Our advice for cutting costs, starting savings accounts and gaining some much-needed financial grace
By THE EDITORIAL BOARD
College, for many, is a time of newfound independence, and with this independence comes financial responsibility. While being fiscally responsible can be overwhelming, the Editorial Board wants to offer you some tips and resources to help lessen the mental load of saving.
UC Davis students can access many discounts just by indicating their status as a student. Amtrak offers a 15% discount, Amazon Prime offers students six months of Prime for free and Spotify offers Spotify Premium free to students for a month. Additionally, Regal Cinemas offers a student discount if you show a valid student ID at checkout and students can also enjoy 10 to 20% off Apple products. As for grocery stores, Safeway offers a 5% discount card for students.
Students also have access to free and discounted subscriptions. Some of these subscriptions include The New York Times, Zoom, Microsoft Office 365 and The Economist. Discounted subscriptions such as 50% off regularly priced Amazon Prime fees and Spotify Premium at a discounted rate of $5.99 a month are also available.
In addition to student discounts, there is a wealth of on-campus resources to help support students free of charge. The Pantry supplies food and basic needs to students, Aggie Reuse is an on-campus thrift store that offers secondhand clothing and Aggie Eats is a pay-what-you-can food truck. Aggie Compass also offers a document outlining all of the programs, services and resources offered to students to help ensure their basic needs are met.
Almost 18% of UC Davis students have experienced homelessness or some other kind of housing insecurity, and with Davis being ranked the 7th most expensive college town in the country, it’s easy to see why. Affordable housing is scarce in Davis, but the city of Davis compiled a list of affordable housing units for rent. Your struggle to find available and affordable housing is valid — students can rent apartments with multiple people to help reduce housing and utility costs.
Aside from reducing monthly costs, you can save money in many ways, and being informed about available options is essential. High-yield savings accounts receive 10-12 times the returns of regular savings accounts while also keeping the money accessible in case of emergencies. Individual retirement accounts are savings accounts that allow for compounded interest on money earned from working in the United States and are tax-free when taken out. 401Ks are employer-sponsored retirement savings accounts that are not tax-free when taken out but can also accrue compound interest.
Each of these savings tools comes with unique costs and benefits, so when deciding how to save, it’s important to research which method is right for you. While saving is not one-size-fits-all, saving money early and often can be highly beneficial because of compounded interest.
Though it is easy to get wrapped up in creating the perfect savings plan, it’s important to remember the worth of your well-being exceeds any dollar value. It’s okay to splurge on the things that bring you joy, and any amount of money saved is still money saved. Regardless of your financial situation, the Editorial Board hopes you can take something from this editorial, if not just a deeper compassion for where you are on your financial journey.
Written By: The Editorial Board
