Being in college, or even being in the job students have immediately following college, means that students are not making very much money. Having a work study job, jobs on campus or off, summer jobs or internships typically are paying minimum wage or nothing at all.
It is important to reduce monthly spending to ensure that students have spending money as well as money for emergencies and savings. Reducing monthly expenses can be easy when following these tips.
Check monthly statements. Banks will provide monthly statements either online or through the mail that displays all the money put in and taken out of a savings or checking account for the month. When students receive this statement they should check for any expenses that get taken out automatically. For instance, a gym membership or Spotify Premium.
If the expenses are not necessary or not used often, they are not worth it. While a few dollars every month may seem insignificant they eventually add up and students will be spending hundreds of dollars annually without even knowing.
Sign up for reward programs. When it comes to shopping it is easy to spend more than usual as it is typically not a common expense. However, if students find themselves shopping at certain stores often, they should sign up for the store’s rewards program. Reward programs are typically a free point system that increases with every purchase. When the points reach a certain amount they can be “cashed” to get discounts or even free items. Some places, like Panera, give free items when it is the member’s birthday.
Use public transportation. SNHU does allow for students to have cars on campus for a price of $200 for freshman and $100 for upperclassmen, but not all people can afford to have their cars on campus or live too far away and do not have the option at all. However, those students still need to get around town as well.
Public transportation is an inexpensive way to get around and save on gas money, parking and any potential maintenance. SNHU even provides free bus passes for all students which provides transportation throughout the majority of Manchester.
College is expensive and when students are making a small income it is essential to save more, rather than spend more, to ensure that they have enough to pay for what they need such as textbooks or paying off student loans.
The biggest tip is to see where the most money is being spent and see what can be done to reduce or even eliminate the expense. Even reducing monthly expenses by $10 can make an impact, that is $120 annually that can be put in an emergency savings account or a student loan payment.