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Looking back, I spent a lot of money in college. Did I enjoy the college experience? Definitely! Would I do everything the same way again? Definitely not! Here are five tips to save money in college.
1. Stop going out.
I was guilty of going out to east at least three times a week, sometimes more. It took until my senior year for me to realize that I had just as much fun – if not more – staying in with friends! There were many times where a group of us would get together and make a meal. It was a great way to catch up and it saved us so much money. Most of us were broke, so we literally would tally up the cost of the meal and split it among the people there. It worked great! I just wish I’d learned that in the first three years.
2. Don’t drink so much.
I’m not exactly proud of this bullet, but it happened. During my senior year of college, I was going out two nights a week (minimum) and hosting house parties at least two more nights a week. That’s four nights a week of drinking! When I think back to the amount of money I wasted in this time frame, I get sick. If I would have gone out half as much, I would have saved so.much.money. I don’t really know that I have the greatest memories from that time frame anyway, so why did I do it?
3. Stop shopping.
This wasn’t a huge problem area for me, but I watched it happen to many around me. The college town I lived in was only 6,000 people, but for an hour’s drive – you could find some great shopping. There were girls that literally made the trip once a week just for something to do. And – unfortunately for their pocketbooks – they weren’t just window shopping! Many times they would drop $100 or more each week. I can’t imagine spending that type of money at a time in my life where I was probably the poorest I’ve ever been. Looking back, I would sometimes go to the local Pamida or Lewis Drug, and even those trips were unnecessary. I should have spent more time on the books or just hanging out with friends making meaningful memories.
4. Don’t let others mooch.
I am a giver by nature. I like to make people happy, even if it’s at my own expense. Looking back, I shouldn’t have been so free to give. I gave away plenty of money and time to people that were actually quite toxic to me. It was a mistake, and one I can honestly say I’ve got a much better handle on today. Too bad I didn’t learn the lesson sooner to save me thousands in college. {Please do not think I am suggesting that you be cold-hearted or mean! That is not the case at all. Just don’t let people take advantage of you. Especially do not let people take advantage of you repeatedly.}
5. Only take what you really need.
This is in regards to student loans. I wish I would have sat down and actually looked at my finances to see how much I really needed in student loans. Instead, I would take the maximum they gave me each year. If I had leftover money, I put it into savings and used it as needed throughout the year. I wasn’t too bad in this area, but when it came time to repay – I definitely could have saved myself a few thousand, or at least hundreds more in interest.
Those are the five tips to save money in college that I wish I would have done. Without a doubt, it would have taken me less time to pay off my student loan debt (among others!) and I’d currently have more money for a home down payment if I had done these things.
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