Money-saving tips for students

Piggy Bank 2February 24th through March 1st is America Saves Week, and today, we’re focusing on ways to help students save money. Here are five ideas — do you have any of your own?

Open a savings account

Instead of keeping your money at home, open a savings account. You’re less likely to spend the money you save if it’s in a bank instead of a jar on top of your dresser.

Keep in mind that not all savings accounts are the same. They have different fees, restrictions, required opening balances, and interest rates, so be sure to research different options to find the one that’s best for you. 

Create a budget

Several years ago, I came across a post on a message board that claimed budgets are only for rich people. This is certainly not the case! Even if you don’t make a lot of money, a budget will help you manage your finances. Make a plan for your money and save!

Save a little bit of everything

Do you get an allowance? Save some of that. Get money for a birthday or graduation? Save some of that, too. Do you work? Put some of your paycheck into savings. Treat any source of income as an opportunity to save.

Plan less expensive activities

You don’t have to spend a lot of money to have a good time. Want to watch a movie with your friends? Rent something instead of going to the theater. Instead of going out to eat, make a meal together at home – working together and making a meal from scratch is not only cheaper but can be a lot of fun, too.

Stay away from places you are tempted to spend

When I was younger, my friends and I would go to the mall, arcade, or even McDonald’s when we didn’t know what else to do. Even now, my wife and I occasionally go to Starbucks or a bookstore whenever we feel the need to get out of the house. This inevitably leads to spending money on things that I only bought because I was at these places, not because I needed or wanted them.

If you need to get out of the house, try going to a park or library, or any other place that won’t encourage you to spend money on things you don’t need.

Follow #StudentsSave on Twitter!

Don’t forget to follow #StudentsSave on Twitter for more money-saving tips! We’ll be participating in the discussion throughout the day.

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