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How to Save Money While You’re in College—and on a College Budget

By Elizabeth Whalen

  • PUBLISHED May 13
  • |
  • 8 MINUTE READ

Trying to save money while in college might seem impossible. Between tuition, books and living expenses, the costs quickly mount up. Yet, saving a little bit now can make your financial future much brighter. These simple tips will help you save without major sacrifice.     

Make the Most of School Programs
One of the easiest ways to save money is to avoid paying for things you can get for free through your university. If you need a tutor, career advisor, financial aid help, counseling, gym membership, computer repair, a ride home late at night or a medical checkup, look first to see if you already have free access through your school. You might be surprised to discover the range of services available at no charge.

Hunt for Student Discounts
Companies offer student discounts so you’ll start using their products now and, they hope, keep using them for years to come. You can save on streaming subscriptions, movie tickets, audio books, software, computers, phones, moving truck rentals, car shares and even clothes. Just two examples: You can get Amazon Prime at almost half price and a 15% discount at J.Crew when you show your student ID. 

Be Mindful of Meal Costs
Many college meal plans require you to use your meals or lose them, so be sure you’re making the most of what you, or your parents, are paying for. Don’t forget beverages, which are likely included in your meal plan but can cost a lot elsewhere. Skip the trip to Starbucks and fuel up with coffee from the dining hall. Stop buying bottled water and start filling up a reusable bottle instead.

If you need motivation to avoid eating out or stopping at a coffee shop when you have access to a meal plan, remember that you’re essentially doubling the cost of that meal and take a moment to reassess if it’s worth it. Be sure to at least frequent places that offer student discounts and use coupons.

Rent, Barter and Buy Used
Renting textbooks or buying used books are obvious ways to save some cash, but you can apply the same principle to a range of other items to maximize your savings. If you need a durable item, such as an e-reader, furniture, sporting goods or clothes, search for a second-hand one first.

Thrift stores are great places to start. You can also ask friends and relatives or check Craigslist and Facebook Marketplace for free or low-price items. You might discover your friend can cut your hair or your neighbor is selling a gently used laptop for a great price. 

Save Your Money
When money comes your way, be it from a job or a gift, save as much as you can. The dollar amount you have today might not seem like much, but it will add up over time. Consider this: Save just $10 a week consistently, and in 10 years, you’ll have more than $5,200. Save money in an account that offers interest and you’ll have even more.

If you can, set up your savings to be automatic, which saves you easily depleted willpower that you can devote to studying for your finals or writing term papers.

Skip the Spendy Spring Break
You’ve made it through tough classes and you’re ready for a break. Do you jet to Florida for spring break? Indulge in a summer vacation in San Diego? Sorry, but trips like these are not financially wise. 

And never pay for a vacation with your student loans, like 20% of students do. Yes, you may feel like everyone is doing something fun, but remember, you can enjoy yourself closer to home, or campus, with low-cost trips to museums, theme parks and state or national parks. Be sure to check for student discounts wherever you go.

Get Rid of What You Don’t Need
Pare down to just the essentials and put your savings toward your future. From big to small, there are many ways to reduce unnecessary stuff. Do you need your car if you live on campus? If not, sell it. Does your roommate already have a TV? If so, sell yours. Do you have time to watch shows on all the streaming services you subscribe to? If not, cancel everything you don’t use.

Learn How to Be Smart with Credit Cards
Credit cards tempt many cash-strapped college students into overspending. Then, they have to pay back not only student loans but also high-interest credit card debt. Avoid this trap by seeing credit cards for what they are: an important tool that you must use wisely.

When you’re done with school and ready to buy a car or house, a high credit score will make the loan approval process easier and potentially save you a lot of money in interest. So building credit now is a good idea. Be sure to always make on-time payments and keep your balance low or, ideally, pay off the full amount due each month.

Don’t Go Over Four Years
You may notice many juniors and seniors are not on track to graduate on time, and perhaps you’d also like to extend your time in college. Unfortunately, the longer it takes you to finish your degree, the more you’ll likely pay for it. 

Tuition costs increase about 8% a year, meaning you’ll have to borrow more to cover those costs. The sooner you graduate, the sooner you can start earning full time, allowing you to pay your student loans back on time and avoid accruing any unnecessary interest. 

Practice Now for Your Post-College Financial Life
You won’t live on a student budget forever, and your post-college life might not look as you imagine it will, but learning to intelligently manage your money will help you for the rest of your life. 

As you progress toward graduation, keep implementing the tips in this article and determine which ones work best for you. Think about how you can adapt them for your next life stage, and you’ll be on your way to not only a rewarding degree but also a healthy bank balance.

Elizabeth Whalen is a freelance writer based in Seattle. She loves writing about business, financial services and sustainability.

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