Being a college student generally indicates that very little money is being made. Having work studies, jobs on campus or off, summer jobs or internships typically are paying minimum wage or nothing at all.
It is important to reduce monthly spending to ensure that students have spending money as well as money for emergencies and savings. Reducing monthly expenses can be easy when following these tips.
Check monthly statements. Banks will provide monthly statements either online or through the mail that display all the money put in and taken out of a savings or checking account for the month. When students receive this statement they should check for any expenses that get taken out automatically. For instance, a gym membership or Spotify Premium. If the expenses are not necessary or used often, they are not worth the cost. While a few dollars every month may seem insignificant, they eventually add up and students will be spending hundreds of dollars annually without even knowing.
Sign up for rewards programs. When it comes to shopping it is easy to spend more than usual as it is typically not a common expense. However, if students find themselves shopping at certain stores often, they should sign up for the store’s rewards program. Rewards programs are typically a free point system that increases with every purchase. When the points reach a certain threshold, they can be exchanged for discounts or even free items. Some places, like Panera, give free items when it is the member’s birthday.
Use public transportation. SNHU allows students to have cars on campus for a price of $200 for freshman and $100 for upperclassmen. However, not all people can afford to have their cars on campus and some may live too far away and do not have the option at all. Public transportation is an inexpensive way to get around and save on gas money, parking and any potential maintenance. SNHU even provides free bus passes that provide transportation throughout the majority of Manchester.
College is expensive, and when students are making a small income it is essential to save more rather than spend more to ensure that enough is available to pay for essential costs such as textbooks or paying off student loans. The biggest tip is to uncover where the most money is being spent and see what can be done to reduce or even eliminate the expense. Even reducing monthly expenses by $10 can make an impact, that is $120 annually that can be put in an emergency savings account or a student loan payment. Students who start saving today will see a difference tomorrow.