For those who want to further their education and establish their career, attending college is an important step to take after high school graduation. For many people, it can be challenging to save while on a tight budget, but here are five of the best ways to do so:
Not only is it important to avoid eating out to save money, but it’s also important to cut coupons to reduce your grocery bill each month. Get a copy of the newspaper each week to find coupons in the inserts, which can be used on name brand products. You can also pair the manufacturer coupon with a store coupon for additional savings. Coupon cutting isn’t shameful – why pay more for a product when you don’t have to?
Pay Yourself First
Make it a point to pay yourself first when you’re trying to save for college while on a budget. Set a goal on how much you want to save each month to avoid spending the money on luxuries or unnecessary purchases. Consider that money untouchable.
Open a Good Savings Account
Instead of saving your cash in a penny bank or under the mattress, open a good savings account for safe keeping and allow your money to grow at a faster rate. Consider opening a savings account at a credit union, which will allow you to avoid extra fees and penalties throughout the year that you’d otherwise be charged at larger financial institutions. Something like TruePartner Credit Union is a good place to start when looking for online banking options.
Tutor Other Students
Make extra money by earning cash on campus by offering tutoring services to your peers. This can allow you to have a flexible work schedule while keeping your mind sharp and practicing your communication skills with others.
Get Cash Back
Earn extra cash back by using a credit card on your purchases, which will allow you to earn money that can be used towards your college tuition. Many credit cards offer one to five percent cash back throughout the year on restaurants, grocery stores, or movie theaters for a great way to earn money that can be used towards your education – just remember to pay your bill each month.
It can be difficult to save money for college on a limited budget, but by avoiding unnecessary spending and finding creative ways to earn extra cash, it’s possible to pay for college in full and avoid getting into debt in the process.
This article was contributed by guest author Anita Ginsburg.