How To Save Money When Running Your Business, College Guide  

We are so proud that you are thinking of starting a business as early as now. As a college student, you can do it. But of course, it’s not going to be easy. In fact, you will have to sacrifice a lot – including your finances. And just in case you have investors, that doesn’t still give you the right to splurge. And that is why we are sharing with you a few tips on how you can save money when you run a business while in college.   

Always Bring Your Student ID   

Your student ID works like a discount card, so always bring it with you. Whether you are buying gadgets or even food, take advantage of the student promos. You might not feel its effect when purchasing just one item. But if you calculate all your purchases and the discounts because of your ID, then you would surely appreciate it.   

Look For Second Hand Books   

If you need books for your courses, try to look for used ones instead of buying brand new ones. You would be surprised how much savings you can get from it. You can find it online or ask other college students that have already finished the course. The extra funds could go straight to your business development.   

Share A Room   

We understand that it can be awkward to live with a stranger. But if you want to stretch your budget and have more for your business, then why not share your room? At least all your monthly dues will be divided. Just make sure that you create house rules with your new housemate. That way, you can protect your personal space.   

Now, if you have business partners, we recommend that you live together. This is ideal so you can easily talk about business matters. And at the same time, it’s easier to track inventory and other orders.   

Live Near Campus   

You should also find accommodation near your school. That way, you can save on transportation costs. Plus, most schools are surrounded by establishments like laundromat or food places. At least you have everything you need and you just have to walk.   

Use Your School’s Facilities  

You don’t necessarily need to have a gym membership. Most likely your school has its own gym. And if you want to stay active, why don’t you run around your campus and enjoy the outdoors? Trust us, it is sometimes better than working out in a confined space.   

Cook Your Own Meals   

If your accommodation allows, you should cook your own meals. You can save a lot, plus you can be more cautious about the food you eat. This will help you become healthier, which you need if you are a business person. After all, it could be stressful managing an enterprise. You need to be mentally, emotionally, and physically fit.   

Start A Bank Account   

We also suggest that you open a bank account made especially for college students. Most banks offer lower fees and you don’t have to maintain a minimum balance. As early as now, you should be able to understand how banks work as you can leverage on it when your business starts to grow.   

Check Your Cell Phone Usage   

You would be surprised how much you are spending on your phone. In that case, try to monitor your usage. Perhaps, there are better and more practical plans that will work for you.   

Control Your Credit Card Usage   

Using your credit card can be tempting. We are not saying that you shouldn’t get one. Credit cards can also help you with your business. For example, if someone orders from you and you have provided them a 30-day credit, then you can pre-order their items using your credit card. But make sure to pay the balance once you received the payment from them.   

Learn How To Say No   

We understand that you also want to go out with your friends. That’s fine. But make sure you know when to say NO. You don’t have to go out every Friday night. Imagine how much money you would be throwing away for beers and other expenses.   

The bottom line is, be smart with your choices. That way, you can save money, and invest more in your business. Sure enough, you can enjoy the luxuries in life when your business is already sustainable and profitable.