How To Grow Savings Account While Going to University

A very little known fact about me is that I pay for absolutely everything in my life at 19 years old. I grew really early anyways, but when I went to college, all of my living expenses were basically thrown at me, and it was a lot. These expenses include: health insurance, tuition, housing, gas, etc. Over the years, I have honestly learned so much about saving money, and I starting going an amazing streak of putting a ton of cash into my savings account. I figured out how my lifestyle functioned, where I spent the most money, and where I could save money. My biggest mistake my Freshman year of college was eating out every weekend when at dance rehearsals away from the university. But, in my own defense, it was very hard to cook because I lived in a dorm with one tiny kitchen for 200 students. Plus, I was at rehearsals for 8-12 hours at a time, or at a competition that could be hours away from home. A couple of years after my Freshman year, while becoming an actual adult, this is what I have learned:

Make a budget that fits your lifestyle, one size does not fit all

Write down all of the things you spend your money on, and what is important to you. Then, budget out how much you should be spending each month. For me, my grocery budget is fairly large because my boyfriend and I cook all of the time. But, I also go out to coffee shops with friends and to get motived to work on my blog and schoolwork. Going to my favorite coffee shops is extremely important to me because it allows me to reset mentally and it gives me an opportunity to get a lot of stuff done without distractions. Here is a short version of my monthly budget (excluding rent): 

Groceries: $130

Going Out (Mostly Coffee): $50

Subscriptions and Insurance: $70

Credit Card: $180 

→ This includes gas, clothing (if any) and misc small purchases from places like Amazon

Total: $430

Now, this is a ROUGH estimate. Some months, I spend more because I need things like an oil change, or it's a new semester so I have to buy new textbooks. The rest of the money I don't use goes straight into my savings account.

Set up an automatic draft from your checking account OR be vigilant about transferring 

Once you have figured out how much your average paycheck will be and how much you will be spending, set up a system for you to transfer money into your savings account. For the longest time, I was transferring $1000 into my savings every month because I wasn't spending my money on things that didn't matter. Now that I am about to go on a six month trip to Switzerland, things have to be paid for, so I am not saving as much. But, this trip was what I was saving for in the first place. 

Upgrade your savings account

After you rack up some cash in your savings account, go to your local banker and ask them about upgrade options. Depending on how much money you have in your savings account, you can upgrade your account to yield a higher interest rate each month. Recently, I upgraded and rather than getting $0.30 every month, I receive roughly $16.00. This money matters and it only takes like thirty minutes to set up at your bank.

Now that you know the bare bones of saving money, I am going to give you a list of ways that will actually acquire you the most money possible. 

Get a job, fight for higher pay

I currently have 5-6 years of work experience, and I know what I am worth because of the skills I have and my extensive resumé. This past summer, I was looking around for a new job that had better work conditions than my previous job. I was offered a position for $8.50 after a long interview process. I turned it down because it was a new business and I there was no data to support the claim that I would be receiving at least $5 per hour in tips. I don't bet money on a job that won't guarantee a return. Even though working while going to college may seem like a huge task, it is doable if you plan everything correctly and learn how to manage your time wisely.

Don't work on campus

I honestly don't believe that campus jobs pay enough, simple as that. As a student, you probably spend enough time on campus anyways, so working on campus is more than excessive. Before settling on a job anywhere, weigh out your options. If your major has a heavy work load, maybe a job that allows you to study and do homework on the clock would be better. In my opinion, working is a way to get away from school. Corporate jobs like Panera Bread or Old Navy will give you more flexibility in the schedule. Small businesses may allow you to make more connections and have a more relaxed work environment. Basically, a job is not one size fits all.

Don't work for tips, work for wage

Unless you work at a boujee restaurant where you wait on tables with expensive tickets, always work for wage. Tips are always a plus, but they fluctuate and are not always reliable. It's better to have a guaranteed $10 per hour rather than $6 an hour with varying tips. 

Move off campus, get a cheaper apartment/house with lots of friends

Yes, it's nice to have a fancy studio apartment to yourself, but when you are spending most of your time in the library studying or working at your job, you will find that you will not be at your apartment that much. Grab some friends, get a house or apartment together, and cut down on living costs. It will be a fun process to find a place that you will enjoy living for a while. Roommates can be difficult, but we all need to learn how to deal with living issues so we can be more appreciative of our better housing situations in the future. 

Start cooking, meal prepping, and packing your lunch

Something I see a lot of students my age spend a lot of money on is going out to eat/drink. I'm not sure if it's out of pure laziness, being stressed, or lack of cooking skill, but going out takes a good chunk of change out of anyone's pocket. Cooking at home is much cheaper and healthier. Plus cooking is a super important skill. If you need inspiration or help getting started... look here. 

Sell some of your belongings that yield a high payout

We all know that we have those trinkets and items that we haven't touched in years, but for some reason can't bring to give away. Well, if you can't give it away, then think about selling it. These days, eBay makes it extremely easy to sell online, and if your item is something of value, it is relatively easy to sell. I have found that technology is the hardest to sell. On the flip side, brand name clothing, jewelry, and accessories are some of the easiest to sell, assuming that they are in good condition. Also items that are very unique and niche are usually easy to sell as well. You can also sell to Plato's Closet, Facebook Marketplace, Poshmark, LetGo etc. I haven't had much luck on LetGo to be honest, but I live in a smaller city so that may be why. It just seems that there are not enough people on the app.

Lessen your bills

This can apply to many things you pay for like car insurance and your phone bill. For example, if you have been with the same auto insurer for a long time and you have never gotten into an accident or you have good grades, you can call them up and ask for them to make your bill cheaper. For your phone bill, you can do the same thing. If your phone costs a lot of money, consider other carriers like Google Fi or Straight Talk. I personally use Straight Talk and I have never had any problems with it. You can buy a phone through Straight Talk, or you can bring your own phone in. Read more about it here.

Get health insurance from the marketplace rather than school insurance

Usually, most college students continue to be covered by their parent's health insurance. In some situations, like mine, they are not. I looked at all of my different options, one being insured through my university. That is HELLA expensive and I don't have the funds for it. So, I buy through the marketplace instead.

Share Hulu, Netflix, and other subscriptions 

Especially if you have roommates, this is a super easy way to save money. Rather than having your own streaming subscriptions, share them with your friends. With Venmo being part of our daily lives now, it's easy to also share things like Amazon Prime. 

Use your student discount advantages

You can use your student ID to get discounts in so many places. Firstly, download the app UniDays. It's an app that gives coupons to college students for popular brands. Secondly, simply ask if there are any discounts for students everywhere you go. Retail stores offer these, as well as, local businesses, chain restaurants, technology stores, and more. 

Stop regularly buying clothes, start thrifting

I stopped buying clothes a long time ago. I haven't grown much since middle school, so the only things I replace regularly are shoes. I mostly wear tennis shoes and Vans, so I buy those about twice a year. Other seasonal shoes, like boots, can be bought once every two to three years if you buy high quality and take care of them. As for clothes, I only really buy at thrift stores because I like looking for unique items that I will love for a long time. I also have a coffee shop job which can get pretty messy, so I don't want to stain a shirt that I bought for $50. Makes sense in the end. 

Girls, get a pad/tampon subscription, or a menstrual cup

It's really stupid how expensive tampons are. A cheaper way to get through mother nature is to subscribe to a company like L . They donate to those in need with every purchase, and I believe it ends up being cheaper in the end. If you want to make the ultra cheap switch, get a menstrual cup. 

Use public transport or carpool if it is a viable and reliable option

Some cities offer great public transport, some cities don't. Evaluate your options, and see if it's something that is a possibility for you. If there is a train, consider living close to the train so you have easy access. It'll save you money on gas and a parking pass. If you and a roommate or a friend have a similar school schedule, consider carpooling to save a little money.

If possible, only take out loans that don't grow while you are in school

Through FAFSA, these loans are called "Subsidized Loans." The great thing about these is that they don't accrue interest while you are in school, and for a six month period after you graduate. I always take my subsidized loans out, put them into my savings account, and don't use them. I use it as my emergency money. If something were to go wrong, like I lose my job, or I fail to get any government funding for my education in the future, I can use these loans to pay for my tuition. I know that interest will not grow, which will give me time to make enough money to pay them back while I am still in school. My goal is to graduate debt free, and so far I'm on track. This is the biggest reason why I am on track. 

Or ask your parents to subsidize your tuition, pay them back as you go

For those of you who are luckier, you are able to ask our parents to help you out. Maybe they won't necessarily be able to pay for your education, but they can give you money to offset costs while you are in school. As you work and study, you can pay them back, limiting the amount of loans you have to take out. 

Or set up a payment plan for your tuition

Most universities offer payment plans to help spread out tuition costs for students. If you can't pay the $4000 right away, but you know you can work something out long term, go talk to your financial aid office. Your university should have a standard payment plan, and if it doesn't work for your situation, I'm sure you can figure something out with your financial advisors. Ultimately, you are paying for those advisors to be there, so utilize them. 

It isn't too difficult to become financially free if you don't already have debt racked up. Make it a priority to graduate with as little debt as possible so that your life can be a lot easier after you move on to the real world.