How to Save for the Real World While in College
Written by: AJ B.
There are a few ways to begin saving money while in college. According to an article from Affordable Colleges, a few quick tips to save some money when starting college and moving through college is to buy used textbooks (if possible), pay attention and use student discounts and places that offer it, and take care of a credit card while in college. College students are targeted for credit cards when entering college, because money is not easily accessible when in school. If it is absolutely necessary to use a credit card in college, apply for credit cards that have limited fees and low interest rates. These few things to do while in college can save you some money while starting college.
Another one of the biggest ways to save money while in college is splitting the money into different categories. Most college students have jobs while in school in order to pay for going out with friends, extra groceries, and extra shopping. By getting a job in college, it is one of the best ways to save money. While practicing for the future, it is best to take the paychecks from the jobs in college and split the money and put it towards different things. Putting a chunk of the paycheck in a savings account and saving it for the future will allow you to have some money put away for when you graduate college, but it is also important to have a balance. It is not necessary to put half of your college job paychecks away in savings because you still need a balance of school, hanging out with friends, and saving for after college, but by even putting 10% - 15% of a paycheck away into savings can help you save up.
By developing some of these saving habits, and by reducing on some extra spending in your everyday life, you will be able to save for your future. According to an article from Forbes, by incorporating even a few of the savings habits while in college, you can save roughly $100 a month! Having an extra $1,200 at the end of the year can help pay for things once you leave college as we enter the “Real World”.
Works Cited
McGrath, Maggie. “The 10 Habits You Develop In College That Will Save You Money In The Real World.” Forbes, Forbes Magazine, 30 July 2014, www.forbes.com/sites/maggiemcgrath/2014/06/13/the-10-habits-you-develop-in-college-that-will-save-you-money-in-the-real-world/#13b6a7203967.O'Connell, Brian. “31 Ways to Save Money in College.” TheStreet, 4 Sept. 2018, www.thestreet.com/how-to/save-money-in-college-14698022.
Writers, Staff. “Budgeting for College Students: Money Tips to Keep College Affordable.” AffordableCollegesOnline.org, AffordableCollegesOnline.org, 20 Mar. 2020, www.affordablecollegesonline.org/college-resource-center/student-guide-to-budgeting/.
This is a very important topic that we don't always think about. I know that when I go to college I'm afraid that I won't be able to find a job in the area. Saving up for college can be difficult enough as it is, but saving while in college is even for difficult.
ReplyDeleteThis article was really informative and is super helpful for students our age who are getting ready to go to college. It is important to know the best ways to save money and how it will pay off in the end as money tends to be super tight during college years the the first years out of college. These tips will help students prepare not only to have smart spending habits once in the real world, but also have some money already saved for when they need it.
ReplyDeleteAs we are in high school, this information is very important especially for us that are moving onto college. It is hard to balance having a job and school at the same time. Especially in something as rigorous as college. These tips are really beneficial for everyone as we move on to our next stages in life!
ReplyDeleteThis post was really helpful, especially since I am going to college in the fall. My sister just graduated from college in december, and she has actually given me some of the same advice. She used to only work in the summers but after her sophomore year, she got a job as a part-time waitress down the street from her apartment, and she said it really helped her budget. I’ll definitely be using some of these tips this fall. I’ll probably get a job at the library so I can save money, and then as you suggested, I’ll budget it so I can make sure I don’t fall short in paying any of my bills or other financial needs, and I can still have some extra money.
ReplyDeleteThis is such a relevant topic in today's world as many students and families worry about how they are going to be able to afford college and still be able to succeed after college.I agree that it can be very important to have a job at your college and remembering long terms goals of still being able to pay off what you need to. It is also important to have a good balance so you have time for more than just school and work.
ReplyDeleteI feel like this is something everyone should read, especially since we are going to college next year. These tips are extremely important and helpful to read. These are things I'll have to remember when going into college. I would probably get a smaller job and budget the money so I can still pay for all the necessary things and have some left over.
ReplyDeleteI think this is a really important thing to do considering there are so many things that need to be payed for after college. Not only that you’ll have to pay off some sort of debt and its better to pay it off sooner than later. Just putting aside a small amount makes a huge difference in the long run. I think this is something that everyone should be taught/informed about.
ReplyDeleteSaving in college is definitely a really important thing. A lot of people have jobs and try to earn money and save in high school for college because they know what they are getting into. Sometimes people get complacent once they get to college and forget that you need to start saving money more than ever while in college. These are a few solid ways to save money while in college but I also feel that you should also try to find ways to make money in college. Whether it be selling clothes or getting a job, you should try something to make money. If you are able to do both you will be in good shape coming out of college before getting a job where you will get actually good income.
ReplyDeleteThis is very relevant topic right now because people are constantly worried about having enough money during and after college. My brother is graduating college soon and I see him struggling to figure out how he is going to pay for everything after college, so these are definitely helpful and solid ways to save money while in college.
ReplyDeleteGreat ideas for how to begin saving for college. Looking into one of your examples, splitting a check into multiple categories is a great way to save. I agree with you that it doesn’t always have to be split perfectly in half, but taking out 15% and putting it into a savings account can save you a huge amount by the end of the year. In your last paragraph you talk about saving based on building small habits. While I agree with you that small habits can make an impact, changing life-style habits can also make a tremendous impact on how much money you save for and during college. Overall, it is important knowing how to balance your savings with living life. If you take too much of your paycheck for savings, you won’t have enough money for what you need and want now. This can also be reversed, if you don’t save enough money, the consequences can go all the way up to not attending college. It is important to research and establish a balanced routine that helps you save and live in the moment at the same time.
ReplyDeleteSaving money in college is a great idea to choose since we are going to be hitting that point in our lives soon. Being able to split your checks to what you need is a great way to start saving money. However, only saving a hundred dollars a month is actually pretty low. When you start going into the real world, especially student debt, your costs rack up fast and a extra $1,200 isn't going to do much. So, you would probably want to save more than just 15% of your money from a paycheck. However, it is a great starting number and a great thing to do while in college!
ReplyDeleteStarting to practice healthy saving habits early on is definitely an essential step that can set you up for early financial success, and by automatically saving a portion of any income you might be getting from a job, you can eliminate any stress that usually comes with not having enough money saved once you are out of college. An additional method of saving that can be extremely helpful for college students is to focus on buying discounted items and groceries and to learn to resist unnecessary, impulsive purchases, both of which can cultivate smart financial choices.
ReplyDeleteThis is a super good topic that all of us can relate to since we will be attending college within the next few years depending on our grade. Practicing healthy saving ans starting young is so essential and it may seem like its not doing anything now, but overtime you are going to see such a good growth within your savings and/or any investments you may have made. If we can get the youth into these habits now, the sooner they will be able to see those differences and want to continue to do what they are.
ReplyDeleteVery cool topic as we can actually use this to our advantage, I knew most of this though it is great to remind people of it. Textbooks are expensive so buying used is always smart however, with our advancing technologies I can't see textbooks lasting much longer until we revert to a digital textbook which will be cheaper but the used option will be no longer.
ReplyDeleteThis is a really important idea to think about as we're all pretty close to college age. There's a lot to balance in your life in college and this even applies to your paychecks which is important too and I like that you touched on that. It's smart to understand that consistently putting away some of your earnings now will be that much more appreciated at a later time. College has a lot of expenses and working away some of your debt early can help relieve some stress when starting in the working world.
ReplyDeletethis is good to think about because many of the people entering college have rarely managed money before and when you go to college that is one of the biggest things you must do. I also agree that you must have separate piles for your money and label them so that you can visually see where you need to save your money and where you don't it helps overspending and not losing money.
ReplyDeleteLearning how to save and balance your money is a very good topic to talk about in general, but more importantly since we are starting to look at colleges. This is a very good article to give people some ideas on how to save money when buying textbooks and balancing your paychecks. These good saving habits are a good thing to start learning in high school so you don't have to learn how to save money while taking college courses.
ReplyDeleteThis is a super relevant topic since many people in personal finance are seniors and headed off to college next year. There definitely are tons of college student discounts out there that can help save some money. I think for me it will be important to take some time and find these online so I know ahead of time which stores/places offer discounts and get set up for those. Many college students don't take advantage of these discounts and end up spending more money. In addition, I always hear from older students to be weary about buying textbooks right away. For me, I think I will talk with my sister who was a freshman at the school I will be attending to see if I can borrow/what textbooks I actually need.
ReplyDeleteAJ, I think this is a super good, relevant, and important topic for all of us considering a majority of us will likely be attending college in the next few years. Practicing healthy saving ans starting young is so essential and it may seem like its not doing anything now, but overtime it's crazy to see how much growth you can get by only putting in what seem like small amounts. Financial security affects so many different aspects such as the economy (like the stock market), so imagine how prosperous we could be with a society of financially secure individuals?
ReplyDeleteI feel there are so many different ways to spend/save more money in college. I sometimes fear the fact that I could potentially lose a lot of my money by spending a lot of it while I'm there. This writing piece really made me think about what I should prioritize to buy and what not to buy. Especially with an older sibling going through it this year, I should talk to more people like you and others.
ReplyDeleteYou covered a lot of topics in this, which was very helpful! I may be a Junior in highschool as of right now, but I know that it is important to plan for saving both for and while you are in college because it can prepare you for your life after schooling.
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