How to not be broke in college and start Managing money efficiently

How to not be broke in college
Share on facebook
Share on email

You’re in college, and you are thinking about How to not be broke in college? The best way to do that is with a plan. This step-by-step guide will give you the tools for long-term financial stability while at school. It includes advice on how to save money, get an internship or job while in college, and more!

I bet you know someone who’s already broken their bank account this semester – there are so many ways it can happen! But don’t worry, because we’ve got your back. There are lots of tips here on how to not break the bank when managing money during school time. Let’s start by talking about saving money: what should I do? What should I avoid doing? But you are young, excited and still want to have some fun under all the pressure. You are going to want to do everything: be a student, party with your friends, go on dates and get the best grades. But how does one balance all these things while trying to figure out how not to be broke in college? This blog post will give you some tips on how not to break the bank while still enjoying your time at school. 

After reading this blog post, you’ll know more about:   – smart ways to get food for less than $5 per meal (literally) including where to eat out; – what items are essential that can last through multiple semesters of college; – creative ways to make extra cash during summers and breaks from school so that when it’s time to buy new clothes or textbooks again in a few months, let’s dive into 6 ways on how not to be broke in college 

1. Start a hustle as a freelancer 

You’re broke in college and struggling to make ends meet. The bills are piling up and you can’t figure out how to pay for it all. You need a job, but don’t know where to start looking. Well, look no further because we have compiled a list of the best sites for finding your next freelance gig 

Fiver:

Founded in 2009, Fiverr is a global online marketplace for freelance digital services with prices beginning at $5. Fiverr is largely utilized by freelancers who use the site to provide their digital skills to clients all around the world through Fiverr. Graphic design, video/photo editing, Web development, SEO services, writing, translation, and programming, among other services, are available on this freelancer marketplace. All of these services are available for as little as $5 and can cost hundreds of dollars depending on the extras you choose.  Create an account list of what you can provide to clients and take on orders 

Fees for Fiverr: %5 cuts of gigs

2: Toptal

Toptal’s business model is straightforward in terms of earning money. It invoices clients directly for the length of the freelancing assignment, rather than through an intermediary. It collects the transaction, retains the commission charge, and pays freelancers at a lower, predetermined rate than the standard rate. Freelancers have the opportunity to establish their hourly prices based on Toptal’s recommended rates, or they can use their own pricing.

Fees for Toptal: 3% of gigs 

3:upwork

Getting decent tasks from Upwork involves time, marketing expertise, a little patience, and, above important, the ability to communicate effectively. Last but not least, this one is critical! If you’re not a good writer, coder, graphic designer, web developer, or [fill in your specialization], even the finest plan in the world won’t benefit you in the long run. Improve your abilities, and then demand what you’re truly worth.

Fees for Upwork: Upon billing $500 to that customer, the charge reduces to 10%, and you would earn $18 per hour for your services.

4: Peopleperhour.com

Create a user profile with a photograph and backdrop cover, write a free-form written description of their services, choose up to 15 talents, and establish hourly pricing for yourself. Creating a portfolio is also a great way for you  to display samples of your prior work, as well as request and get endorsements in and out of the platform  

Fees for Peopleperhour: once you reach a total of $2000  for the year rate drops from 20% to 7.5 percent across all of your clients

5: Freelancer.com

There are approximately 50 million registered users on the Freelancer platform, which provides employment in more than specific categories. The fact that it is a worldwide marketplace distinguishes it from other similar sites. You may submit job applications in a variety of languages. The website has established itself as a go-to place for freelancers in search of jobs. There is a comprehensive resource area on Freelancer that gives insights for aspiring freelancers looking to enhance their talents. With blogs, how-tos, and community experts, the site serves as a one-stop solution for anybody looking to further their professional development goals.

Fees for freelancers: Hourly gigs 10% 

2. Apply for scholarships

College is expensive. Scholarships are free money. There are literally thousands to choose from, so start your scholarship search today! 

Scholarship applications can be long and tedious but they’re worth the time when you win $1,000 or even $10,000 in free money for college

3. Find ways to save money on food, transportation, and entertainment

College is expensive. When you are trying to figure out how not to end up broke in college Tuition, books, and dorms are not the only expenses you’ll have to account for when attending college. There are also food costs, transportation costs (gas), and entertainment costs. While it’s important to live a little while in college, you should also find ways to save money on these other things while still enjoying your time there! Here are some tips to help cut down these expenses during your four years of school. 

  • Netflix subscription is a must
  • Cook homemade food and make enough for 2 days 
  • Do your own hair, and say goodbye to beauty salons
  • Get a bike (if rideable to campus )
  • Avoid liquor 
  • Quit smoking avergae savings 

4. Make your own coffee at home instead of going out every morning 

You’re in college and you don’t have a lot of money. You need to drink coffee, but it is expensive. That’s where making your own coffee can come in handy.

5. Eat leftovers from the night before instead of ordering take-out or delivery 

Don’t throw out those leftovers! You can make a whole new meal with them that is just as tasty as the original dish. For example, you could turn that leftover spaghetti into a casserole or even a pizza. Just because it’s no longer fresh doesn’t mean it isn’t still good and should be eaten. Leftovers are delicious and easy to transform so don’t let them go to waste!

6. Buy the things you need instead of spending money on what you want

You’re broke in college. It’s a fact of life, but it doesn’t have to be your reality forever. There are ways you can buy the things that only serve as luxuries for you without breaking the bank. You just need to know where to look! Here are some great places to start: 

Amazon Warehouse Deals 

Find deals on open box items and refurbished products here!  You can find everything from clothing, electronics, home goods – anything really! And because Amazon is so trusted in this world, you don’t have to worry about getting scammed or dealing with bad quality stuff. Just make sure when you order something that goes through Amazon Warehouse Deals that it comes with all the parts necessary for the operation.

Thrift shops 

There are a ton of great thrift shops out there, but the best ones know what they’re doing. They have a wide variety of merchandise and prices. You can find some real gems in these stores! I found an amazing leather jacket for $8 at my favorite store!

Used gadgets 

When I need to buy a new gadget, the first place that comes to mind is eBay. Whether you’re looking for an iPhone or a laptop, there’s usually something on eBay worth your time and money. Nowadays people are more aware of their carbon footprint so buying used electronics can be an excellent way to save some cash while also being environmentally conscious! You can find other places like gadget salvation com 

7. Take care of your stuff so it doesn’t break or get stolen 

College can be stressful.  Between classes, work, and trying to have a social life it’s easy for things to get out of hand.  One thing that can quickly add stress is if your stuff gets ruined or stolen because you didn’t take care of it properly. 

8. Live somewhere that is affordable and close to campus, but still safe

For anyone who has ever struggled to make ends meet while in college, there is hope. I know that it seems like this may be an impossible obstacle, but it’s not! There are many ways to live somewhere affordable and still enjoy the luxuries of living on your own.

  • Share a room 
  • Studio 
  • On-campus
  • Find close by relatives 

Managing Money In College To Shape Your Financial Future

Managing money in college is not something you are taught but it is something that is very important to shape your financial future and save you from debts. Entering college life is full of thrill, excitement, and challenges. One of the most common challenges for which students struggle significantly is money management. After leaving the parent’s home, college life is the first step to their practical life. 

3 Simple Tips for managing your money in college

Money management in college is challenging for most students, but if you apply these proven tips and techniques, you can easily manage your money while studying at College.

1. Create a realistic budget

Making a realistic budget has to be your top priority if you want to effectively manage money in your college tenure. Do an accurate estimation of your monthly income from all sources including parental allowance, part-time jobs, grants, loans, and scholarships. Divide your total income among your needs, wants, and savings. 

After calculation, see how much money is required to be spent on needs, and how much room you’ve to fulfill your wants. The other main thing is the execution of this self-enforced budget. You have to be committed to following your budget plan to avoid any unnecessary expenses on your wants.

2. Minimize your expenses

There are two core fundamental principles for managing your money in college. You shall either increase your income or decrease your expenses, and the best strategy is to do both. Reducing all non-essential expenses is the first step towards financial freedom.

Differentiating your required spending from your optional spending is a key element, or in other words, it is very important to differentiate your needs from your wants. Tuition fee is your biggest need as a college student. Other required spending can be rental expenses, books expenses, mobile and internet expenses, laundry expenses, etc. All other expenses such as concerts, eating out, gifts, and movies lie in the category of wants. Avoid spending money on your wants as much as possible. Don’t spend a single penny to show off while you are struggling with your finances, rather invest that money on yourself in learning skills that can help you make more money.

3. Side-hustle can make the job easier

Wanting to learn the secret of managing your money in college? Go for a side hustle! The more money you earn, the easier it becomes for you to manage. There are plenty of opportunities that are available today. You can find a part-time job that will not only help you make more money but also it’ll help you in your professional life. When you’ll earn money yourself, you will become more responsible in spending money as well.

You can also choose to work online from the comfort of your home.

College is a time of new experiences and learning. It’s also the first time many young adults are on their own, without parental guidance or financial support from home.  How to manage money in college can be hard for those who don’t have experience with managing their finances independently before now, but it doesn’t have to be as difficult as you think! In this article, we’ve given some tips on how not to be broke in college that will help make your transition into adulthood easier, whether you’re headed off to school now or planning ahead for later down the line. These include things like getting creative about meal prep and cooking at home, using websites to buy used gadgets, and even avoiding parties

You might also like:

How to Stop Overspending and Get your budget under control?

Financial Independence from Your Parents: Easy Steps

Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email

Our mission is to help people earn extra in their spare time without leaving their day jobs. With our platform, you can explore sustainable business growth program opportunities to make extra income effortlessly. Our vision is to become the No.1 Search Market for side hustles.

Let’s Connect!

Connect with entrepreneurs, build your network, make great business.

Subscribe

Subscribe to our newsletter and stay updated