For a young college student, saving money isn’t always the easiest task. Borrowing money can help alleviate stress, but you don’t want to owe more than you originally planned. Whether you work over the summer, throughout the year, or not at all, it’s possible to successfully maintain a budget and still manage to ace your courses. Discover how to save money in college with strategies from Your Credit Union.
Set a Specific Goal
Without a specific savings goal, college students are at risk of overspending or over-borrowing. It’s recommended that you calculate the amount of money you need to save each month to achieve your goal. Divide the amount you need by the number of months you attend school, and transfer that sum into your savings account each month.
Consider Your Options
College students that assess their living choices are typically more financially successful. Are you paying out of pocket for your luxurious apartment? Consider scaling back on your daily expenses by comparing on-campus dorms to off-campus options.
Establish Good Habits
Dining out every night might be fun, but it’s going to burn a hole in your pocketbook. Similarly, spending $10 each day to fuel your coffee addiction can quickly add up. Establish good habits early, and consider cooking more meals and brewing your coffee at home. Plan monthly visits to the grocery store, and take advantage of your meal plan if it’s available to you.
Apply for Scholarships
Your Credit Union is proud to sponsor the 2018 Scholarship Awards Program! This scholarship recognizes the educational goals of young members and awards their academic achievements and community service. Simply complete the application and write a compelling essay for your chance to win $1,000!