I wanted to conclude the Little Savings Series by compiling an ultimate list of little savings that can have a big impact in the future. These are all minor savings today and big savings tomorrow. I’m not a frugality zealot by any means. I do however believe in the power of time and little moves towards a major goal. As a college student you can really benefit from these little savings in the long run.
Let’s jump right into it because we have a lot of ground to cover. Let’s go over the list of 12 little savings that can go a long way in the future:
1. Doing research today.
If you start planning right now, you can save yourself lots of money for tomorrow. This is what I do with trips and major purchases. The further in advance that I start planning the better off I find myself to be. This is a little saving and an investment of time that leads to huge yield in the future.
2. Drinking tap water.
I used to hate drinking water, especially tap water. Now I don’t drink anything but water. I find it to be so simple and yet very effective. Most of us are fortunate enough to have easy access to clean water. Water is cheap (free from a tap) and it hydrates us. I can’t imagine drinking or spending my money on a soda.
3. Pre-drinking before you go out.
If you’re in college on a tight budget or even a young professional you can save yourself some decent coin by drinking at a friends house before you get to the party. I’ve saved lots of money with this strategy because drinks are too damn expensive in Toronto.
4. Saving $10 a week.
If you start to put aside $10 a week and never touch the money, you’ll find yourself with a pretty beefed up savings account in a few years. The key is not to touch the money or to think about it. Just let it chill.
5. Preparing your own lunch.
When it comes to food we pay for convenience. When we eat out we’re paying a premium for someone else to prepare our food. If we took a few minutes out of our very busy schedules (sarcasm) we could save some real cash by just preparing lunch. If you can prepare all of your emails ahead of time, your bank account will be thanking you after a few weeks.
6. Turning the lights off.
Turning off the lights is a good habit to build early on. You might not save any money right now, but when you have a big house and a family you’ll notice the results.
7. Saving your change.
Do you have a piggy bank for your change? Don’t scoff at this idea just yet. Saving up your change in a jar is the easiest way to save a hundred bucks or so a month. Instead of throwing your random change towards a candy bar you can save it up and wait up until your piggy bank starts to get very heavy.
8. Sharing textbooks.
I used to hare buying text books. These are by far the biggest wallet buster for all college students. I highly urge you to find a way to share textbooks with a classmate. It’s a good way to turn a stranger into a friend and to save some big money over your four years of college.
9. Riding the bus.
I spent four years riding the bus. At times I hated it. When it was all said and done I was impressed with how much money I saved by riding the bus instead of taking the car to school. This little daily saving can save you fortune during college.
10. Learning a new language.
The more you learn today the more options you’ll open up for yourself in the future. Don’t be intimidated. Try to learn a new language. I’m trying to learn Spanish and I’m giving myself a year to pick it up.
11. Keeping your stuff for longer.
I kept my old laptop for three years. This doesn’t sound like much. The thing is that the laptop was no good and it needed to be replaced before I even bought it. I managed to ride it to the very end until it could no longer start. I need to admit that this only worked for me because I don’t play any video games on my computer.
12. Helping others.
If you can help a friend save time or with any problem that’s bothering them, you can build a friend for a life. This is a valuable connection that will stick with you forever. You save someone a little bit of money today and in the future they can somehow repay you with their time or money. Life can get pretty interesting.
I listed 12 little savings that can lead to big savings in the future. What would you like to add to this list? Let’s see how many more we can add here…
Check out the rest of the Little Savings Series: