There's just a couple of semesters left in my college career, and recently, my savings account has hit five digits. It may not seem like much, but I think it's a great start for someone who has not yet worked full-time. College is the best time to save, because once you get out in the real world, the expenses really start rolling in.
I'd like to share my tips for saving, but first, some disclaimers are in order. I hate it when I read articles about people saving beaucoup bucks and telling you "You can too!" only to scroll to the end of the article and read that, oh by the way, the writer happens to own a rental property that generates an extra $500 in monthly income. So, I want to be transparent and acknowledge my privilege that has played a role in my being able to save as much as I have.
First off, one of the biggest money-savers for me has been the fact that I don't own a car. I take advantage of my college's shuttles, Uber, my personal Uber (my boyfriend), and I always ask for a ride to group outings, because most people live fairly close by. I know it isn't an ideal situation. Not everyone can get by without a car, so you may have to factor in car expenses when making your savings plan.
My next disclaimer is that my parents were generous enough and able to start a college fund for me long ago, because they wanted me to focus on my education rather than on working to cover tuition. So my tuition, living expenses, books, and food (groceries only, and I always pay for any desserts or nonessentials myself) are all covered, which obviously gives me a leg up in this whole saving endeavor. This isn't the case for everyone, and I applaud anyone who is completing a degree while also working to pay for everything on their own. College is already tough without any financial burdens, so I think anyone who handles both is superhuman.
Obviously, I am very fortunate to have my parents' support and the ability to forgo a car, but that is not to say that someone without these privileges cannot build up a decent amount of savings before graduation. I hope the following tips will help you meet your financial goals no matter what your situation:
1. Try to have at least 2 sources of income at all times (no matter how small).
By no means does this have to mean work two jobs. But, if you have the time, squeezing in a way to earn supplemental income is super helpful when it comes to saving lots of money and still having some to spend. Some ideas include:
-Babysitting
-Dog walking/sitting (I have worked for Wag! and loved it, but even just asking other busy students if they need someone to walk or watch their dogs could work well too).
-House sitting
-Freelancing (I love Upwork. There are so many different project opportunities you can do on either a one-time or ongoing basis. You'll find something you can do no matter what your skill set).
-Event gigs. You can sign up for job portals like Shiftgig that match you with events that need extra staff. The commitments are usually only 1-3 days.
2. Sell your sh*t!
I double-list my unwanted clothes, shoes, home decor, etc. on both Mercari and Poshmark, and so far, I have made over $300. And my crap is just that...crap. I don't splurge on clothes, I never had Pinterest-worthy bedroom decor, and yet, my stuff sells. The "one man's trash is another man's treasure" quote could not be more accurately applied. If my junk can sell, I believe anyone's can. The only real work that goes into selling is taking the photos, resharing the lisitings every so often, and shipping the items. I get free shipping supplies, take advantage of my apartment's free printing (or my school's), and drop the packages off at the school shipping store or drop boxes so that it doesn't really cost me anything to make a sale.
Get an actual ugly sweater from Grandma for Chirstmas? Sell it. Break up with someone and don't know what to do with the Valentine's teddy bears and anniversary jewelry? Sell them (and get yourself some ice cream ASAP). Jeans making you feel bad about your body? Sell them. To give you an idea of the kind of things you can sell, here are some examples of some of the random crap I have sold:
-Fairly new Alice in Wonderland pillowcases (they were actually super popular on Mercari, so if you are a Disney fanatic, consider listing the merch you aren't in love with anymore).
-My super ancient iPod nano (I got 18 bucks for it).
-An old purse I bought for probably less than $10 at Ross.
You just never know what people will buy. There's a person out there for every piece of junk.
3. Curb your unnecessary spending habits.
Just about every college student I know is in a very clingy, obsessive relationship with Starbucks. I used to treat myself to iced coffee at one of UCF's various coffee shops about once a week, and my boyfriend and I get coffee at least once every weekend when he is able to visit (it's the glue that holds us together. Not really, but Orlando does boast far better coffee shops than his town has to offer, so maybe that's the real reason he is dating me). I'm hard-pressed to find iced coffee that isn't around $5 a cup, unless I go to Dunkin', which hasn't been thrilling me lately.
My first attempt at saving on coffee was to buy canned or bottled coffee in bulk, like Starbucks Frappuccinos or High Brew. But then I decided I wanted to cut down on my sugar intake, so I invested in a $20 cold brew maker and began making my own iced coffee by only getting grounds when they were on sale or hunting through TJ Maxx's food aisles to find good deals on quality coffee. Now, I have gotten to a point where I only have iced coffee once or twice a week, or, I suck it up and drink hot coffee.
If your friends want to go out weekly or you and your S/O always have dinner dates, suggest a night in where everyone pitches in to help make a meal, or have a good ol' pot luck.
Analyze your spending and find out what you could do without. Maybe it's getting your hair cut super often, attending expensive events every other weekend, or going to overpriced fitness studios. Find new, cheaper ways to do what you want, or learn to do without them.
4. Buy in bulk!
I discovered Boxed.com my freshman year and have been a regular customer ever since. It's like Costco, only online and with no membership fee. I use it to get the best deals on toilet paper, dish soap, oats, cereal, napkins, and so much more. Just a warning, though, it can be tempting to go crazy in the snack section, which defeats the whole purpose of going there to save money. Luckily, unlike Costco, you can just avoid clicking on that page ;)
Since many items I buy are household essentials, I would suggest asking your roommates to pitch in if you are comfortable, since everyone will be using some of the stuff. There is a $50 minimum, so you should aim to only make your purchases every other month or monthly at most.
To get you started, use this link to get $15 towards your first order: https://www.boxed.com/invite/EPGDV
5. Thrift!
Not only am I an avid Mercari and Poshmark seller, I also have made a few purchases with my credits on the apps. I have bought clothing I couldn't find cheaper elsewhere and items for Halloween costumes. You can also find makeup and home goods. Use my code UZUSXM for a $10 credit on Mercari.
For furniture, join your neighborhood's Nextdoor community (it's safer than Craigslist and many people give away quality pieces for FREE).
6. Take All of the Freebies!
College costs an ungodly amount of money, but at least some of that tuition goes to useful services. Use the school gym instead of paying for fitness classes, snag as much free food at events as you can, grab all of the free T-shirts, and use any discounts you can, like discounted tickets offered through your school (I'm spoiled with the Disney World discounts), or student discounts at restaurants and movie theaters.
7. Save up to 2/3 of your monthly income.
In some circumstances, saving 2/3 of your income just isn't possible, so adjust this goal accordingly, but the main idea is, save as much as you possibly can, and don't touch it. You can supplement these savings with any money anyone gifts you for birthdays or holidays, and use cash from odd jobs as spending money.
I hope you find these tips useful and doable. I challenge you to try at least one of them this month.
Please pin this to spread the word and help others reach their saving goals!