< 1 minute read|Published by FAIRWINDS

5 Successful Tips to Saving Money While in College

Throughout your college journey, there are milestones you’d like to achieve before you graduate—but what about the milestones to financial freedom?

Happy student raising an arm to answer a question while attending class with her university colleagues.

Throughout your college journey, you'll discover all the milestones you'd like to achieve before you graduate: make lifelong friends, join a club, explore internships, or even study abroad. But what about achieving the Money Milestones on your journey to Financial Freedom?

Saving more is the first stage to financial freedom, and while you'll want to make the most of your college experience, make sure saving—regardless of the amount—is part of your college journey too.

Here are five recommendations for saving while crushing your college goals:

1. Unleash your inner chef.

From getting fast food in between classes to an afternoon coffee break, you'll probably want to soak in all the restaurants your college has to offer. Recommendation: Consider cooking at home often while making room in your budget for a special night out. It's never too early or late to learn something new, so if cooking is not one of your strengths, try exploring some recipes online.

2. Create a capsule wardrobe.

Staying on top of clothing trends is fast-paced and a form of self-expression, but where and how often you shop may break the bank.

Recommendation: Visit your nearest thrift store or create a capsule wardrobe with your favorite pieces to wear seasonally. A capsule wardrobe includes a set number of versatile, timeless pieces. What are the benefits of a capsule wardrobe? You'll save more time, money, and energy on picking an outfit for the day and shopping online or in-store. Your capsule wardrobe is always on trend, and you can put the money you've saved into your future.

3. Rethink your transportation.

Getting a new car is a common goal among college students, but there are other budget-friendly ways to get where you need to go.

Recommendation: Live on-campus or minutes away? Not only will walking or biking save you money, but you're also taking care of your physical health and the environment. Your college may even provide on-campus transportation exclusive to students and faculty. If you need a car, save enough money to buy a used car and pay for it in cash.

4. Prioritize your needs vs. wants.

The newest phone is launching this week, and everyone's talking about that new show on a platform you don't have a subscription for. Do you purchase the new phone and additional streaming service?

Recommendation: Budgeting is vital to curbing impulse purchases and prioritizing your needs vs. wants. Evaluate your needs like rent, groceries, utilities, and savings, then keep the rest for personal use. By having "fun" money separated from funds used for essentials, you're setting yourself up to be intentional about your purchases.

5. Create a savings plan.

Making a savings plan a critical piece of your budget is essential. Creating a plan will keep you accountable and on the path to financial freedom.

Recommendation: If you don't have a savings plan, an emergency savings account is your first move to get started in the right direction. A great way to start is by having a portion of your paycheck deposited directly into the savings account. After you've saved $1,000 for emergencies, continue saving until you have three to six months of expenses covered.

As you embark on your journey to Financial Freedom, there are plenty of options to start or continue your savings journey during college and beyond.