College is stressful, but you can make it easier on yourself by planning for your expenses. There are quite a few cool ways to save money in college, from budgeting apps to online savings accounts—and that’s just the beginning. Here’s how you can save money while going back to school:
Save your money in an online savings account
A savings account is an account to keep your money long-term, while a checking account is used for short-term spending. An online bank account doesn’t have any physical branches. Still, you can access it from anywhere with an internet connection.” This includes sending money, depositing checks, paying bills, and everything you’d normally do at a physical branch ” as stated by SoFi advisors.
It’s essential to save money for college because it gives you peace of mind and helps you avoid student loans. Saving up for college might also let you afford more expensive schools than what would be affordable if paying for tuition with student loans alone!
Open a checking account
In addition to a savings account, it is recommended that you also have a checking account. A checking account will help you keep track of your spending and make transfers between accounts.
For example, you can use it to pay bills and transfer money between accounts without adding any fees or waiting periods. You must have access to a bank account to access the funds in your savings and checking accounts easily.
Divide your cash into different envelopes
Start with the basics. Use envelopes to keep track of your budget and divide your cash into different categories, like groceries and entertainment. It can be as simple as using a binder clip to secure each envelope, or you can buy material envelopes online or at office supply stores.
Using different colored envelopes for different categories will make it easier to separate the money that belongs in one category from another—for example, all the green bills are for student loans, all the blue bills are for Amazon purchases, and so on.
Set up automatic payments
When it comes to managing your money, automatic payments are one of the simplest things you can do. They’re like having a personal assistant who gets everything done for you without any effort on your part.
For example, if you have a cell phone bill due on the first of each month and needs to be paid by the fifth, then set up an automatic payment through your bank account so that the money is withdrawn from your checking account before those bills come out.
Track your progress with a budgeting app
To stay on top of your finances, you need to find out how much money is coming in and going out. With a budgeting app, it’s easy! You can set up individual budgets for each month and keep track of what you’re spending. You’ll be able to see how much cash is remaining in your account at any given moment, which means you won’t accidentally spend more than what’s left or overdraw an account. Additionally, these apps allow you to set up reminders so that bills are never late—or forgotten altogether!
It’s crucial to remember that these tips aren’t the only ones out there for managing your money. In this article, they have only just scratched the surface of what you can do with your savings! So if you’re looking for more ideas on how to save money as a college student, check out other such articles with lots of great suggestions.