How to Save Money in College? 20 Ways

When you’re in college, money is often tight. Use these 20 suggestions to save money while you’re still in college and become financially independent.

You are not alone if you are struggling to pay your bills while in college. It’s getting harder for college students to stick to a budget as tuition and living costs rise. That doesn’t mean you have to be a “starving student” – there are plenty of great ways to save money in college.

Make a Monthly Budget

Making a budget is a wise move if you want to know how much money you have and what you spend it on each month. Additionally, it’s a smart strategy for allocating money to your most important priorities.

For instance, you might enjoy running and want to take part in regional running competitions. You’ll need to budget money for both the cost of good running shoes and the entry fees for races. This will entail choosing a hobby over other expenses, like dining out, in order to prioritize your priorities.

Once you have a budget, it is simple to keep track of your spending to ensure that you have enough money to pay for the things you need and, hopefully, some extra cash to spend on enjoyable extras.

Here is The Importance Of Saving Money.

Take Advantage of the Dining Hall

You probably pay for a school meal plan if you’re living in a dorm at a university. In other words, you’ve already paid for the majority or all of your meals. By dining at nearby fast food establishments, you won’t be wasting your money. It’s like paying for one meal – TWICE!

You can usually eat in any dining hall on campus. Decide which halls are closest to your classes and schedule meals accordingly. When a particular dining hall offers ice cream sundaes for dessert or when Taco Tuesday occurs, make arrangements to meet up with friends.

Learn How to Barter

Want to hire a tutor if you’re struggling in chemistry class? Asking someone to barter for their chemistry tutoring services would be preferable to paying them for their time. English literature may be your area of academic strength.

Offer to assist the tutor with their upcoming English term paper in exchange for some academic assistance to get you through chemistry right away.

Buy Used Textbooks

While buying brand-new textbooks is necessary, it is not. One of the simplest ways to start saving money right away is to buy used textbooks or rent them.

Cook Your Own Food

Many college students have meal plans, but if you’re not so fortunate to have your meals covered, cooking for yourself is the best option. Eating out can be expensive and add up quickly.

Split Rent With Roommates

A great way to learn how to save money as a college student if you live off campus is to share a home with one or more roommates. Renting a house with multiple rooms and splitting the rent with as many roommates as you can find will allow you to save the most money.

Brew Your Own Coffee

Bistro coffee may appear to be a small expense, but the cost can add up quickly. The average cost of a standard cup is $2.70, which comes to just under $1,000 annually. Making your own coffee significantly reduces these expenses. You can also divide pots (and expenses) with your roommates!

Buy a Bike in Lieu of a Car

It can be useful to have a car, especially if you don’t live close to campus. But if you can, consider using a bike to get around instead of paying for transportation. You won’t have to pay for gas, and you won’t have to make car payments or pay for repairs.

Use Your Student Discount

Student discounts are frequently offered by businesses on goods like apparel, food, and activities. When possible, take advantage of the discount and save the difference.

Buy Food in Season Or on Sale

The cost of seasonal fruits and vegetables is frequently lower than people realize. You can save a lot of money if you stick with locally sourced, in-season, or discounted foods.

Ditch Bottled Water

Although drinking filtered water from the tap is significantly less expensive than purchasing bottled water, it is not always cheaper. In actuality, consuming three water bottles per day can cost $1,095 annually. You’d pay less than $1 per year for the same amount of tap water.

Apply for Scholarships

Applying for scholarships is an excellent way to reduce the cost of your college expenses. Although the application process may seem intimidating, there are many different scholarships that you may be eligible for. Scholarships worth hundreds or even thousands of dollars can be won by taking the time to find the ones that are best for you and submitting the necessary paperwork.

Further Reading: How Much Money Should I Have Saved by 21?

Learn to Sew

You don’t have to start making your own clothes from scratch, but learning how to fix a button, hem, or small hole in a shirt will help you stay within your clothing budget.

Borrow Or Share Supplies

Some school libraries and resource centers also lend out calculators, which could help you cut down on the number of supplies you need to buy for school. Another money-saving tip is to split the cost of supplies with a classmate if you can’t borrow the books or equipment you need.

Use a Credit Card That Earns Rewards

You might be able to save money by using a rewards card that gives points or cash back on purchases. Rewards can be exchanged for money, gift cards, statement credits, and other items. A student credit card may be the best option for you if you have no prior credit history because the eligibility requirements may be more lenient.

Limit Credit Card Purchases

If you do decide to use a credit card, it’s crucial to use it sparingly and pay it off every month. If you don’t, interest will be added to the balance that is still owed, which will raise your payment and make managing your debt more challenging.

You should know Which Savings Account Will Earn You The Most Money?

Explore Your Housing Options

According to College Board, the average cost of room and board for a four-year public college was $11,950 in the 2021–2022 academic year and $13,620 for a four–year private college. Choosing to commute from home could result in annual savings of tens of thousands of dollars compared to living on campus.

If staying at home is not an option, think about finding roommates and moving off campus. Depending on where you live, it might be less expensive to rent a place, buy groceries, and prepare your own food.

Buy Your Clothes at Thrift Stores

There is no need to purchase brand-new clothing while in college trying to save money. High-quality, name-brand, and designer-used clothing can be found in a variety of online thrift and consignment stores. There are frequently thrift stores close to college campuses that you can visit if you’d prefer to shop in person.

Get on a Family Cell Phone Plan

An option to add a line to an existing plan is typically provided by wireless carriers. Joining your parents’ family plan, if you haven’t done so already, is significantly less expensive than starting your own. Simply send your parents the monthly difference, which is typically between $15 and $50.

Use the Library

You can get free access to music, movies, books, and e-books at your school library. Spend a couple of hours browsing books until you come across something that grabs your attention. Don’t have time to browse the bookshelves? For downloading content and making reservations for materials, most libraries have smartphone apps.

Utilizing free library resources does not entail skipping the newest bestseller. Put your name on the library waitlist, and you’ll be informed when it’s your turn.