Ida Zaghi, 1L

Contributor

For many of us, living through one of the worst economic times as a student is an enormous challenge. However, it’s a challenge that can be more easily overcome by spending less and saving more. So, the following are five solid tricks to saving some cash:

1. Use a High-Yield Online Savings Account: You could typically earn 12 times the interest that you would earn from a normal bank savings account. For example, FNBO Direct currently offers 2.40% APY on its savings account, whereas Bank of America’s savings account offers an embarrassingly low 0.20%. Remember, most online banks can offer more attractive rates because they have low fixed costs—no branches or account frills.

2. Shop in Store but Buy Online: Start looking at stores as places to look for things that you will later purchase cheaper online. To save even more, don’t forget to do a quick Google search for a coupon code before purchasing your products online.

3. Cut Out the Soda: Stop buying soda, and you will save about $350 a year! If you can’t cut out soda completely, then avoid purchasing individual soda cans and select only the two-liters if they are on sale.

4. Shop When You Are Full: Most grocery stores have the mouth-watering smell of freshly baked goods hit you the minute you walk into the store. The hungrier you are, the more likely those enticing smells will cause you to spend more than if you were to shop when you are full. If you don’t have time to eat before you do your grocery shopping, drink at least a couple glasses of water to make you feel full.

5. Travel Mid-Week: To save money on travel, depart on Tuesday, Wednesday, or Thursday and stay over a Saturday night. You will garner greater savings by traveling mid-week when compared to weekends when most people fly.