When a young person heads to college, their financial world turns upside down. Not only are they, or their parents, forced to pay very high fees, but the money they used to save in their job, or spend on nights out and social events, is now spent on living costs. It’s a difficult period for any young person, adjusting to this new financial reality. But in this guide, you’ll learn how to make the most of your college opportunity, by saving and earning cash, so that you’re set up for success when you graduate at the end of your course.
Getting a Scholarship
One of the first ways in which you can save a great deal of cash is in getting yourself a scholarship; a deal with the university or college that you’ll pay less due to your aptitude – either academic, or sporting. If you’re getting top grades in all your subjects, you should look for the academic scholarships available across the United States to help you save cash.
Meanwhile, if you’re more of a sporting great, then you should look to apply to those universities that’ll take you on for reduced fees in exchange for your wonderful sporting skills. If you’re a golfer, you can find the best opportunities out there for college golf scholarships by searching online. The same can be said for runners, football players and cheerleaders, too.
Cutting your costs at college can be a work in progress but there are some very simple rules that you can learn before you move out of your parents’ place that’ll help you keep on top of your finances overall. These include:
- Setting up a weekly and monthly budget, and ensuring you don’t exceed it
- Avoiding making impulse purchases of food, drink or items that you simply don’t need
- Cutting transport costs by walking, cycling, or getting public transport
- Ensuring that your social meets are cheap and cost-effective, so money isn’t squandered here
Then, there are the incremental objectives you should put in place. Instead of getting take-out food, you should try to learn a little cooking, so that you’re able to provide yourself with excellent and nutritious food every day. Making such changes will save you heaps of cash in the long-run.
Get a Job
There are hundreds of college jobs around campus which are ideal for individuals who are looking to save money as they study, and ensure that they have a lump sum of money to put down a deposit on their house after they graduate. Getting into a part-time job in the early weeks of your university or college career is a great option for money-conscious students.
By earning as well as spending, you’ll liberate yourself to work less in the summer vacation period – instead heading off on holidays, or to visit the new friends you’ve made at college all across the country. Use your job to underpin all you do at college.
There you have it: the three key ways in which you can ensure you’re saving cash responsibly while you’re at college or university.