Being a college student often means juggling tight budgets with various expenses. However, with some savvy strategies, you can stretch your dollars further and even build a solid financial foundation for the future. Here are some practical tips to help you save money during your college years when you want to learn how to save money as a student.
1. Create a budget
Budgeting is the cornerstone of financial management, especially when you’re in early adulthood. Creating a budget requires listing all your income sources (e.g., part-time jobs, allowances, scholarships) and expenses (e.g., tuition, rent, food, entertainment). Use budgeting apps like Monarch or YNAB to track your spending.
2. Take advantage of student discounts
Many businesses offer discounts to students. Get into the habit of carrying your student ID and ask about student rates at retail stores, eateries, movie theaters, and even online subscriptions. Websites like UNiDAYS and Student Beans aggregate student discounts and deals, making saving on a wide range of products and services easier.
3. Save money on your textbooks
Books can be a significant expense, but there are a few easy ways to reduce this cost:
- Buy used books: Check out sites like Amazon, Chegg, and local bookstores for used textbooks.
- Rent textbooks: Renting from Chegg, Amazon, or your college bookstore can be much cheaper than buying new ones.
- Digital versions: E-books are often less expensive than physical copies.
- Library resources: Utilize your college library’s resources, including borrowing textbooks or using reserve copies.
4. Cook your own food
Dining out or ordering takeout may be part of the fun of living on your own as a college student, but it’ll cut into your budget. Learn how to cook simple and easy meals at home that are a fraction of the cost of fast food. This saves money and allows you to eat cleaner (an easy way to avoid the “Freshman 15”).
Plan your meals, make a grocery list, and buy in bulk to save even more. Websites and apps like Budget Bytes and Mealime offer budget-friendly recipes and meal-planning tips.
5. Skip using a car to get around
Owning a car can be costly and may be out of your budget due to gas, insurance, and maintenance expenses. Use public transportation, which is often discounted or free for college students. Biking or walking to nearby locations can also make it easy to save and get your exercise in for the day.
6. Avoid impulse purchases
Impulse spending will sabotage your budget. Before buying a good or service, ask yourself if you need it. Practice the 30-day rule: wait 30 days before buying a non-essential item you’re eyeing. In many cases, the impulse to make the purchase will pass.
7. Move out of your dorm
Housing is typically the largest expense for college students, especially when it comes to living in a dorm. If you want to learn how to save money as a college student, consider these options to save more on housing:
- Share an apartment: Splitting rent and utilities with roommates can significantly reduce costs and also provide you with a sense of community.
- Rent a room: Rent a room from PadSplit, the #1 coliving provider. This will allow you to save 40-50% more than a traditional apartment and avoid paying for Wi-Fi and utilities. You can also increase your credit score with each payment to increase your borrowing power once you graduate.
- Live at home: If feasible, living with family can save a substantial amount on rent if your parents or relatives live near your campus.
8. Use the campus amenities you’re already paying for
Your tuition may include access to various campus amenities like sports facilities, gyms, and libraries, which you’re paying for. Use these resources during the week instead of paying for extra memberships or services off-campus. You can also attend free campus events for entertainment and socializing with other people.
9. Earn extra income
If you want to save money as a college student, work part-time jobs, or do freelance work to supplement your income when you’re not studying. Some internships are even paid and can allow you to gain work experience before graduating. Many colleges also offer on-campus jobs that are flexible with your class schedule. If you have skills, you can monetize and create accounts on Upwork and Fiverr to earn extra cash.
10. Use financial aid wisely
If you receive financial aid, use it correctly. Use the funds for your tuition, textbooks, and housing. If you have leftover money from the financial aid, consider saving it in an emergency fund or for future and unexpected expenses.
If you want to learn how to save money as a student, it requires discipline and creativity, but it’s entirely possible. By budgeting, taking advantage of discounts, cooking at home, using public transportation, and making mindful financial decisions, you can manage your finances effectively and build a strong foundation for your future. Remember, the habits you develop now will serve you well beyond your college years.
