Tuition costs are high enough, but what about everyday living expenses, gas, books, and school supplies? Undoubtedly, costs add up pretty quickly even without pursuing that authentic “college experience” everyone talks about and enjoying occasional leisure activities such as catching a movie or hitting that newest club. And, you are only young once, right? College life certainly makes your staying on a budget a challenge and causes you to dwell on those things you cannot afford to do. Luckily, there are some simple ways to save money at college.
Save money at college by cutting back on your spending habits
Stop buying on impulse
From big sales and promotions to store checkout area isles full of candy, novelties, snacks, and shopping to feel better – it is not very hard for those urges to start creeping up when you’re constantly surrounded by temptations. Resist these shopping traps by shopping with a goal in mind. Be more mindful about what you genuinely need, make the shopping list before you go, and practice self-discipline. Otherwise, you risk snowballing yourself into debt.
Save on utilities
Most households needlessly consume a staggering amount of energy each month. So, what can you do? You can make small adjustments. For starters, becoming more conscious of this can result in substantial savings, but you have lots of other options as well. Not leaving your devices on standby, switching to energy-efficient light bulbs, comparing water and electricity providers for a better deal are only some of them.
Cancel the cable
A word to the wise: cutting out expensive cable packages may be one of the best decisions you will ever make. Flipping through hundreds of channels is not only a waste of money because – let’s face it – you don’t even watch most of them, but also a waste of time. Instead, go for a streaming service: Netflix, Amazon Prime Video, Hulu are all excellent options. And, for those of you feeling super brave – try cutting out TV altogether.
Eat out less
Save money at college by changing how you spend it on food. It is true that eating out is easy and tastes delicious. However, it is a kind of luxury that takes up a large chunk of your monthly budget. Try to be more strategic about it by limiting yourself to a monthly budget to spend on eating out. And, to kick this habit altogether, create a meal plan for the whole weak, then make the list of groceries you need for preparing the meals and stick to it.
Walk more
Can you name one person who eagerly spends money on gas? Let’s be honest – there isn’t such a person. Walking is not only good for your health, but for the environment as well. If you need to reach the places that are off-campus, you can ride a bike or use public transportation.
Buy used textbooks
Instead of buying brand-new textbooks, buy used ones. Usually, these are available to order from Amazon or purchase at a used bookstore at a much more affordable price. Still, if you cannot find all of your required reading, rent at the campus bookstore. Indeed, it is crazy how much you can save on this one.
Save money at college by making cutbacks on accommodation
- Choose an apartment near the university. There are ways to enjoy off-campus living without letting those money fears take all joy out of one of the most adventurous chapters of your life. For starters, by renting an apartment that is closer to your university, you will be able to avoid hefty commuting costs. Moreover, you’ll have no trouble finding roommates.
- Opt for a shared living space. Sharing your apartment with a roommate (or a couple of them) and splitting your rental rate is one of the best ways to economize during your studies. Plus, you will be able to save a ton on groceries by splitting the food costs.
- Decorate on a budget. Chances are, your student housing will be your home only for a couple of years. Why, then, spend on brand-new furniture? You’d be amazed at how many nice, barely-used furniture pieces you can snag at the local thrift store. And, if you are nifty, use a little dash of creativity to DIY your own home decor items.
Use resources available for students
College life truly provides lots of perks. From career counseling and campus healthcare to even storage service specially designed for students, which can help you store away those items you’d typically not have room for in your dorm.
One of the most significant benefits of being a college student? Your student ID card! Be it on-campus or outside of it, you can minimize your spending while at college by asking for special student discounts. For starters, digging into what your university offers either free of charge or at a discount is always worth the effort. Furthermore, your student ID entitles you to big reductions in a broad array of cultural institutions, as well as retail stores, restaurants, and tech stores.
Earn during your college years
While in college, an internship or a part-time job can help afford everyday expenses and even pay for your education. As an instance, you may find a job within college rather lucrative. These may include selling your notes and last-semester textbooks, helping your peers to write their own notes, preparing them for an exam you’ve already successfully passed, or helping out at your college library. You can even take up freelancing jobs as a virtual assistant, student brand ambassador, online tutor, or content writer.
And, if you are yet to embark on your college journey and move into a dorm, think about getting a summer job to start saving up before your first year of studies. Additionally, holding a garage sale is one of the excellent ways to earn some bucks before you move to campus.
Build a budget
Finally, just like for the working world, learning how to build your budget is crucial for those working toward a degree. Tracking your money, planning ahead, and figuring out what would be the smartest financial move can help you adjust your saving habits. This, in turn, will enable you to work toward bigger goals like paying off your student loan debt, saving money for traveling, and various future milestones.
Track
Start by tallying up your monthly expenses, as well as any large, one-time costs, for it will offer you clarity on your spending habits. Include monthly rent, groceries, gym memberships, household goods, subscriptions, transportation, loan payments, utilities, and miscellaneous other items you spend money on.
Categorize
Categorize these expenses, and label them as fixed and variable. The first category should include your rent, textbooks, groceries, transportation, debt payment, etc., whereas the latter includes wants such as gym membership and travel and occasional luxuries such as dining out or catching a movie.
Compare
Determine the average monthly cost for both types of expenses and compare those with your incoming funds from parental support, student loan disbursements, scholarship payouts, etc. After gathering such information, decide how you intend to use the money that is coming in.
Adjust
Make a few adjustments here and there. For instance, above in the article, we’ve rounded up some simple ways to save money at college. Therefore, try reducing your monthly expenditures, and then see if you have enough to cover your costs and save money at college. If you still find that you’re unable to afford your lifestyle, consider taking on a side hustle (or two) alongside your studies.
