If you desire to get up to speed on how to save money in college in order to be financially independent, pay attention to the information below!
Daily financial expenses differ college students from grown-ups. What should we expect in our future? A set of incredible Instagram photos after useless shopping and zero balance on your bank account? The consequences of such behavior are difficult to imagine.
This article gives a few pieces of advice for college students on money saving. The audience is “college students” as they are the generation that determines the future of the world financial system’s functioning. Additionally, if you desire to get more information on money saving tips or you have a college task to prepare reports on that, just click on “Buy essay cheap” link.
How to Save Money in College
Let’s recollect how many times you checked the balance on your credit card and got shocked: it seems someone was paying with my card! But as far as you read transactions history, everything becomes clear: it’s me who wasted such a huge sum. New designer dresses on ASOS site, drinking a latte at Starbucks, enjoying time in cafes and clubs with college friends, and many other trifles that actually formed a solid financial loss.
Why are we letting such expenses and how to give up on buying the tenth denim skirt in your wardrobe? Let’s get acquainted with money saving tips that will come in handy not only for college students but for everyone who desires to gain financial stability.
Gap between Students’ Needs and Necessity for Money Saving
In order to build up an appropriate set of advice for college students concerning money saving, we need to figure out and understand the nature and reasons for money expenses of a modern generation of college students.
According to the latest research data, the majority of college students have really high potential in money earning (popularity concerning personal start-ups is the main motivation). So, they may spend money on what they desire. But the point is that the majority ignores money saving culture.
Again, college students don’t have problems in finding means to get money. But instead of saving some money for unpredictable situations, they comment: “This exam brought really numerous emotional tragedies to me, that is why I really deserve a new model of iPhone or a new Moschino bag!”
To understand what really a driving motive to waste money on those things is, let’s define what kind of personality you are.
Portrait of Modern College Student
Most probably, a typical colleger is a grown-up that feels like a fifteen-year-old teenager. What is considered to be important for him/her? We need bright emotions, attention, and inspiration. It seems to us if nothing extraordinary happens with our lives from time to time, a life is ruined. It’s really hard to conceive calmness and passivity. Life without emotions and rhythm seems inferior to us.
Some researches comment the problem as follows. As far as this generation of college students has the immediate access to any type of information, most probably they just can’t find out differences between “I really need it” and “I want it because everyone wants the same!” Spending money on coffee, iPhone cases, smart watches, and other accessories are defined as must-have to be bought by everyone. Moreover, this trend is strongly promoted on social platforms (college students call it “Well, it’s highly Instagrammable! Why should I think on how to save money in college?”)
Recently, there was held a sociological survey by a group of reputable American psychologists on how college grown-ups spend money and whether they are aware of ways to save money in college. This research included all age categories starting from freshmen to future graduates. The results are as follows:
- 57% of college students ignore money saving on account of bragging;
- 21% of college people confessed they demonstrate their “luxury” purchases on social platforms with a goal to make their friends jealous and even strangers;
- other 22% commented any purchase doesn’t bring real euphoria if not to share it with others. They never even asked questions on why and how to save money as a student as it’s useless.
What is the key requisition for college students? To be topical. Consumption fashion is unstable. That is why in order to say up-to-date, collegers think about spending money but not saving.
Saving money for some future investments in a form of own accommodation or a car can’t deserve likes on Instagram. So, college students cherish mutual jealousy by posting unnecessary but popular belongings.
Money Saving Tips for College Students
Despite the fact that we hardly can bring our world to financial chaos when spending money on coffee or clothes, it’s better to minimize money spending for the benefit of money saving. Financial experts advise on the following money saving tips for college trainees:
- Try to feel satisfaction and unalloyed pleasure when doing some “credit card free” stuff. It’s time to suggest your college colleagues to have a picnic in a park instead of buying ten cocktails in a bar. Such things add much to experiencing positive emotions, reducing the necessity to “fill in the bowl” by wasting money on various knickknacks;
Coaches of financial issues put emphasis on a few more money-saving rules. However, they require self-discipline but allow both economizing and having an opportunity to cheer oneself with some taxi service on rainy weather.
- College students can’t live without parties as it’s a part of studying culture. Here you may also find an opportunity for money saving. When going out somewhere with college buddies, go by “meal or alcohol” principle. Having a wonderful dinner in some fashionable restaurant including cocktails in a new bar may fundamentally impact your wallet. That’s why chose one option instead of two on money saving. Innovational cuisine or a bottle of good wine. As a variant, home eating with further partying in popular bars.
- Money saving is also possible while having shopping. Note that shopping malls usually build their empire on a set of merchandising strategies and branding rules. This is all done to lead you up the path when decorating shop-windows with the trendiest clothes and gadgets. Wind up your brain in this case. Instead of buying the latest model of a smartphone that releases yearly, concentrate on some things you really need but choose a reasonable price as “hunting” for the newest version is actually endless.
Money Saving Apps
As we live in a digital era, think about controlling one’s budget with the help of money-saving apps on your smartphone. The most popular budget saving apps listed below will come in handy for college people that desire to make a purse.
- PocketGuard. This is a useful program if you desire to collect money to spend holidays on the Maldives on behalf of a strict control of expenses;
- GoodBudget. It’s a great budget software that simplifies your life by providing a wide range of finance saving options starting from tracking your daily expenses up to monthly reports;
- Mint. A perfect tool to be on top of money-saving issues. It’s easy to use even for people who are far from budgeting skills.