As a new college student, whether national or international, you know that textbooks, food and other daily expenses can add up quickly. Now that you’re on your own, you may find yourself responsible for managing how and when you spend your money. It is important to limit your spending, but you do not want to sacrifice your social life either. How is it possible to have both?
Think different
Start by developing a more frugal mindset. This does not mean you need to sacrifice fun in order to save money. It means knowing that you can have fun without spending a lot, and understanding that a little bit of saving goes a long way. Here is some advice for thinking more frugally:
Do I really need this?
America may be a country of consumers, but that doesn’t mean you need to fall prey. Before you make any purchase, ask yourself if it’s something you really want or need. If you can easily think of something you’d rather buy, then it might not be worth it. For expensive items, try saving extra for a few months first to lessen the blow on your bank account.
Take advantage of the Free Things
While it’s important to explore your college town or city, sometimes all you really need is to surround yourself with great company. Get together with your friends and watch a movie in your dorm, go to the dining hall together, check out a student play on campus or hang out on the quad when the weather’s nice. You’ll realize that you don’t need to spend a penny to have a good time.
Get working
If you don’t have enough money to cover your expenses, you can always look for a part-time job to increase your income. You will have to check your Visa to ensure you are eligible to work. If you are restricted, you could tutor your friends or high school kids to earn a bit on the side. Just make sure that you don’t compromise your class schedule, get your homework done and work only if you really have some spare time.
Set some Goals
You have to have certain goals to keep you going and to make sure that you stick to your budget and rules at all times. Write down your goals and put them up on your fridge or your wall so that you will be reminded of your goals every day. Of course, you need to make sure you can reach your goal. Also, try to put a little money aside for a little savings account at the end of every month. Doing this will help you save money for the future and it may even serve as an emergency fund.
This is a guest blog post by Nadine Lubkowitz from peerTransfer, the easiest way to pay your tuition fees in your home currency, letting you save money by offering a best rate guarantee. For more tips, tricks and advice on being an International Student in the U.S., read their blog!
While your college years may represent some of the best ones of your life, they do not have to be the most expensive ones. Anything from tuition fees, textbooks, housing, food and entertainment can add up quickly. The following tips and easy steps should help all college students save money by cutting back on expenses, without becoming overwhelmed with rules, limitations and details.
Budget
We cannot emphasize enough how important it is to create a budget. If you do not know where your money is going, you can easily lose touch and overspend. Write down all the income you receive, from loans and scholarships, up to your savings and potential allowances from your parents. Figure out what your fixed costs are, such as rent, food, cell phone bills, etc. and deduct it from your total income. Finally, see what types of expenses are important to you and where you could spend less money on things that are not as essential (i.e. dining out every single night). This should give you a good overview of where you stand and make it easier for you to create a weekly budget knowing which costs are important and which ones can be avoided.
Textbooks
We all know the ridiculously high prices of textbooks, so do not hesitate and take advantage of your school’s library. Most campuses have extensive libraries that will allow you to borrow textbooks and save on buying new ones. Becoming a member of the town’s public library can also help you do your research. If you do decide to buy your own books, try out the college bookstore where they usually offer second hand books, compare textbook prices online, or try finding used books online, such as on Amazon.com. You can also consider sharing books with classmates, or ask fellow students to borrow theirs. Another alternative is using ebooks or free textbook alternatives.
Student Discounts
No matter where you are going to school, local communities are used to having students around. Hence most restaurants, movie theaters, travel agencies and clothing stores offer student discounts. Make sure to always ask for your discount with your student I.D. You will be surprised how much money you can save! Coupons can also be a college student’s best friend. Become a member of the bigger grocery stores and receive free coupons in the mail. There are plenty of student specific deals sites or group saving deals online,which offer anything from hair cuts, to restaurant vouchers and other deals at up to 75% off.
Paying Tuition from abroad
For all of those students who come to study in the U.S. from abroad, ditch those crazy bank wire transfers to pay for your tuition fees. peerTransfer processes tuition payments for international students without all the hassle. It doesn’t only let you easily pay in your home currency with a few clicks, it also lets you save money by offering a best rate guarantee.
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