Six Ways to Save Money
How to Create a Nest Egg on a Budget
As a college junior who is beginning to look ahead towards becoming a full-fledged adult, the need for money has greatly increased for me. I will have thousands of dollars of graduate school to pay for, not to mention the need for my own apartment and my own supplies of food. Any spare penny that I receive goes directly into my savings account, and any extra shifts that open up at my job end up on my schedule.
Learning the best ways to save money has been extremely beneficial for me since I began saving my money. While some of the ways may only save me 10 cents at a time, this small amount of money can add up over time. Hopefully, my tips for saving money can be beneficial to you, whether or not you are a college student.
1. Buy used instead of new.
Being surrounded by the newest technology can make it difficult not to go out and buy the newest iPhone or computer. However, it is surprisingly easy to get a good piece of technology at a discounted price. Being willing to buy a used laptop can save a person anywhere from twenty-five to a few hundred dollars, depending on the condition of the tech and the age of it.
Currently, everything from my textbooks, to my laptop, to my cell phone were all purchased second hand. With websites such as Craigslist, eBay, and Facebook Marketplace, it can be very easy to find exactly what you are looking for. With a little bit of research, a large amount of money can be saved and a great piece of technology or a perfectly good textbook can be obtained.
2. Use coupons and online codes.
This may seem a bit obvious, but this is something people often don’t think to do when going out to make a purchase. Many coupons can be found with a quick google search. Apps like Retailmenot and programs like Honey make finding the best deals even easier than it has ever been. I have been using both of these programs for over a year and have saved over a hundred dollars by doing so. Both of these programs and many others like them can be downloaded easily and are free!
3. Do online surveys to make extra money.
While doing surveys may be boring to some, the money can add up quickly over time. Google Opinion Rewards is an example of a great survey app to use in order to make a quick buck. The surveys are generally no longer than a few questions, and anywhere from ten to over fifty cents can be made on each survey. The money made from here can be transferred directly to PayPal, which is incredibly convenient.
Other apps, such as Swagbucks, can also be used, although doing surveys on these can take longer to add up, and more surveys are required before a payout can be obtained. However, these apps often provide other services, such as percentages back on online purchases or online deals. Overall, this is a great way to make a little extra money.
4. Have money directly put into a savings account.
On payday, it is easy to want to take the money earned out immediately in order to purchase that cute pair of shoes or that new video game you have been watching for a few weeks. However, if the paycheck is put directly into a savings account, it may keep the desire for the new item under control. Not to mention the excitement that can come from watching the numbers in your bank account grow over time.
Even if the entire paycheck can’t be put into savings, having a small percentage put into savings with each payment can be a great start for a personal nest egg.
5. Save loose change.
Getting a handful of pennies, nickels, and dimes from a cashier can be a pain, and it's easy to just shove the coins into your pocket, only to then fall out as you are continuing with your day. However, these coins when added together over time can actually become a significant amount of money. Getting a jar or a piggy bank to put loose change is an easy way to keep this money together until it can be taken to the bank and turned into larger bills.
Just be sure not to use the coin machines that are commonly found in grocery stores to cash your coins. These machines often take a large percentage of the money, leaving you with less than you deserve.
6. Cut out the coffee.
As Starbucks continues to crank out new drinks for each season, it can be easy to watch your money end up in coffee chains' pockets. A few dollars spent on a coffee may not seem like much, but some people begin developing a large habit for the drink. Rather than buying coffee and other specialty drinks, learning to make these drinks at home can be a huge break for your wallet. Plus, you never have to worry about your order being incorrect!
Overall, the task of saving money can be a daunting one. Choosing to save money when the people around you spend so much can be a difficult one to make. However, in the end, knowing that you have a significant amount in the bank can take a huge amount of stress off of your shoulders. Whether it goes towards future education, a large, unexpected repair on your car, or the down payment of your first home, having the money put away can put you one step ahead of the people around you who never thought to save, and that in itself makes doing so worth it.