10 Ways to Save Money When You Return to College
Many students make the mistake of spending too much on their back-to-college school supplies. They end up buying things that they do not need in the first place, which can mean they end up being broke for the rest of the semester.
If you want to avoid this problem, it is best to manage your spending wisely from the beginning of the school year. Here are some effective tips on how to reduce your back-to-college spending:
1. Make a list of all the things that you need.
If you want to cut down your expenses on school supplies, it is best to make a list of the things that you need. This way, you won't end up buying things that you will not use in the first place. Take time to sit down and really think about what you need to buy. Do you even need a new calculator? Do you really need an expensive notebook or a new bag? Be honest with yourself. If your backpack is fine and still in good shape, maybe you do not need to buy a new one.
2. Create a budget.
After you have listed all the things that you need, then it's time to create a budget. How much are you willing to spend on back-to-college supplies? The more important question is, how much can you afford? You have to be realistic. Even if you have a credit card, you should only buy the things that you can afford to pay for. You don't want to end up with a lot of debt.
3. Clean and organize your room.
Now, you may be thinking, "How can this help me save money on my back to school spending?" Well, you may have a lot of unused school supplies around your house. Your desk drawers, closets and bins may contain the supplies that you need.
When cleaning your house or your room, put all office and school supplies in one bin. Then, when you're done, sort and list all the supplies that you have such as rulers, binders, erasers, pencils, pen, notebooks, highlighting markers, Post-it notes and calculators. Doing this will save you money. Plus, you may find things that you can sell so that you will have more cash in your back to school shopping.
4. Buy school supplies during a sales tax holiday.
Buying school supplies during a sales tax holiday will allow you to save money because you can purchase the supplies tax- free. Most states hold their tax holiday during the first week of August so it is important to do your shopping during that time. If you missed it already, plan ahead for next year!
5. Shop with your friends.
One of the great advantages of shopping with your friends is that you can actually buy certain items like pens and notebooks in bulk and then divide them. This could save you a lot of money and you can use these items for the rest of the year.
6. Shop at thrift stores and garage sales.
If you want to cut back your back to college spending, it would be best to shop in thrift stores and garage sales. You can buy pre-loved bags, school supplies, calculators and clothes in a garage sale. But, this can be tricky. If you go to thrift stores and garage sales, you may end up buying things that you do not need just because they are cheap. So, it is important to make a list of things that you will buy and then stick to it.
7. Check coupons.
Your Sunday paper and some lifestyle magazines give out coupons regularly. So, take advantage of these coupons to score some discounts and awesome deals! You can also find coupons online at websites like RetailMeNot.
8. Take advantage of FatWallet.
If you want to save money on your back to school expenses, it is wise to check out an online cashback site called FatWallet. FatWallet is a shopping gateway that gives out cash back on your purchases at popular stores like Macy's, Walmart, Kohl's, Barnes and Noble and DWW. FatWallet also offer special coupons and promotions like free shipping.
9. Pay in cash.
You are most likely to overspend if you are using your credit card in purchasing your school supplies. Remember to buy only the things that you can afford and the best way to do this is to pay in cash.
10. Stick to your budget.
Perhaps the most effective way to save money on back to college spending is to stick to your budget. Be resourceful and opt for cheaper items. Avoid buying expensive supplies. Making small sacrifices can actually yield great rewards later on.
LaTisha Styles is the founder of Young Finances, a site teaching personal finance in the simplest of terms. Styles knows that millennials are financially literate and she started Young Finances to help empower her generation. Since starting Young Finances, LaTisha has paid off over $30,000 of consumer debt, invested for retirement and turned a small side hustle into a profitable business.
