Let’s face it: College life is expensive. Tuition and book costs can be ridiculous, as are those for rent and food. Navigating college life entails balancing academic responsibility with financial challenges.
But there are tricks to minimize your expenses. From cheap textbooks to side hustles that will pay the bills. Forget buying into all the unnecessary luxury items they try to sell to students. The key is knowing how to work the system a bit without completely draining yourself. Let’s get this money-saving masterclass started! From budgeting tips to smart shopping hacks, this guide provides actionable advice to help you save money in college.
How to Save Money in College
We all know the struggle of trying to get an education without going broke. Tuition fees, textbooks, housing, food – it all adds up to something big.
Scholarship
Scholarships can help offset the high costs of education. These financial aid packages can be put towards tuition, housing, books, or whatever else you need. Apply for as many as you can through your school, local organizations or national programs—every little bit counts.
Buy Used Textbooks
$300 for one textbook is highway robbery. Do yourself a favor and buy used versions online or rent them. You can find solid-condition books for way cheaper on sites like Amazon, Chegg, or even your university’s book swap.
Create a Budget
Having a monthly plan for how much money comes in and how you’ll spend it is important. That way you won’t blow through your whole paycheck on Gucci slides and Postmates every weekend. Map out fixed expenses like rent/bills, and savings goals, and allocate some fun money too. Ballin’ on a budget is an art!
Get a Job
Earning some income is a must for staying afloat financially. But work smarter, not harder. A part-time gig like tutoring, babysitting, serving at a restaurant, or doing online work can cover a ton of expenses without destroying your schedule. Every little bit helps.
Exploit Student Discounts
Don’t sleep on those student discounts. Streaming services, software, restaurants, you name it—there are mad discounts out there if you have a valid .edu email address.
Cook Your Meals
The dining hall’s overpriced food items will have you going broke by November. Learn to cook for yourself. Stock up on affordable staples like rice, beans, frozen veggies, eggs, and pasta at the grocery store. Cooking at home saves a lot.
Avoid New Textbooks
Don’t be a sucker and buy new textbook editions every semester, unless you absolutely have to. Those publishers constantly re-release new versions just to rinse our wallets. Use old editions from upperclassmen, rent books, go digital, do whatever you can to avoid paying $200+ per book.
Checking Accounts
Open a free student checking account, preferably one that doesn’t ding you with fees for going under a minimum balance. Having a separate bank account makes budgeting and tracking expenses way easier too.
Choose Housing Wisely
Your rent situation can easily make or break your budget. Living on campus is usually crazy overpriced, but so are a lot of off-campus apartments near universities, too. See if getting a place a bit further away, or even commuting from home, could save you thousands per year.
Adjust Your Spending Accordingly
At the start of each semester, be real with yourself about your income and set a realistic budget appropriately. If you’re only making $200 a week from that barista job, you can’t be going on Xfinity twice a week and copping Supreme drops every month. Adjusting your spending upfront is key.
Avoid Using Credit Card
When you inevitably get tempted to splurge, avoid putting it on a credit card if you can’t pay it off right away. Interest rates will eat you alive quicker than you think. A debit card or cash only!
Consider a Meal Plan
Meal plans can make sense if it’s a good value compared to what you’d spend on groceries and eating out. Do the math for your specific situation each semester.
Coffee
Unless you’re a serious caffeine fiend, ditch the daily $5 lattes. Brew your own coffee at home or at least opt for the dining hall’s crappy (but included) joe occasionally.
Use Coupons
Your parents were right, coupons are clutch! Whether it’s old-school physical ones or digital coupon apps and codes, take advantage of every discount you can get on food, shopping, activities etc.
Become an RA
Need a free housing option? Look into becoming a Resident Assistant at your university. The gig isn’t for everyone, but it’s an easy way to avoid paying thousands per year in dorm fees.
Budget Weekend Spending
We all need to turn up sometimes, but going hard every weekend will leave you broke by Monday. Set a weekly allowance for going out, Ubering, ordering food etc. and don’t exceed it.
Buy in Bulk
For non-perishable items you use frequently like snacks, bathroom supplies, laundry detergent etc, buy in bulk at places like Costco or online to get way better deals than repeatedly getting small amounts.
File the FAFSA Every Year
Don’t sleep on financial aid. Even if you don’t think you’ll qualify for grants, file the Free Application for Federal Student Aid (FAFSA) annually to stay eligible for loans, work-study jobs and more.
Limit Eating Out
Preparing your own food gets repetitive, but frequently eating out is a surefire way to drain your account. Stick to cheap options like fast food if needed, but cook at home as much as realistically possible.
Never Use Student Loans
Student loans should always be an absolute last resort for paying unavoidable costs like tuition. Don’t dig yourself into years of debt just to avoid getting a part-time job or cheap meal prepping. Get money another way!
Use Campus Facilities
Your tuition payments cover access to all university facilities, so you might as well reap those benefits! Use the campus gym, rec center, computer labs, and more instead of paying for the same stuff off-campus.
Buy Used
From furniture to appliances, always look for secondhand options before springing for new items. Check Facebook Marketplace, garage sales, Craigslist – you can get essentials for way cheaper this way.
Choose a Cheaper School
If you have the option from the start, consider attending a more affordable university, community college for a few years, or even an online school to avoid copious debt. The cheaper the tuition, the less loans you need!
Read related blog: How To Save Money on Groceries in 2024
Conclusion
At the end of the day, it’s all about balance and priorities when you’re trying to save cash in college. You’re gonna have to make some sacrifices and hustle a bit, but that’s part of the student lifestyle. Saving money in college is not just about making cuts in your everyday expenses, it is also about making practical choices in life to support yourself financially while attaining academic success.
If you stay disciplined about budgeting, working those side gigs and avoiding dumb spending traps, you’ll make it through. Keep your eye on the long game of minimizing debt so you actually enjoy your future income. Also, allow Beem to help you manage your finances better with your personalized budget planner.
