The Art of Penny Pinching
A word to the wise:
Whether you are on your way to college this year or already attending, you will need as much money as you can get. One of the best ways to start saving money is to find all the little tricks that can save you a couple dollars here and there. Expenses adds up quickly and you can lose a lot without even noticing until it’s too late.
Without a doubt there are plenty of ways to save money. As a student you can no longer completely rely on family to support you. It is critical that you learn to save money and budget yourself. Plus, being financially savvy is a skill that will transfer into many aspects of your life.
Without wasting anymore time…lets dive into College Word to the Wise’s 10 Penny Pinching Tips!
- Stop buying name brand products! One of the quickest and most efficient ways for a student to save money is to stop buying name brand groceries. Buying your local grocery stores “no name” product will significantly cut down the cost of your weekly grocery bills. Pro tip: when buying medicines and pain killers, no name brands are proven to be just as effective at a significantly lower price point.
- Sell your junk! When you move to college it quickly becomes clear that you cannot bring all your belongings with you. Take a good hard look at your stuff and be honest with yourself – will you ever use it again? Whatever you decide you can live without, sell it.
- 30-day rule! Being young means being impulsive. We live life fast and hard. When we see something we want, we throw our money at it without thinking. Next time you see a big purchase that you want, wait 30 days before buying it. You’d be surprised how often after 30 days you realize you don’t really want or need it at all!
- Cook your own food! Fast food and convenience stores are very overpriced. Plus, by cooking your own food you will give yourself the added benefit of left overs for a few additional meals.
- Don’t use credit cards! There is a time and a place for credit cards. Unfortunately, credit cards give us a false sense of wealth. Just because you have $1000 credit, does not mean you have $1000.
- Buy in bulk! When it comes to items that you use every day, that are not perishable, buy in bulk. These items can include: toilet paper, laundry detergent, trash bags, paper towel, and etc.
- Check your schools health insurance! A lot of schools will give you automatic health insurance included in your tuition fees, and most people don’t even realize it! This is an excellent feature if you lack health care of your own. However, if you have a family health care plan through you parents, you can opt out of this health care and get money back!
- Pitch with friends and roommates! Pitching on food, booze, and house hold supplies with friends and roommates can help lower the cost of personal spending. Also, if you have a class with a friend, pitch on any must have textbooks and study together. You will get better grades and save money – awesome!
- Ditch the TV! With Netflix, downloads and web streaming there is very little need for cable or satellite TV. If there is a sports team that you just cannot live without, you can purchase an online subscription to watch their games that will be less expensive then a cable sports channel.
- No fee bank accounts! One of the biggest perks of being a student is that the banks are very accommodating to your needs. Speak to your bank representative and make sure that you are signed up for the best student bank account. These accounts will have no monthly fees and will save you a lot of money in the long run.
Pro tip: Avoid tickets at all cost, and don’t break the law, you hooligan! I have witnessed a lot of college students getting dinged with drinking in public tickets because they are on the street with open booze at a party, parking tickets when they rush to school late and can’t find a free spot or get a speeding ticket racing around town. If there’s one thing that can put a damper on your mood as well as a big dent in your wallet, it’s getting unnecessary tickets.