How a Student Can Save Money: Saving money as a student may seem like an impossible task. Some may be going to school full time, part-time as well as working full-time or part-time. Depending on the situation, there probably isn’t much money to set aside.
However, there are ways how a student can save money. Have the student pick one or two ways to see how the saving process goes!
- Set a budget. They can use the 50-30-20 rule. This means they spend 50% of their after-tax money on the things needed or have to take care of. This would include food, rent, gas, etc. Then they spend 30% on things they want, and 20% goes into a savings account.
- Cook at home. It is easy to resort to fast food on a daily basis. After a day of classes and studying, some times you don’t have the energy or the desire to get up and cook a meal. However, cooking saves a lot of money and gives the student the option to eat leftovers.
- Look for free entertainment. Most colleges offer free concerts and events. Students can get together with friends and play games, inside or outside. There are many ways to be entertained without it costing a penny.
Being a student has it perks, especially when they are in college and are learning how to do life on their own. However, it can be costly if they don’t manage money correctly and find ways to save. It can be much harder to stash money when they are out of school and have more financial responsibilities. Students should get a head start now if possible. They will be glad they did.
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