So saving money college may seem daunting at first, because students don’t have the best reputation for being financially responsible! And indeed, no one is saying you have to sacrifice having fun in college just to save some cash for the future. But there are a lot of good reasons to build a decent savings account during your time in college. So here we will explore 5 of them.
Spring Break has been an honoured tradition in North America for decades, as students head south to warmer locations for the Easter break after their mid-term exams for sun, fun and lots of partying. These spring break locations are not just limited to domestic locations such as Florida or California, but increasingly to overseas locations such as Cancun in Mexico, or Caribbean locations such as Jamaica. So with this in mind, it is a good idea to put some money away earlier in the year during the first semester and then after Christmas so that you can afford to have a really unforgettable spring break. Because college is not just about learning life skills, but is also an opportunity to have fun before entering adulthood!
Going on field trips as part of your degree at college is a very common practice today. It is not only a opportunity to get a taste for the practical aspects of your subject of choice, it can also be a lot of fun. Although you have to conduct research or learn new skills during a field trip, it can nonetheless be a lot of fun. And more often than not these days, they are conducted in international locations all over the world. Of course, this is going to impact your budget at college, so you really should put some money aside, especially since this might be the only opportunity for some students to experience a completely different culture outside their own country. Make the most of it!
The summer breaks are long if you are a college student, and chances are you will have very little homework to keep you occupied. In fact, summer breaks are increasingly spent doing some travelling overseas for a month or 2, or doing short internships related to students. If you want to do either of these, you really should save earlier in the year as much as possible, even if that means doing some temporary work during the Christmas holidays or for part of the spring break. Because if you find yourself broke come summer time, you will likely have to work the whole summer. Doing smaller but more frequent stints of work makes more sense, especially if you want to backpack for a month around South America or Europe during this time…
Learning to budget
Learning to how to budget for things in college is a reason in itself to start saving money. Learning how to avoid cycles of debt and prioritise spending on the essentials first is key to developing good spending habits in your adult life.
Some students rack up a lot of debt, especially from credit card spending that gets out of control. These are really not the types of bad habits you want to take with you into adulthood, so it’s a great reason to start saving money in college in itself!
Student Loan Repayments
So starting to save money in college is not just beneficial to getting the most out of your years as a student. It is also about saving for your future. Many students are shocked to find that it is tougher to find work straight from college with a degree than they had anticipated. But unfortunately, this is the reality for many graduates, and so it is really important to save some money from college so that you don’t find yourself broke or in debt while trying desperately to land your first job in your chosen career. You can always refinance student loans if you need to but still you should try and have at least a small amount of savings in case of an emergency.
So as you can see, saving money in college is not just about putting money aside for the future, because the reasons for saving will also give you a much richer experience during your entire time as a student.