10 Ways to Save Money in College

save money

College is expensive. However, college students tend to take a casual attitude toward spending; hence they waste money in college. After tuition, room and board, students often find themselves tapped out and living on ramen noodles. But it doesn’t have to be that way. Students can save money by making wise choices and being cognizant of their spending. 

Following are 10 ways to save money in college:

1. Create a budget

Any smart spender creates a monthly budget, especially college students who have limited discretionary funds. Even if you’re being subsidized by your parents and have a work-study job for expenses, it’s smart to watch your spending. Pizza and fast food delivery can add up.

2. Take on a job

If you qualify for financial aid, most colleges will offer work study. This allows you to work on campus during school and use that money for college expenses. Even if you don’t qualify, get a job while you’re in college. Not only will it subsidize your spending but studies show students who work in college get better grades.

3. Use student discounts

Once you get your student identification card, you’re in the money. It’s like a permanent discount coupon. Businesses around the college usually offer student discounts when you show your I.D. cards. You can save on entertainment, cultural exhibits, groceries, travel and so much more. Look for discounts everywhere (even online), and don’t let it sit idle in your pocket.

4. Take advantage of campus dining

Since freshmen are required to purchase some sort of meal plan, make it a practice to eat in the cafeteria at least once a day. Resist the urge to order fast food or buy snacks from the campus store. You’re paying for it and if you don’t use it, you’re throwing away money. 

Here’s a tip: if you want to save even more money, don’t purchase the full meal plan. It’s rare that students eat three meals a day. Find the one that best suits your eating habits and save.

5. Graduate in four years

It’s not uncommon today for students to take up to six years to graduate. Don’t fall into that trap. Imagine the money you will save by graduating in four years: two years of tuition, room and board, books, and other college expenses. Take a full course load every semester; and if you can do it in three, even better!

6. Scope out the free entertainment

College campuses offer all sorts of free entertainment from concerts, to intramural sports competitions, to student plays and productions. Venture off campus and find some concerts in the park, live music, and so much more. You will be surprised how much money you can save by taking advantage of these opportunities.

7. Shop for textbook bargains

Unless the book is only offered new, never buy new textbooks from the campus bookstore. Look for used copies, ask other students who have previously taken the course, and look online for textbook bargains. If you’re really strapped for cash, there are sites available that allow you to rent them. Just do a Google search for “buy used textbooks” and several sites will be offered. You can also sell your used textbooks online for some quick cash.

8. Stick to cash

Use your debit card, student account, or cash to pay for everything. Credit card companies prey on college students. It may be easy to get a card; but it’s easier to pull it out and use it, and even easier to rack up credit card debt with high interest rates. A good rule of thumb is if you don’t have the cash for it, don’t purchase it.

9. Use coupons

More and more college students are coupon clipping to save money. With all the smartphone apps available it’s easy to check for available coupons before you make a purchase. 

10. Become an RA

Being a resident assistant in the dorm usually means either free or discounted room and board. You can’t do it your freshman year, but you can apply for the next year and potentially save thousands just for performing a few duties. And here’s a plus, most RAs get their own room.

Developing wise and controlled spending habits in college translates to spending patterns that continue after graduation. Even after graduation, students will be on a budget as well, balancing student loan payments, low starting salaries, and other expenses. Learning how to save money in college will help you save money as you move on in your career and in life.

(Visited 89 times, 1 visits today)