College is one of the most exciting, but also one of the most expensive, times in a young person’s life. Many students struggle with their finances during college, but with these money-saving hacks, you’ll find plenty of ways to keep costs down and still enjoy college life.
1. Create a budget, and stick to it
Creating a simple student budget allows you to have a clear idea of how much money you can spend each month. List your monthly sources of income and then take off your regular expenses you’ll pay during that month. What’s leftover is yours, for spending on food, entertainment, or savings.
2. Use your student ID for discounts
Flashing your student ID can get you discounts on all sorts of things; from restaurants and retailers, to gym memberships and technology. Always remember to ask if the store does lower rates for students; it might not be advertised, but many stores and restaurants offer a discount.
If you need a new laptop then check out Dell, Apple, and Adobe who offer reduced prices to college students. Campus bookstores sometimes offer discounts on laptops to incoming students, too.
3. Take it easy on the credit
Credit card debt is a financial trap students should try to avoid at all costs. Choose a card with a low-interest rate and only make purchases you know you can pay off in full each month to avoid fees and hurting your credit score.
4. Keep an eye on your cell phone use
Keeping in touch with family and friends is important but it can cost you if you have the wrong cell phone plan. You want a plan that helps you save money, gives you the best value for unlimited talk, text, and data, and charges a reasonable monthly fee. If you want to ditch parts of your cell phone plan, there are also lots of free sites you can use to keep in touch if you have good WiFi, including, Google Hangouts, Skype, and Zoom.
5. Steer clear of new textbooks
New textbooks can be outrageously expensive. There are plenty of cheaper options to get the study materials you need and save money. Here are some ideas:
- Borrow books from a friend who’s taken the course before
- Check books out from your college or university’s library
- Buy used textbooks at Amazon.com ou Barnes & Noble
- Pay as you go digital textbooks through sites like iFlipd.
6. Check out all your eating options
If you’re a freshman living on campus, the meal plan may be compulsory, but it’s still a good idea to check out all the available options in case another one can save you money. Can you choose a cheaper meal plan and buy your own snacks to supplement it? Do unused meal swipes get refunded or can you put them towards other conveniences?
If you live off-campus and have a kitchen, save money by cooking meals at home. Whatever size your kitchen is, you can turn it into a cooking oasis so you’ll actually want to cook in it. When eating out use your student ID and restaurant coupons, also look for two-for-one deals, happy hours or discount days.
7. Earn money over the summer
If you’d like to save money to use during the semester or want to get a jump start on paying off loans, then consider a full-time summer job. Sure, it might not be as fun as taking off on a road trip or studying abroad, but earning money over the summer has a number of benefits. It makes you feel independent, can take the financial pressure off you and your family, and allows you to focus fully on your academic studies during the school year so you can complete your degree on time.
8. Leave your car at home
If your college does allow you to have a car, the frustrations with parking and the cost of gas, maintenance, insurance may make you think twice. Most colleges have limited parking spaces for students and parking off-campus is expensive. When you need to get away occasionally, catch an Uber or take public transportation to save money.
9. Kick up your heels cheaply
Nights out with friends are fun but they can sure eat into your spending money. Look for free events on campus, such as theater, concerts, and movie screenings. Check out community activities, too. In the warmer months, there might be free live outdoor music or meet-up outdoor enthusiast groups that are free to join.
Looking for an off-campus apartment? Check out thousands of rentals on Zumper and get ready for life outside the dorms.
Image via iStock.com/zimmytws
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