Advertising

20 Ways Not to Go Broke While Still in College

Advertising
20 Ways Not to Go Broke While Still in College

If you’re about to head off to high education, or you’re already neck-deep in it and trying to figure out how to avoid going broke, check out these 20 methods that will keep some scratch in your pockets.

1. Employment: Maintain a real or digitally-based job.

Even part-time is better than being broke. If you can, try and secure a job working on-campus before you show up freshmen year, and then do whatever it takes to keep that job throughout college. Those 4 years of employment history will keep some money coming in (that isn’t a loan), and look fabulous on your post-college resume.

2. Budget: Huge slice of life here.

If you don’t learn how to budget money before you get out of college, you’re going to be in trouble. It’s simple. Just figure out exactly how much money is coming in and going out (bills & living expenses or needs). Then, use the wonders of budgeting to steer clear of going broke.

3. Avoid dating.

At the end of the day chasing down lovers is not only time consuming, it costs a fair amount of money. It’s so easy to spend money in an effort to increase your chances, right? Make education and managing your money your top priorities first.

Advertising

4. Invest: Invest some money the day before you head off to college.

Put it in something you can’t touch until after your expected graduation date. That way, you’ll earn a little passive income, and no matter how much is in your wallet, that investment means you’re technically not broke.

5. Start a web company.

Get some friends together, combine your skills, buddy up with some computer science kids and start a web company that offers any kind of simple web-based service or product. Create a lean tech-savvy start-up from your dorm rooms!

6. Save: Go into “save money” mode.

Since you’ve decided to master budgeting, dedicate yourself to saving at least 20% of your monthly income. It could either go into a “pay off loans” investment or account, or into a savings account so you have cash if you need it for emergencies or asset purchases.

7. Spend Wisely: You need to protect your money.

Learn that as soon as possible. The sooner you learn this life principle the less time you’ll have to spend wallowing in debt or being broke. See the clear difference between a want and a need. Be aware of why you are tempted to spend money. Don’t spend tons of money one tiny superficial and pointless purchase at a time.

Advertising

8. Reduce Loan Principles: Be smart about it.

If you’re taking on loans, read the fine print. Know exactly what you’re getting yourself into and take advantage of all realistic options available to you while in school to reduce your principle. When you’re not paying off the principle, is interest accumulating. If so, this is eating away at your monthly income even though it doesn’t seem like it.

9. Don’t use debit or credit.

There are two schools of thought here. One preaches that college students should use debit and build credit (there are banking institutions on many college campuses now). The other says it’s a bad idea. Debit cards make it too easy to spend money and credit can be vicious! Debit is easy to avoid, and in reality the credit needs for a college student should be almost non-existent.

10. Avoid fees.

Fees are literally everywhere you turn, and if you don’t know about them, you end up paying them. Many can be avoided by simply knowing of their existence. Start making it a habit to be fee-aware and avoid the unnecessary ones. Over 4 years, all these tiny little fees all over the place can really add up.

11. Grow food.

If you’re one of those students that rents a house and you’ve got some yard real estate, grow food! Seeds are cheap, gardening is easy, so it’s basically free food.

Advertising

12. Get free stuff.

Speaking of free, get all the free stuff you can and in college–there’s lots of it.

13. Get discounts.

: Students also get tons of discounts of tons of things, but you need to know of their existence and then take advantage of them. Seek them out. Become a bargain shopper in college!

14. Apply for free money.

Apply for free student money–for books, for classes, for tuition, whatever. You would be shocked to see how much money is given away to college kids every year. The trick is finding out about them and then taking the time to apply. Every little bit helps.

15. Hang with other broke people.

If you want to save money and live a lean lifestyle, stick with the like-minded.

Advertising

16. Rely on family & friends.

If you are lucky enough to have family and friends to rely on, then do so. Everyone knows you’re trying to better yourself and get ahead in life, so when they offer help, take it.

17. Barter

When you’re in college it’s a great time to start learning how to leverage what you have. When an opportunity to barter arises, capitalize on it.

18. Mobile Usage

Know how much your smartphone and mobile habits are costing you and keep them under wraps!

19. Pay bills on time.

Pay your bills on time, because it can lead to reduced rates, good payment history, better credit and all else.

Advertising

20. Use the Internet

Set up a profile on one of the major freelancing websites. Become an affiliate blogger while in college. There are countless ways to make money online in your spare time!

More by this author

How to Write a Press Release Tips on Writing An Outstanding Press Release 20 Ways Not to Go Broke While Still in College What You Never Realized When You Read a Postcard How to Solve 10 Life Problems with Insightful Writing 10 Ideas for Writing a Letter of Love

Trending in Money

1 How To Achieve Financial Freedom With the Right Mindset 2 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There 3 40 Healthy And Really Delicious Meals You Can Make Under $5 4 Life Insurance: A Secure Way To Protect Your Future. 5 How To Save Money On Groceries: 13 Quick Tips

Read Next

Advertising
Advertising

Published on November 8, 2021

How To Achieve Financial Freedom With the Right Mindset

Advertising
How To Achieve Financial Freedom With the Right Mindset

What would being financially free mean to you? Have you made the mistake of thinking that financial freedom requires millions of dollars and decades of hard work? When it comes to our relationship to money, the answers really lie in our mindset. Change your mindset around money and your entire financial outlook will change with it.

And no: we’re not talking about putting a check for a million dollars under your pillow at night. This is about you becoming a financially free person, in whatever capacity you choose. And that’s really the key: it needs to be defined by you. So many people outsource this responsibility to society/celebrities/the government etc… and as a result never achieve it.

What if you could identify what financial freedom looks like for you, realize that it is possible to get there in a matter of a few months and then build a road map to do just that?

Read on, because that’s what we’re going to open you up to. This isn’t about giving you specific strategies “guaranteed to work in five minutes or your money back…blah blah.” This is about awakening you to just how powerful you are, where your blocks lie and how to smash through them effectively.

Financial Freedom – What is it?

Well like I said: I’m not going to define this for you. That misses the whole point of this article, but let’s lay out some ideas to get you started.

Typically, when we talk about financial freedom in the west, we really mean: freedom from needing to work, in order to meet financial obligations. We know that there has been a rise in depression amongst nine-to-fivers, 62% as a matter of fact between 2019 and 2020 in the USA.[1] It’s therefore no wonder that there has been correlative uptick in the search for alternative solutions to finances.

This depression is largely as a result of feeling trapped, unable to realize potential and being denied opportunity. It is also likely that, thanks to a more global world and social media: we see just how abundant life can be for some; like a carrot dangled tantalisingly close, but just out of reach. We yearn for more meaning in our lives, more excitement and to be able to live on our terms.

Advertising

Finances are (as we see it) the stumbling block and the preserve of the chosen few…not us.

So to start building an accurate picture of what financial freedom would be for you, begin with what your life would look like if you didn’t have to worry about money. How would you feel if you didn’t have to consider your monthly budget, when putting your hand in your pocket to pay for lunch?

The point is that a lot of the stress and resulting depression that comes from feeling like a ‘wage-slave’ is down to our lack of clarity on what we actually want. We get caught, focussing on what we lack and that perpetuates a mindset of lack that very quickly is reflected in our reality. We are allowing our subconscious, emotional mind to be bombarded with imagery every day that reenforces a sense that we aren’t good enough. That we do not have what it takes.

That wouldn’t happen though if we had done the work of pinning down exactly what we wanted in the first place.

Does Financial Freedom Come at Extreme Levels of Net Worth?

There is a tendency, thanks again largely to how we are conditioned through media, to think that financial freedom only comes at extreme levels of net worth. What if I told you that is completely ill-founded and untrue?

Using the standard/assumed definition of financial freedom for a moment; this means that you need enough capital to generate a return that is greater than, or equal to your monthly expenditure. That doesn’t necessarily tell the full picture, but nevertheless; it’s is a good place to start.

If your monthly outgoings (mortgage, bills etc…) come to $3,000 for argument’s sake, you can achieve that with as little as $108,000 invested over three years.[2]

Advertising

Hardly the millions you had probably envisioned is it?

Remember: we’re not talking about you living a lavish lifestyle necessarily. If that is what you want; fantastic, it’s certainly achievable, but what we’re getting at here is your ability to meet all of your financial obligations without having to work.

I’m sure you’re unlikely to find $108,000 down the back of your couch, but it is a figure that is well within reach of most working adults. A $36,000 salary opens you up to borrowing that kind of money, and even if you have to continue working in the short term in order to service the debt and keep up with your bills; you’ll have a clear end goal in sight.

And you’ll have doubled your income in the meantime, for the same amount of work!

How To Achieve Financial Freedom With the Right Mindset

As we touched on earlier, coming at your life from a space of ‘lack’ simply perpetuates more of the same. As I always say: your environment doesn’t lie. Look around you, if you’re dissatisfied with any aspect of your life, you first need to accept responsibility for it. If you don’t, you’re abdicating your power to make new choices.

You may well have been the victim of circumstance in the past, but how you respond and what you do with that experience is up to you. If you choose to look for the positive, however minor it might be in any given situation – your experience of life will begin to change.

This is, in essence, what The Law of Attraction is all about. What lies behind it is your reticular activating system (RAS). The part of your brain designed to filter out the (as it sees it) unless information, highlight the important information and prioritize your safety. Thanks to it being part of your primeval/‘lizard’ brain however, it predates the conscious mind, intellect and reason.

Advertising

The issue for a lot of us is that we haven’t understood how to communicate in a way that our RAS understands. We can’t translate our conscious desires and are therefore caught in a loop between two incongruous forces.

Our subconscious wants us to be alive and it bases its criteria for this, largely on the principal of: same = safe. Meanwhile, your quality of life, passive income, work/life balance etc… are inconsequential. That part of your mind doesn’t give a hoot about the utility bill or being able to afford a holiday.

It is perfectly possible to show you subconscious/RAS the benefits of financial freedom though, or indeed any other outcome you’d like to see in your life. You just have to speak its language. Becoming debt free and financially free is actually one of the easiest things you can communicate to your subconscious, because you have so much ‘real-world’ experience with money.

Here’s how:

  1. Start by clearing your mind and being present – find a meditation, visualization or breathing exercise that calms your mind, allows you to focus on the present moment and become an observer of your surroundings. The point of this is to stop all of those thoughts buzzing around in your head that are pulling you back to the past, or projecting you into an imagined future.
  2. Then build a mental movie or slideshow of what your average day would look like, were you to achieve financial freedom. We’re not talking about big occasions, huge wins or events; just an average day.
  3. From your position of present observer – start to observe the feelings that arise as you go about this average day in your new life. Do you feel your shoulders relax and drop? Have you got excited ‘butterflies’ in your stomach? Are you smiling more?

Learn to recall these feelings at will – this will connect the dots for your RAS and you will soon start noticing a shift. Think of it as connecting with your desired future and pulling it into/towards your present.

Bonus Hack – Practice Gratitude

We’ve already discussed how you can start attracting/observing the opportunities that will enable you to achieve financial freedom. This involves a lot of work in order to finesse, but the principals are easy enough to understand. Something that we can all do, no matter what we’re trying to achieve, is practice gratitude.

Using the same principals that I’ve outlined above: something of a ‘catch-all’ that we can train our minds to produce more of, is gratitude. If we can shift our mindset so that the next time some negative, external and unforeseen event occurs, we are still able to be grateful for it; your entire experience will shift.

Advertising

Not only will you observe more to be grateful for all around you on a daily basis, but you will shift out of a mindset of ‘lack’. All of the barriers that stood in your way before (not enough capital, stuck in a job I hate etc…) they will shift to becoming things that support your desires and goals.

For example:

The job you hate, when reframed as the means to support a transitional stage of your life (i.e. enabling you to borrow money to invest) suddenly gives you a resource to be grateful for.

The added beauty of this is that your RAS doesn’t know the difference between a big win and a small win. You being truly, deeply grateful for your socks (for example) carries the same weight as being grateful for your health, or your spouse. This is why I say “practice” gratitude. You can start whenever you want!

Look around you right now and find something that you really are grateful for, no matter how small and seemingly inconsequential.

Practicing this will create a snowball effect. Much quicker than you might think: you’ll be overwhelmed with gratitude for your life and all that’s in it.

In Summary

Financial freedom is more within your reach than you probably think or feel. Understand that the limits you’re assuming to be there are largely a product of your subconscious mind, having been drip-fed evidence of that over the course of your lifetime. Changing that might take a lot of effort in the short-term, like cranking over an old car, but the effects will begin to build up quickly and self-perpetuate.

Advertising

Apply this mindset to your financial situation and you will find that it too will begin to ‘snowball’. Financial freedom is closer than you think, so start looking for it today!

Featured photo credit: Pepi Stojanovski via unsplash.com

Reference

Read Next