How to Save When You’re a Broke College Student

Hello, Jeffrey Breault here, once again offering free financial advice. As you know, the cost of student loans and credit card debt continue to rise in the United States. In fact, at 17% interest rate, a debt of $5,700 can mean that you will pay $1,000 in interest alone.

Now, how can college students save money if they’re already scraping the bottom of their savings to make meets end?

This is what I tell them:

1. Cut your expenses as much as you can. Of course, it goes without saying that getting rid of unnecessary expenses is the first step to putting more money towards your needs. When I, Jeffrey Breault, was in college, I used to rent textbooks, so I don’t have to buy my own. If I can’t rent the title, then I buy it secondhand and then sell it the following semester. I also walk or bike as much as I can so I don’t spend more money on fuel, and I share expenses with my roommates. We rented a four-bedroom apartment, and there were four bunkbeds per room, so our rent was pretty low. Not only that, but we also share utilities as well.

2. Keep an eye on your purchases. You may be called cheap by others, but keeping track of what you are buying is important to keep your finances in check. For instance, don’t buy groceries when you are hungry as you will get more than what you will eat. I, Jeffrey Breault, had a policy that I will only shop on a full stomach. Next, I only go out once a month, and I also have a strict budget for that. You may feel tempted to indulge once in a while, but remember, it feels better to indulge if you are debt-free!

In time, you’ll be able to save money by overhauling the way you spend. If you need more advice about saving money, then don’t hesitate to contact me!

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