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24 Tips on How to Save Money in College
Trying to save money while you’re in college is easier said than done. For students who aren’t used to managing their money, it won’t take long to blow through a lot of cash after a semester or two. Being in college means you have to be responsible with your money more than ever before. If you’re not, then you’re just setting yourself up for failure.
Between tuition, student loans, room and board, and course materials, you’ll already be spending a bunch of money as it is. That’s why it’s critical to learn smart money saving strategies that will turn into habits. Consider using the 24 tips below to save money in college and become more financially secure.
1. Live at Home
One of best ways to save money in college is to live at home. I know a lot of future college students want to get out of the house and experience that fun college lifestyle, but when it comes to saving money, you’re better off staying at home.
There’s a lot to consider when deciding to live either at home or on campus. If you live at home, you’ll miss out on a lot of on-campus events and miss opportunities to socialize and meet new people. On the other hand, you won’t have to worry about the costs of housing, a meal plan, and dorm items.
Additionally, there’s many off-campus housing costs that you won’t have to worry about either. If you have the option to live at home and can tolerate living with your parents for another few years, you should definitely consider it.
2. Don't Buy Brand New Textbooks
New college textbooks are outrageously expensive. A much better way to get your books and save money is to rent used textbooks or digital textbooks. There’s many reliable websites available for buying or renting used textbooks at affordable prices. An awesome website I recommend for digital course materials is RedShelf.
They’ve partnered with thousands of publishers and hundreds of colleges to make it easier and more affordable for students to gain access to digital course materials. They even have an eReader for all of their digital content, which is packed full of awesome features for college students.
3. Use Student Discounts
There’s a ton of student discounts available to take advantage of. If you use Amazon a lot, you can sign up for Prime Student to get a 6-month free trial and pay half price after that. Spotify offers Premium Student that comes with Hulu and Showtime for $4.99 a month after a 1-month free trial.
College students can sign up for Microsoft Office 365 for free. Grubhub offers a student membership for students who go to universities that GrubHub is partnered with. There’s way more websites and online resources that offer student discounts as well.
There’s also student discounts for sporting events, public transportation, clothing stores, car insurance, and more. Just do some research or ask around to see if there’s student discounts available for things you tend to spend money on.
4. Select the Right Meal Plan
A lot of college students waste money by selecting a big meal plan option and not taking full advantage of it. Any money that is left in your account at the end of the year will most likely be lost. That’s why you need to think about about how much food you’ll be eating on campus before you decide on a meal plan.
Most meal plan options will range from 7 to 21 meals per week depending on where you go to college. Use your meal plan to the fullest by buying snacks frequently and getting breakfast, lunch, and dinner at your dining hall or places around campus. You’ll also be able to use it at concession stands and possibly some off-campus locations.
5. Live Near Campus
If you decide to live in a house or an apartment off campus, try to find a place that is relatively close to your campus. That way you won’t have to pay to fill up your gas tank or take public transportation very often. If you live at a place near campus, you can save a lot of money by walking or riding your bike.
A lot of colleges offer free off-campus transportation, which is another good option for saving money when getting to and from campus. However, if you live too far off campus, this option might not be available to you.
6. Live with Roommates
Another smart money saving tip if you’re thinking of living off campus is to live with roommates. This will allow you to split the cost of rent, utilities, food, and the security deposit with all your roommates, which will obviously save you a lot of money. They’ll also be able to help pay for other things, such as repairs, furniture, and kitchen items.
Be sure to ask your roommate or roommates if they have any of the books you need for your classes too. If they have any you need, ask to borrow them so you don’t have to spend money on renting or buying them yourself.
7. Don't Buy Expensive Furniture and Decor
Learning how to save money in college means figuring out ways to decorate your dorm room with essential items that are affordable. You can check out this list of essential dorm room furniture, or explore my dorm items page to find essentials and decorative items to completely transform a dorm room and make living in one much easier.
You don’t want to waste money on expensive items for your dorm just because they look good. Spend time to find an affordable alternative. It’s even better if you can find affordable furniture and decor that is multifunctional, like a storage chest that also acts as a chair and footrest. This will definitely help you save money and make living in your dorm more enjoyable.
8. Don't Eat Out Super Often
There’s nothing wrong with going out with your friends and getting food once in awhile, but it gets really expensive if you start doing it all the time. It can be tempting to go eat at your favorite restaurants, especially if you eat nothing but typical college food all the time, but you have to remember how expensive it can be.
It’s probably even more tempting to eat out if you live off campus since you won’t be near your dining hall so much. Regardless of where you live while in college, try to either make your own food or eat at your dining hall over going out to eat. This way you won’t waste money on gas or expensive food.
9. Find a Job on Campus
There’s a ton of benefits that come with having a job on campus besides just making money. First of all, having a job on campus is super convenient. Students can just walk from their dorm to their job in a few minutes instead of having to commute, which will save them gas money.
Students will also gain valuable knowledge when they work with either the faculty, staff, or both. It’s a great way to learn from intelligent people who are involved in higher education and receive advice on how to save money in college.
Related: 10 Ways to Get Involved on Campus
10. Apply for Scholarships and Grants
One of the best ways to save money and limit the amount of college debt you’ll have is to apply for scholarships and grants. There’s scholarships available for almost anything, so make sure to do plenty of research, and apply for as many as you can.
Make sure to apply for scholarships of all sizes. Every dollar counts in college, so smaller scholarships that will give you $500 or $1000 are still important.
Never be discouraged to apply for bigger scholarships either. The biggest thing to remember about scholarships is that it’s a numbers game. Your chances of winning scholarships go up dramatically if you’re frequently applying for them, so spend a few hours each week researching and working on scholarship applications.
Applying for grants is also important for saving money in college. Your eligibility for grants is determined by your financial need, which is going to be different for every student. To find out what you might be eligible for, you’ll have to fill out the FAFSA.
11. Complete FAFSA
FAFSA stands for Free Application for Student Aid. It’s probably the most important step for any college student when it comes to paying for college. Filing out your FAFSA can be a little tedious and confusing, but your college will mostly likely have a financial aid team that you can meet with or email if you have any questions.
They’ll be able to walk you through the whole process and discuss what you’re eligible for. FAFSA is the first step in the financial aid process. Once you complete the FAFSA, you can apply for federal student loans, grants, work-study, and other financial aid options.
12. Use Campus Shuttle
Your college may or may not have campus shuttle vehicles for students to use, but if they do, you should take advantage of them. They’re a free transportation option for all students, so you’ll definitely save money using them compared to driving your car or using public transportation.
They’re great for students who live off campus as long as they’re near one of the shuttle routes. Some colleges may even offer shuttles that go to popular locations in the area, such as malls, grocery stores, markets, etc.
13. Walk or Ride a Bike
Walking or riding a bike on and off campus makes a lot of financial sense. It’s a good way to stay fit too, considering the usual freshman 15 that students tend to put on in their first year. It’s even a great way to relieve some stress and increase your focus.
New students probably won’t be permitted to have their cars on campus either, so walking or riding a bike will be one of the best ways to get around and save money.
14. Keep Track of Expenses
Being in college means a lot more financial independence but also a lot of responsibility. It’s good to be mindful of how much you’re spending on a regular basis so you can create a budget for yourself and cut out any unnecessary expenses.
There’s lots of apps and other online tools available for keeping track of expenses, but the cheapest options are going to be Google Sheets or Excel.
You’ll have to type out everything yourself, but it will be well worth it because once it’s done, you’ll be a lot more responsible with your spending. This means you can prioritize what you spend money on and develop smart financial habits that you can use well after college.
15. Use On-Campus Resources
A variety of resources and amenities will be available on your campus that students can use to save money. Big universities will have a plethora of on-campus amenities, but smaller schools will have their fair share as well. These are things like gyms, restaurants, libraries, career services, counseling services, and free transportation.
You can use the gym on campus so you don’t have to pay for a membership to one off campus. Career services will help you with finding jobs and internships. Free campus transportation, like a shuttle bus, can help students save gas money.
16. Try Subscription Boxes
There are many subscription boxes and care packages available that are specifically tailored towards college students. They can make a positive impact on a student’s life because they come packed full of useful items and essentials that are perfect for college.
If you want to find a wide variety of the best subscription boxes for college students, you should check out Cratejoy. The amount of subscription boxes and care packages available on their website is almost endless.
17. Use Budget Apps
It’s not super difficult to make a budget, but the hard part is actually sticking to it. Budget apps make it a lot easier to stay consistent with a budget and offer lots of convenience.
Every budget app is a slightly different, but some of the main functions they have include tracking your spending by syncing to your credit card and bank accounts, tracking bill due dates, and automatically paying bills. Some will also create savings goals for you.
A budget app can be a very useful money management tool if you are consistently using it and can find the right one that works for you. If you think you have bad spending habits and want to feel more in control of your finances, try looking into budget apps to see what each one offers.
18. Attend Free Campus Events
Check your student email frequently because your college probably sends out weekly newsletters about events going on around your campus for students to participate in. This can be anything from job fairs and theater plays to festivals and concerts.
Every college will be different, but expect events and activities going on around campus all the time. Going to free events on campus is an easy way to stay busy and keep you from being bored.
19. Ask Upperclassmen for Advice
Some of the best people to ask about money saving tips or advice are the upperclassmen at your college. They’ve experienced that college lifestyle for years now, so they know what it takes to be successful in college.
Try to pick their brain and absorb as much knowledge as you can because there’s a good chance the advice they give you will come in handy a lot while you’re in college.
20. Sell Your Car
If you live on campus, there’s a lot of reasons why you should sell your car. When it comes to saving money, selling your car means you’ll no longer have to pay for gas, insurance, oil changes, or any other maintenance. You also won’t have to pay for an expensive parking pass for your car that you probably won’t use that much.
Not only does selling your car encourage you to have a more healthy lifestyle, but it will allow you to take the money you would usually spend on your car and use it for other college expenses.
21. Buy Clothes at Thrift Stores
An easy way to find quality clothing items at very cheap prices is by shopping at thrift stores. This definitely beats shopping at expensive retail stores where you’ll spend way more money.
At thrift stores, you can find all kinds of high-quality shirts and pants for college. They even have other useful items for college students, such as backpacks, supplies, furniture, and household items.
22. Don't Make Impulse Buys
Making impulse buys, especially in college is not a good way for students to be smart with their money. Spending money on impulsive items means you’ll have less money for your more important college expenses. Some ways you can avoid making impulse buys is staying mindful of your budget, staying off shopping websites, and set financial goals for yourself.
23. Limit Streaming Subscriptions
With all the video and music streaming services available nowadays, it’s super easy to lose track of all the ones you’re subscribed to. It’s best if you limit your streaming subscriptions to just a few so you can save some money.
There’s no reason you need to be subscribed to a bunch of streaming services all at once. I’d stick to only a couple streaming services, like Netflix and Spotify.
24. Try Cheap Hobbies
There’s loads of cheap and free hobbies to take up while you’re in college. Some of the best ones to try are reading, drawing, cooking, volunteering, painting, and hiking. You’ll also be able to find many clubs at your college that are dedicated to hobbies, including culinary clubs, gaming clubs, performing arts clubs, and multicultural clubs.
Related: 28 Fun Things to Do in College
