides rewards that will actually be of use to you; 
2. Pay off the previous month’s balance every time (otherwise, you won’t be able to use the card for those rewards); and 
3. Always pay on time. If you can’t pay one month, call up the credit card company and ask for a one month extension (note: this is not something to abuse). 

Getting to the end of the month with money – the practical bits
I’ve compiled a list of practical ideas that will help you cut expenses every day. Don’t hesitate to contact me if you have a good idea I could add, as I will definitely publish it.

Best of luck in school!