Typically, students tend to survive off very little money, and although some students do work whilst at college, it’s usually for the bare minimum wage in order to get enough cash to cover their expenses. That being said, even busy students can make a tidy profit from investing whilst at college, provided that they have the capital required to begin. With many investment types, for example property investment or even some shares requiring you to invest a large lump sum make it hard for students to get the money together. That’s why we’ve listed some of the best saving tips for students who are hoping to invest.
If you’re hoping to put more money towards your investments, you could achieve this by paying less to earn your MBA online at college. Although online degree programs are usually around a third cheaper than their on-campus counterparts, they are no different when it comes to the actual qualification that you are awarded with, so an online MBA is worth exactly the same as an MBA that you attended class for. With this in mind, it definitely makes sense for students to opt for online study and put their savings towards investments.
Make Small Savings
Many people think that in order to successfully save money, they need to put away a large, set amount each month, or a set percentage of their earnings each month. However, student life isn’t quite accommodating for that, with plenty of ups and downs and months where you’ll be able to earn a couple of thousand dollars to months where you have $10 to live off. Because of this, it’s a good idea to just make simple, small savings – perhaps by switching grocery stores, walking instead of taking the bus or driving, or even swapping your Starbucks latte in the morning for water or coffee from home. Remember that the small savings you make will soon add up!
Although the health risks of smoking are no secret, we’re still seeing plenty of young people lighting up cigarettes. With college being a particularly stressful period in your life, it’s not surprising that this is the time of life when many people try smoking for the first time. But, if you’re a smoker, you’ve probably already noticed that along with being terrible for your health, smoking isn’t great for your bank account, either! Quitting smoking could save you hundreds or even thousands of dollars per year, depending on how much you smoke – and you’ll feel so much better for it, too!
Today, having a gym membership is standard, but many fitness club subscriptions are costly and the truth is, you don’t need to be a gym member to keep fit, and certainly not when you are in college with college sports teams and outdoor areas on campus to explore. So, why not save money on your gym membership by exploring outdoor activities such as walking or cycling instead? Investing as a student is a wise idea, but saving up enough money to invest can be tricky, so use the tips above to help you get started.
Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website.
While living overseas, he uses PureVPN for a low cost VPN service.
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While his background is mostly related to trading stocks, he recently gained interest in real estate crowdfunding with Fundrise.