15 Simple Ways College Students Can Save Money (2024)

College is very expensive, and we have all come to know that as students. Ifyou don’t have the financial help to get through the semester because you spent your savings on paying tuition, it makes itdifficult to pass by, especially when you are in need. For studentswho do have a job, it might seem like you are living paycheck to paycheck. But do not worry, my experiences through college and working a part-time job has taught me the valuable lesson of how to save money!Be smart about money and consider the tips below to help save more money each semester.

15 Simple Ways College Students Can Save Money (1)

Carpool to school.

If you don’t live on campus, getting to school can be a super stressful. Parking passes can cost a paycheck or two, and gas prices seem to be forever rising! Try to find a classmate, roommate, or friend and offer to split the cost of a parking pass and gas. It can be fun to have a traveling buddy!

Walk or bike.

Another alternative is walking to campus (if it is a short enough distance). Investing in a bike is also a great option. The money spent on a bike will equal out when you are riding it daily, and can be cheaper than gas or a parking pass! Plus,walking or riding your bike is a great way to get your bodymoving before class!

Pack a snack.

When you are hungry and walk into the school’s cafeteria, of course you want to buy everything in sight! Who cares if a measly peanut butter sandwich cost $10.00, your body needs to be fed! Try packing yourself breakfast, lunch, and/or dinner to keep you clear ofthe cafeteria. You can also buy snacks in bulk to pack for in between classes! Try to stay away from the school cafeteria, it can be a danger zone for your wallet.

Related: 10 Must-Have Snacks for Your Dorm Room

Brew your own coffee.

Some students pull all-nighters with the help of five or more cups of coffee. What better way is there for the school to make money? The on-campuscoffee shop,of course! I am sure you can find coffee shops scattered around school, and a small cup of coffee can costalmost $3.00! Do yourself a favor andmake yourcoffee at home for under a buck, and you can make it just the way you like it!

Rent textbooks.

ALWAYS opt for renting textbooks! They’re can cost hundreds of dollars, and it is cheaper to rent and return the book once you are done with it. Check out Chegg.com or Amazon.com. These are two trusted websites and companies for renting textbooks.There is even an option to get textbooks as an “e-book”, which is even cheaper (and very convenient)! Don’t wait for booksto shipanddon’t worry about sending them back. Plus, paperless is better for the environment!

Sell used textbooks.

There are times when textbooks are not available anywhere and searching forused textbooks has resulted in nothing. If you have to buy textbooksnew, dosome research to see where you can find the best price for the book. When you’re finished with the textbook, sell it back to the bookstore, or another student who needs it for the next semester.Some schools even have Facebook groups or bulletin boards where you can advertise what books you are selling.

Findfree Wi-Fi.

Take advantage of the free Wi-Fi on campus. Schools usually require a school I.D. to get access, but that’s something that you have already as a student! It’s a plus if you forgot to pay the Internet bill, just head over to school and getsome homework done or take a Netflix break.

Use the school gym.

If your school offers a gym or fitness center, make sure to sign up! Most schools go through a process of having a fitness assessment and filling out some easy paperwork to become a member.You can work out, swim, do yoga, or meditate, and then hit the showers.Make sure torenew your membership every semester to get access!

Utilize dollar & thrift stores.

These are some of the beststores to shop at! Not only because it helps you stick to your budget, but also because you never know what’s in store for the day. You can get snacks, school supplies, clothes, and so many other things. Do not be afraid or embarrassed, you can find vintage dorm decor and even cute clothes at thrift stores!

Recycle.

Most cities have a recycling center where you can turn in plastic bottles, cans and glass bottles for its recycling value. This is a great way to get gas money! You can even take the extra bottles and cans left out from your next door neighbor’s party last night.Have fun with it and enjoy the extra moneyin your wallet!

Rent with a roommate.

Rent is more manageable when you are able to split the cost. If you like living with others, this can be a great option, the more the roommates, you have the less rent each person has to pay! It can be fun to live with friends!

Live at home.

Students candecide if they would like tolive on or off campus. If you’re attending a school in your home state, consider living at home and commuting to school! Staying with your parents throughout college years can behelpful when it comes to saving money. Living at home can save you thousands of dollars each year, including rent, food, utilities and more!

Save withyour student I.D.

Your student I.D. can scoreyou some awesome deals and discounts… just for being a college student! Ask around your hometown for recommendations of places that have deals for students. You may be able to find a discount at alocal movie theater, restaurants, coffee shops, and more!Check out this awesome listfor ideas where to get student discounts!

Pay bills on time.

This seems like a no-brainer, but let’s be real… it can be hard to remember! Be strict with yourself regarding paying your bills on time. Late payment fees will increase your monthly payments, and that is more money coming out your pocket! Make a list of all of the monthly bills you have to pay (rent, utilities, tuition, Spotify, credit cards, etc.) and add the due dates to your calendar as an easy reminder!

Find and attendfree events.

Keep an eye out for posters on campus or other advertisem*nts in the area for free movie nights, festivals, concerts, events or parties. Grab your friends and have fun!

If you’re looking to save a little bit of money, these tips can be helpful for anyone, not just college students! Sharehow yousave money in the comments below!

15 Simple Ways College Students Can Save Money (2)Elizabeth isa 22 year old senior attending California State University, Fullerton majoring in Sociology. Shevolunteers at the Department of Social Services and is a part time worker as a coordinator, a gym fanatic, a daughter, a sister, a girlfriend, a best friend, and a go getter! You can find her on her blog, Tumblr, Google+ and Pinterest.

15 Simple Ways College Students Can Save Money (2024)

FAQs

How do college students save money? ›

10 tips on how to save money as a college student
  • Creating a student budget. ...
  • Maximizing financial aid opportunities. ...
  • Pay interest on student loans. ...
  • Consider part-time work or work study. ...
  • Use a student checking account. ...
  • Snag student discounts. ...
  • Save on textbooks. ...
  • Choose housing wisely.

What is the 50 30 20 rule? ›

Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

What are the 8 ways to save money easy? ›

8 ways to save money quickly
  • Change bank accounts. ...
  • Be strategic with your eating habits. ...
  • Change up your insurance. ...
  • Ask for a raise—or start job hunting. ...
  • Consider a side hustle. ...
  • Take advantage of a credit card that offers rewards. ...
  • Switch up your transportation habits. ...
  • Cancel subscriptions you don't really need or use.

What saves you the most money in college? ›

How to Save Money as a College Student
  • Use your on-campus resources rather than going off-campus. ...
  • Create a budget and plan your expenses. ...
  • Make low-cost substitutions. ...
  • Pick up some extra money in a part-time job. ...
  • Avoid going into debt, especially on your credit card. ...
  • Know your habits!
3 days ago

How do I stop spending so much money in college? ›

Make sure you allocate enough money for necessities such as food and rent, and then prioritize your other expenses accordingly. Consider using the 50/30/20 rule, where 50% of your income goes to necessities, 30% goes to discretionary spending, and 20% goes to saving and debt repayment.

How to budget $4,000 a month? ›

How To Budget Using the 50/30/20 Rule
  1. 50% for mandatory expenses = $2,000 (0.50 X 4,000 = $2,000)
  2. 30% for wants and discretionary spending = $1,200 (0.30 X 4,000 = $1,200)
  3. 20% for savings and debt repayment = $800 (0.20 X 4,000 = $800)
Oct 26, 2023

How to budget $5,000 a month? ›

Consider an individual who takes home $5,000 a month. Applying the 50/30/20 rule would give them a monthly budget of: 50% for mandatory expenses = $2,500. 20% to savings and debt repayment = $1,000.

Is 4000 a good savings? ›

Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved.

How to be cheap? ›

  1. Admit that you need a budget. There's no way around this. ...
  2. Search for deals and discounts. Coupons and sales are always on the radar for frugal people. ...
  3. Rethink your meals. ...
  4. Keep your home clean for a cheap. ...
  5. Don't be fooled by “Get Rich Quick” schemes. ...
  6. Use every drop wisely. ...
  7. Purchase used items. ...
  8. Do-it-yourself (DIY).
Aug 22, 2023

How to save $1,000 easy? ›

Dave Ramsey's 9 Ways To Save Your First $1,000 Fast
  1. Cancel Subscriptions. ...
  2. Bring Your Own Lunch. ...
  3. Avoid Coffee Out. ...
  4. Re-Sell Old Items. ...
  5. Shop at Cheaper Grocery Stores With Rewards Programs. ...
  6. Buy Generic. ...
  7. Join a Carpool. ...
  8. Pick Up a Side Hustle.
Dec 28, 2023

What are the 50 ways to save money? ›

50 Ways To Save Money
  • Identify what you're saving for. ...
  • Remember that you can negotiate. ...
  • Focus on cleaning up your credit card record. ...
  • Communicate with the banks and credit bureaus. ...
  • Set goals with a specific timeline. ...
  • Nickname your savings account. ...
  • Reduce expenses. ...
  • Pause retirement and other contributions.
Jan 14, 2024

What should I save for college? ›

Ideally, you should save at least $250 per month if you anticipate your child attending an in-state college (four years, public), $450 per month for an out-of-state public four-year college, and $550 per month for a private non-profit four-year college, from birth to college enrollment.

How do I start saving for college? ›

College Savings Options: The Best Way to Save for College
  1. 529 Plan. A 529 plan is a popular type of education savings account that offers both federal and some state tax benefits when used for qualified education expenses. ...
  2. Mutual Funds. ...
  3. Custodial accounts under UGMA/UTMA. ...
  4. Qualified U.S. Savings Bonds. ...
  5. Roth IRA. ...
  6. Coverdell ESA.

What do college students spend most of their money on? ›

A college student's budget can be affected by items other than food, housing and transportation. On average, students can expect to spend about $158.98 on clothing and accessories per year, and about $164.38 on furnishings. Electronics are a more significant expense, at an average of $306.41 per year.

How much money do college students have saved? ›

529 Plans
StateNumber of 529 AccountsTotal Cash Amount
Arizona102,459$1,895,705,828
California399,225$13,212,125,186
Colorado400,101$10,571,219,161
Connecticut192,803$4,988,477,876
44 more rows
Aug 7, 2023

Is it hard to save money in college? ›

With the various financial circ*mstances that students are under, saving money can be hard. They pay thousands in tuition, car payments, insurance, and other necessities, which leaves little space to properly manage their money in savings.

What are four steps you can take as a college student to increase your savings? ›

Here are some proven ones:
  • Get a job.
  • Avoid new textbooks.
  • Budget weekend spending.
  • Eat on campus.
  • Ditch the car.
  • Monitor your spending.
  • Become an RA.
  • Be wary of impulse purchases.

How much does the average person save for college? ›

Average amount saved for college
Average amount saved for college
Age 0 – 6$7,929
Age 7 – 12$15,359
Age 13 – 17$27,559
Age 18+$27,778

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