Friday, 24 December 2021

5 Money Saving Practices Every Working Student Should Know

There are millions of students in the United States who have to work for their tuition. Today, learn 5 smart money saving practices for working students.

Not every college student has the individual resources or generational wealth to pay for their own tuition fees. Millions of students across the United States have to pay their way through college by picking up jobs. According to the American Association of University Professors, over 11 million undergraduate college students across the country have to work as well as study if they want to afford their education.

If you are a working college student, you are probably trying to find any way you can to stretch every dollar and make as much money as you can to stay in the black.

Below are five great tips you can use to save your money and build up your finances to ensure you can pay for your education and have enough to make a living.

  • Find Scholarships

Whether you are taking an advanced degree in engineering or simply enrolled in a few humanities courses, your college education is sure to set you back hundreds if not thousands of dollars. If you are working, full-time or part-time, to pay for your education, you should also be actively looking for a scholarship.

Check to see if the university or college you are studying in has any scholarship program for your course that you can apply for. Outside of scholarships provided by your academic institution, you should also see if there are government or private scholarships that you can qualify for. The money provided by these grants can sometimes make it easier to study and work.

  • Join the Gig Economy

The recent boom of the gig economy has made it easier for people to get lucrative jobs. Even with only a high school degree, you can become a rideshare driver, a courier or even a task runner for people. Gig jobs are also extremely versatile, and they can allow you to work during your most convenient hours.

Gig jobs are often low paying, which means you have to make up for it in volume. If you are going to take up gig work outside of your part-time job, you must have a solid schedule that you can refer to so you can identify the best times for you to pick up gigs.

  • Get Roommates

Living accommodations are some of the largest expenses you are most likely paying for, with rent for even the smallest apartments taking a sizable portion of your savings. If you haven't already, you should find roommates who you can split rent and other bills with. Roommates are also great for curbing other costs.

For example, if one of your roommates has a car, you can carpool with them to class or to your workplace. Roommates can help maintain the apartment and keep the fridge stocked when you are too busy to do so yourself. Just remember to always do your share of the work and pay for your portion of the bills on time. Quality roommates can be difficult to find so hold on to the good ones.

  • Schedule Entertainment

Just because you need to save up doesn't mean you can't have fun nights where you can splurge and entertain yourself. It just means you have to be careful of when and how much money you are going to spend in a single outing. You need to start apportioning a part of your budget days, maybe even weeks, in advance before you decide to go on your night out.

For example, dinner and movies with friends may not be so expensive and could only need a week of saving up. But a night bar hopping and hotel stay should be scheduled months prior to give you time to set aside enough money.

Finally, try to find cost-effective ways to entertain yourself. If you can't go bar hopping, maybe you can just have drinks in a single place instead.

  • Live Close to Campus

Your geographic location can also help you save money. If you find an apartment close to campus or even university accommodations, you won't have to worry about spending money on public transportation or getting cabs just to make it to class on time.

Gig jobs can also be extremely lucrative around campus and living in it can help you get more jobs. Commercial establishments in and around your campus are also more likely to have more student-friendly prices.

Working students have to be more careful with their money, but that doesn't mean you have to miss out on fun things. These tips can help you stay in school and still have enough money to provide financial security

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