How to Save Money as a College Student
Credit: CollegeXpress
By: Lateefah Gobir
Being a college student involves juggling tuition, rent, and daily living expenses within a financial plan. These little money-saving tips can help students make the most out of their budget.
Create a Budget
Starting off by monitoring your income and expenses with apps like GoodBudget or YNAB to set spending capacity will ensure you never go over your spending limits. I used YNAB during my first year of college and realized I was spending way more on snacks than I thought—cutting back there freed up money for weekend trips. Categorize rent, food, transportation, and leisure, and you will learn which aspects can be reduced.
2. Leverage Student Discounts
A lot of companies offer student discounts for traveling, technology, subscriptions, and even restaurant outings. Carry your student ID along and look out for these discounts. These discounts can help save money if you commute or if you are having a fun get-together with your friends.
3. Buy Second-Hand or Rent Books
Books are expensive; more affordable alternatives would be to rent, buy second-hand, and seek out e-books. Great places to check would be Chegg, Amazon, and your university library. Chegg, especially, often has semester-long rental options for under $40, and I once found a $120 textbook on Amazon for $15 used.
4. Meal Prep and Cook at Home
For students who live off-campus or who don’t have a kitchen in their dorm, dining out often is extremely costly. Instead of that, meal prep, bulk cook, and take advantage of sales at the grocery store. I batch-cooked pasta and rice every weekend, and not only did I save money, but I stopped stressing about what to eat between classes and after classes. Simple home-cooked meals could save several hundred dollars a semester.
5. Use Public Transport
If you don’t have a car, another way to save money when traveling anywhere is by taking public transportation. Taking the train, a bus, or even riding a bike, if you can, can really help you save some money compared to booking an Uber or Lyft. Although you might have to pay for a bus pass, it is usually more cost-effective for frequent travel and typically offers unlimited rides for a set period.
6. Request Scholarships and Grants
Try to look for scholarships and grants from the school. Go check the financial aid office, or simply check internet sites like Fastweb, Scholarships.com, and Scholarship Universe to see what you are eligible to apply for.
7. Get a Part-time Job or Side Hustles
Campus or home part-time jobs, freelance work, or side hustles are great sources to gain extra cash. Having a part-time job with a flexible schedule means no constant interruption of your studies.
8. Avoid Credit Card Debt
Credit cards can be an option but only to save up in case of an emergency or if an unexpected situation arises that requires money immediately. Carry one or two cards which you can keep a close eye on and pay the amount in full every month.
Following these steps can help with cost reduction and alleviate economic pressures that you and many other college students might be facing, allowing you to focus on your studies and budget easily for future expenses. Personally, applying even just a few of these tips—like cooking at home and using student discounts—has helped me save more than I expected. It’s all about finding what works for your lifestyle and being consistent. Saving money in college isn’t always easy, but it’s definitely possible with a little effort and planning.