There are tons of articles online sharing tips on how to save money and cut expenses in college. They do offer some great advice which you can implement. However, if you are still constantly stressed out over your finances and are always feeling like there is not enough cash for yourself, it might be time for you to examine your money mindset.

Ask yourself the following questions:

>> Do you feel guilty when you spend money on yourself?

>> Do you often find yourself being overly stressed out about saving money, even down to the cents?

>> Do you regard yourself as a broke college student?

If you said ‘Yes’ to any of the above, you may need some help reframing your thoughts around money.

Scarcity vs Abundant Money Mindset

Having a scarcity money mindset means you are coming from a place of lack. Thoughts such as “I don’t have enough money”, “I can’t afford that” and “I’m scared of losing all my money” reiterate your reality that money is scarce. Your brain is trying to protect you but this hinders you from attracting money with ease.

On the other hand, having an abundant money mindset means believing that money is energy, and is an unlimited resource. This doesn’t mean you spend recklessly. The contrary happens actually. Once you shift your beliefs around money, you spend on things or experiences which light you up. You budget wisely and organise your finances regularly. You don’t shy away from money, but embrace it.

Having an abundant money mindset doesn’t mean splurging all the time, but saving when you really want to.

When I shifted my beliefs, I started to purchase things based on desire rather than what I could afford. Spending consciously on aligned things helps to raise your vibration and in turn, allows you to seize opportunities to attract money.

Nurture Your Relationship With Money

I used to avoid looking at my finances and always found it such a chore. I cringe whenever I hear about people saying terms such as ‘investing’ and ‘trading’. I had no clue how to start and really didn’t want to part with my hard-earned savings. However, once I changed my perspective with money, I found it easier to make decisions and set aligned financial goals.

When you take good care of your money, it will love you right back.

Don’t Limit Your Sources of Receiving Money

Initially, I thought that the only way to make money was to do hard work for others. For instance, getting a part-time job at a restaurant downtown, providing tuition for primary school students or simply through my monthly allowance from my parents (but not before helping out with household chores). However, there are many other ways besides someone paying you. It could be through a refund for a bill, a voucher you won at a lucky draw, compensation for a survey you took, or even finding it on the floor. The possibilities are endless!

The Easiest Ways to Save Money In College

As a bonus, I’ll also be sharing a few resources and ideas on how you can save money in college, with specific examples for my fellow SMU students. If you are a freshman, check out my post on 5 Things I Wish I knew Before My First Day.

Utilise School Facilities and Services

These include your school gym, libraries, partner clinics covered under your school’s health insurance, and career centres. They are often free or provide subsidised rates, which give you bang for your buck.

I often hear from my peers that they didn’t know these things existed or if they did know, they don’t fully utilise them. One of the main reasons for this is that they struggle to find time to use all of these services. It is understandable and totally fine if you graduate without stepping inside your school’s gym.

It is all right to be aware of these services so you know what resources are available for you when you need them. Besides, they are probably already included in your school fees so why not make the most of it?

Dine at the Hawker Centre or Food Court

Besides bringing your own lunch and snacks, opt to dine at coffeeshops, hawker centres or food courts. For example, SMU’s Koufu offers student discounts and is generally cheaper than the nearby restaurants in town. Do note that most charge an extra 30 cents for a takeaway container so either bring your own or dine in.

There is also a very famous economical mixed rice stall located at Waterloo Centre, which is about a 7-minute walk from SMU’s LKS Library. Remember to select more toppings under the ‘vegetable’ category instead of the ‘meat’ or ‘seafood’ categories for a lower-cost meal.

Just remember to bring your student card as proof that you’re eligible for your student rates. (Unless you’re a regular until the stall owners can remember you!)

Wait To Buy Textbooks

Don’t rush to your school’s bookshop to buy textbooks for your classes just yet. I know you might prefer to get a head start in reading up class material beforehand, but you can do so in other affordable ways.

• Buy secondhand. Ask your seniors or use platforms such as Carousell or SMUMods to buy/sell used textbooks.
• Share an e-textbook copy with your classmates by splitting the cost.

Who knows, your professor might even say that it is not compulsory for you to buy the textbook, as they are more supplementary in nature.

There might be a few classes where you are required to purchase a course pack (usually full of case studies). In this case, I usually buy my own copy as I prefer to annotate directly on the pages with ink.

Ultimately, whichever option you choose should aid you significantly in acing the class.

Don’t Overstock Your School Supplies

It is fine to stock up on your favourite stationery but there is no need to purchase them 3 months in advance. There have been numerous welfare drives and events where I received foolscap paper, notebooks, pens, whiteboard markers, files and post-it notes. I now have an oversupply of pens, markers and foolscap paper ever since I started collecting them in year 1.

If you’re not fussy with your stationery supplies, you can definitely save on purchasing your own.

Look For Student Deals

Many stores and platforms offer student deals and discounts. Sometimes, your school’s welfare drives or Student Union partner with companies so the students can enjoy special rates. You can also follow Telegram channels such as SG Kiasu Foodies and SG Student Promos to stay up-to-date on the latest promotions.

Don’t forget to take advantage of your student account by signing up for useful softwares or platforms. For example, Notion and Figma offer free Pro accounts for students. Your school may also offer a free subscription to LinkedIn Learning and other membership sites so do look out for them.

I personally love the Github Student Developer Pack as it offers a free 12-month subscription for Canva Pro, which I use frequently to create beautiful graphics and presentations for projects.

Consider Part-Time Work Wisely

Earning extra pocket money can help alleviate your daily expenses and grow your savings. Be sure to look out for jobs in your school campus such as teaching assistants, student assistants or event helpers. They provide reasonable compensation and are convenient. (You get to save on transportation!)

If you’re struggling to pay your hefty tuition fees, try applying for scholarships, bursaries and grants. Even if you don’t think you’re qualified, you never know unless you try!

Read Up On Personal Finance

Being knowledgeable in the financial field can make a difference. As a young student in your 20s, there is definitely power in compound interest. Make your money work hard for you.

A great introduction to personal finance is a book called Your Money: The Missing Manual. It’s available to borrow for free from the public library/Libby. You can also visit websites such as Seedly and MoneySmart which help you understand terms and information before making important financial decisions.

Time Is Your Most Valuable Asset

I often felt guilty when I overspend on myself. There were many times where I turned down invitations to lunches or outings just because I didn’t want to overspend unnecessarily.

This is why I now have a ‘bad-mood’ or ‘treat myself’ fund every month. It allows me to spend guilt-free because I know that I have already allocated enough for savings and other expenses. This fund can be used for the outings or online purchases I’ve been eyeing for some time. I don’t allow that sum to carry over to the next month, unless I really want to save it for the following month.

I know a few cents here and a few dollars saved there can add up overtime. However, if it adversely affects your mood, it might be time to re-evaluate your priorities. What do you value most?

The secret to having fun without breaking the bank is a poised money mindset and the ability to budget effectively.

Ultimately, you don’t want to scrimp and save your way through college just to find out that you’ve been bitter the whole time or missed opportunities to create meaningful memories.

Don’t forget to give generously and feel gratitude no matter what situation you’re in.

Acknowledging the good that you already have in your life is the foundation for all abundance.

Eckhart Tolle

Share this with a friend who might need some help reframing their money mindset.

Lastly, embrace your inner kiasu-ness and enjoy your college life!