13 Tips to Save Money in College
College students are known to experience financial difficulties, and it can be hard if you don't have the necessary skills to help you manage your academic and personal expenses. This article aims to help you make the basic changes in your budget and routine to have a more comfortable college experience.
Why Is It Important to Budget While in College?
When researching all aspects of college life, it's essential to find out how to save money in college. The first and most crucial step to saving money is setting a budget and sticking to it.
Budgets help you see the big picture of what you spend, what's necessary, and what's not. You can also see where you can afford to loosen up and pay bills and debts on time. But most importantly, the earlier you start saving and sticking to your budget, the more financially independent you'll be.
Lastly, while you budget, you should keep in mind that although saving money is crucial in college, you shouldn't let frugality hinder your life and become an obsession. And you should always remember to make the most out of the college experience on your means.
Interested in pursuing a degree in California?
Fill out the form and get all the detailed information you need regarding your chosen program.
13 Tips to Save Money in College
While there are many ways you can save money in college, you should start with the 13 tips we've compiled, which will not only help you save money and live more comfortably in college but help you after you graduate as well.
Find a job (or two)
Having a job or two while in college is a great way to save money. Not only can you put a small amount aside for large expenses like rent and student loans, but you'll also develop skills crucial in the workforce, like communication, teamwork, and organizational skills.
Take advantage of student discounts
Another great money-saving option is taking advantage of student discounts. Luckily, a lot of places offer deals and discounts for students if you show them proof with an ID or a student email. You'll find discounts for clothing, beauty and health products, electronics, entertainment, home, and food. So, it's definitely something to check out.
Apply for scholarships
College is expensive, which is why a lot of students apply for scholarships and grants to be able to pay for their education, something you should try too. Another bonus is that you can apply for scholarships every college year, not only during college admissions.
If you don't know where to apply or how to find scholarships, you should try:
Checking for information from your financial aid office on different scholarships and grants.
Checking with your parent's employer or your own employer—many companies like Verizon, Intel, Flour, etc., award scholarships to their employees or the children of their employees.
Checking with community or religious organizations—many local sports teams, churches, and restaurants can offer scholarships. Although the sum of these scholarships may be low, they still can be of use.
Checking scholarship sites like Bold.org for searching scholarships based on your degree, location, and skills.
Checking the U.S Department of Labor's scholarship search tool to search for scholarships based on your state, study, level, etc.
Minimize textbook expense and resell
With so many brand new textbooks hitting triple digits, you should try cheaper alternatives that can save you hundreds of dollars per semester.
The biggest downside of buying brand new textbooks, apart from the price, is that most of the time, you won't need those textbooks later in your studies or life. But also, you can retrieve almost every fact or information available online in a matter of minutes.
Therefore as alternatives, you should consider:
Buying used textbooks: you should start buying them as soon as you register for your classes. Great sources for buying used textbooks are AbeBooks, BigWords, and CheapestTextbooks.
Buying older editions: the newest editions are always more expensive, so you can buy older editions if there aren't substantial differences between them.
Renting textbooks: this is an even cheaper alternative to buying used textbooks. However, you should be careful with returning them on time and not damaging them. The best sources for renting textbooks are Campus Book Rentals, Amazon Textbook Rental, and Chegg.
Borrowing from the library: though this is a great alternative, it can be difficult to borrow them due to high demand.
If you already own textbooks you don't need anymore, you can rent them to others or resell them.
Cook at home or use your meal plan
We've all had to deal with the temptations of fast food, take-out, or that matcha latte. However, they can be too expensive for the tight budget of college students. That's why, if you want to cut back on those expenses, you should try cooking at home or using your meal plan.
Cooking is a useful life skill, and if you don't know how to cook, you should start practicing with simple recipes, and you can add your own twist to them.
College meal plans can help you save extra money if you use them to the fullest. You can use your meal plan even for snacks.
Use college amenities
Every college offers a share of amenities (free or discounted) that you should take advantage of to the fullest. They can be gyms, counseling, libraries, discounted healthcare, child care, and events that can offer free food. So, even if you're not on a tight budget, you should take advantage of the services offered by your college and save a considerable amount of money.
Share subscriptions
Although we all enjoy watching shows and movies and listening to audiobooks and music, streaming services can be expensive if you want to consume content on multiple platforms. A convenient money-saving alternative is sharing the subscriptions' cost with friends or family.
Use public transportation
If you live farther from campus, you should try getting a public transportation student pass. Many universities partner with local transit to offer student passes for buses or subway for their students. Another option is investing in a bike, which is a cheaper and more ecological option.
Live close to campus
While there are money-saving options for living farther from campus, living closer to campus erases the need for those options almost entirely. Though living close to campus may raise your rent expenses, living within walking distance of the campus, shops, and libraries, you can even out or decrease the overall expenses.
Live with roommates
Living alone and being totally independent may be the dream for most college students, but you should also consider the higher cost of living expenses and rent in this situation, contrary to living with roommates. Living with roommates also gives you the opportunity to make life-long friends and build deep connections with others.
Monitor your cell phone usage
When trying to save money, you should monitor your cell phone usage. If you're not using your cell phone plan entirely, you should switch to a cheaper plan, or you can get on a family cell phone plan and pay less.
Buy second hand
Since there are many quality options to thrift or buy secondhand, they are great alternatives to buying brand-new clothing, accessories, furniture, appliances, or decor if you're saving money. There's probably a second-hand store near campus, or you can shop online on sites like Thredup, Facebook Marketplace, ThriftBooks, etc.
Buy in bulk
Many long-lasting goods cost cheaper if you buy them in bulk. Though you need a larger amount of money upfront, it still is a lower amount than the total of spaced-out purchases. The best products to buy in bulk are rice, dry beans, canned goods, toilet paper, cleaning supplies, products safe to store at room temperature, etc.
Conclusion
Life, in general, is expensive, and not having a good budget and money-saving methods can lead to debt and stressful living. That's why you should develop money managing skills as soon as you can. Start saving with a small amount and work your way up gradually. It's always helpful having extra savings and paying student loans early.