The number of families that are experiencing financial problems is increasing daily. This is making it harder for students to go away to college and university, as it is not financially doable for many. I am going to outline for the many families and students out there how you can budget effectively. Most other blogs and websites with budgeting tips require you to sit with a calculator and literally plan to the exact cent. I’m going to assume that most people are too lazy to do that (I would be), and I am going to be a bit more general. Hopefully once reading these tips, you can put these into effect and start saving yourself some money. Everyone who wants to go to college or university deserves to, and money should stop such a dream. That’s why I’m here to help you as much as I can!
1) Save money on your cell phone bill
Students tend to spend more money on their monthly cell phone bill than any other age group. Most students spend somewhere between $40 and $50 a month, which I find ridiculous. Cut this down to $20 to $30 a month, and you will save yourself a good $200 a year. May seem like nothing, but $200 can go a long way in this economy!
2) Do not use ATM machines for small purchases
We have all experienced those horrid ATM machines that charge you a couple dollars because they do not work with your bank. It may not seem like a lot, but if you do it continuously, it adds up!
Instead of doing this, quickly go to a nearby grocery store, and buy something from there (something inexpensive). When you do, ask for cash back, and voila! No ATM fees and you have your cash. Furthermore, you can just carry a bit of cash on you at all times to make things even simpler.
3) Use a bank that does not require a minimum balance
A lot of us tend to use banks that charge a monthly fee for having an account with them. Why pay this? There is so much competition between different banks that there are banks who will not charge you that monthly fee. Think of it like this; the bank charges you $5 a month, so by the year you just lost $60 for nothing.
Before signing up wit ha bank, be sure that they do offer free checking and savings account. Many banks claim they do, but then in fine print below a contract they say different. The small print will generally mention in vague terms that you must pay a monthly fee. Are they even allowed to do that? I guess we can’t really question the banks.
4) Be sure to get overdraft protection
Bankers, beware. Be sure to get overdraft protection! I cannot emphasize this enough. Banks make so much money from overdraft, and it’s all for nothing. Every time you overdraw, they charge you some ridiculous fee! And no, I don’t mean a couple dollars. I’m talking $30 to $40, all for nothing. Overdraft protection will ensure this does not happen to you
5) Buy books used, not new
Online stores such as Amazon (amazon.com) offer books for much cheaper than you will find new in stores. Why pay so much money for a book, when you can get the same one so much cheaper? Buying books is an area where many students and families struggle with every year, because the books the university offers are so expensive. It is not fair to have to pay so much on top of your tuition, and that is why many places offer used books. Some people seem to have something against used items, and I ask them, why? New book, used book, it’s all the same, so why not save yourself some money?
6) Keep a look out for grocery store prices
Before I explain this, I do not want you to misunderstand me. I do not mean “don’t buy groceries when the prices are high!” That is not what I mean at all. What I mean is that you should always look out for special offers and discounts. Most people go grocery shopping every week, and it is the easiest place to save money. If you go every week for the whole year, that’s a lot of weeks. Imagine you save $10 every week you go grocery shopping. It does add up to a lot. Instead of picking the expensive Bounty Paper towel, go for the no name brand. It will still do the job, and it will save you money. Win-win situation!
Agreed, Many students have iPhones, which is absured, just get a normal phone, and cut down on your usage…
40-50 bucks a month is a lot, it all adds up they all say
Yes, when I withdraw money, I always walk the extra block so I can take out money from my banks ATM, it’s worth it!
This is really difficult times when whole world is suffering from great economic depression. So these little tips can be proved very beneficiary.
Well I have started saving money on cell phone bill. Earlier I used to talk freely and with no worry but now I have to strictly minimize the conversations on cell phones.
This world recession have really made my life as a student worse. Now I can’t even talk on my cell phone much so as to cut down phone bills. That was really difficult for me.
From now on I will be concentrating on other tips given here like less use of ATM cards, that will save few bucks for me, and that way I can utilize more money in my cell phone.
Before reading this, half of these things never even crossed my mind. Well, I shouldn’t say that actually. A lot did, but I just never actually realized how much they could help me. I’m attending college with no financial support from my family, so I really should start to budget. The last year has been awfully hard on me, and hopefully this will help. If you have any other tips for a college student, I’d be interested to see you post about it!!!
I myself is a college student and badly affected by this whole recession thing. Well i was looking for some tips which could really help me save some money ,and I would really like to thank you for this amazing post.
Definitely it will help me to save some bucks for me and to pass smoothly in these difficult times.
I wish my son would read this, he is such a money spender that nobody can be like him.
And that is making it very difficult for me to handle in these grinding times. Well I would definitely share some of these with him and lets see what his reaction would be.