75 Easy Ways to Save Money in College
We all know that college can be expensive. That’s what makes locating appropriate scholarships so important (if you haven’t started applying for scholarships yet or want some simple tips on how to find the best scholarships to apply to, join our free webinar to get the ball rolling). But, even if you do well in landing funds that don’t require a debt repayment plan upon graduation, that doesn’t always mean all of your expenses are met (or that you want to spend all that money if you don’t need to!). It’s still important to save money in college by planning for unexpected college costs such as additional classes or books.
Managing college expenses is crucial, and filing the FAFSA can help secure funding to alleviate costs like tuition and living expenses. Once the FAFSA has been completed, grants have been awarded, and the scholarship applications are on their way, it is important to ensure your college student is also making smart money choices to keep their expenses down. So, if you aren’t sure how to broach the subject of living frugally with your child or you want to have a series of tips to pass down, we’ve got your back.
Here are 75 easy ways you can share with your child so they can learn how to save money in college.
If your student needs a degree to launch their career, scholarships can make school more affordable. If you and your student want to learn more about finding scholarships, sign up for our free college scholarship webinar! Head over to http://thescholarshipsystem.com/freewebinar to reserve your spot today.
Note: There are some affiliate links below, but these are all products I highly recommend. I won’t put anything on this page that I haven’t verified and/or personally used.
Creating a Budget and Managing Finances
Creating a budget and managing finances is essential for college students to save money and achieve financial stability. A budget helps students understand how every spending decision fits into their overall finances. To create a budget, students need to track their income and expenses. They can use a budgeting app or spreadsheet to help them track their finances. A budget should include categories for income, fixed expenses, and discretionary spending. Students should also include a category for savings and emergency funds.
Some tips for creating a budget and managing finances include:
- Identify your income and expenses: Start by listing all sources of income, such as part-time jobs, financial aid, and allowances. Then, list all your expenses, including tuition, rent, groceries, and entertainment.
- Set financial goals: Determine what you want to achieve financially, whether it’s saving for a trip, paying off student loan debt, or building an emergency fund.
- Create a budget plan: Allocate your income to different expense categories. Make sure to prioritize essential expenses like rent and groceries.
- Track your spending: Regularly monitor your spending to ensure you stay within your budget. Use apps or spreadsheets to keep track of every dollar spent.
- Adjust your budget as needed: Life is unpredictable, and expenses can change. Be flexible and adjust your budget to accommodate any changes.
- Prioritize essential expenses: Make sure to cover your basic needs first before spending on non-essential items.
- Use the 50/30/20 rule: Allocate 50% of your income to necessities, 30% to wants, and 20% to savings. This rule can help you maintain a balanced budget.
By creating a budget and managing finances, college students can save money, avoid debt, and achieve financial stability.
Before College
If your student is still in high school, here are some money-saving options to take advantage of NOW!
- Have them sign up for Advanced Placement courses to prepare for AP exams
- Check into CLEP exams for college credit
- Dual enroll in college courses while in high school
Additionally, as they prepare for their college career, consider exploring online degree options that can offer flexibility and support in achieving their academic and career goals.
Tuition, Textbooks, and Reference Resources
- Attend a community college for the first two years for lower college tuition options
- Look into international colleges and universities that may be lower cost
- Rent textbooks instead of buying
- When textbooks must be purchased, buy used textbooks instead of new textbooks
- Look for prior editions of textbooks (many times, the information is the same, just rearranged)
- Use the college library. School supplies are also a significant cost alongside textbooks.
- Use the public library
Room and Board
- Live at home instead of on campus
- Select the cheapest (safe) apartment or dorm room option available or if you really want to get creative, try house hacking (buying a rental property).
- Get a roommate
- Monitor utility use (turn lights off when leaving a room, don’t leave the water running when brushing teeth, etc.)to save a few bucks.
- Consider on-campus dining plans. Opting for these plans can save a few dollars over time compared to eating out frequently.
- Limit eating out. Try $5 Meal Plan to save money when cooking at home
- Buy non-perishable groceries in bulk for cost savings
- Meal prep in bulk
- Choose drip coffee over specialty drinks
- Use rebate apps like Ibotta to get cashback on things you normally buy (like bread, eggs, you name it.)
- Sign up for the Walmart Savings Catcher to scan your receipts and receive cashback.
- Clip Coupons
Transportation
- Go carless and use public transit instead to save on transportation costs
- Look into student transit discounts
- Walk or bike instead
- Carpool!
- Consider taking the bus or train instead of flying home for breaks (ask about student discounts too)
- Skip traditional spring break trips for a staycation or volunteer experience that includes transportation, room, and board. Still, need to find housing? Try an affordable alternative like AirBnB where people rent out their homes at a major discount compared to hotels! I use this all the time – both in the U.S. and internationally!
Entertainment and Communication
- Have a movie night in instead of going to theaters to save on spending money
- Choose Netflix or Hulu over cable
- Attend free social events through the college
- Get a prepaid cell phone plan
- Stay within your cell phone plan limits to avoid overage fees
- Use college Wi-Fi to send emails to friends and family instead of your data plan
- Use Amazon Prime for Students (entertainment AND free shipping!)
- Avoid buying alcoholic beverages when out (restaurant markups are HUGE)
- Ask every restaurant, movie theater, mini-golf course, etc. if they offer student discounts
- See if your local library or parks department offers free entertainment (think music or movies in the park, book clubs, etc.)
Gifts and Holidays
- Make homemade gifts
- Do a Secret Santa instead of shopping for everyone
- Bake a cake instead of buying one
- Potluck instead of going out
- Ask for practical items as birthday and Christmas gifts to save money
Clothing
- Shop gently used clothing stores
- Hang clothes to dry instead of using a dryer
- Make your own laundry detergent and fabric softener
- Shop clearance
- Buy classic, quality clothing instead of following trends
- Do a clothing trade with friends instead of shopping
Banking and Finance
- Find free checking account options
- Take the free checks offered with new accounts
- Track spending to avoid overdraft fees
- Avoid credit cards with annual fees or other charges
- Pay credit card balances in full
- Pay bills on time to avoid late fees and penalty interest rates
- Start a change jar
Electronics and Other Shopping
- Look for student discounts when buying a computer
- Check for discounts on software too
- Buy a computer that meets your needs and not one with unnecessary bells and whistles
- Stick with a basic printer over flashy models, especially if you are only printing documents
- Get antivirus software to protect your computer and smartphone
- Don’t upgrade your cell phone if your current one still works, even if you are eligible for an upgrade
- For states with sales tax, check for any tax-free shopping weeks
- Comparison shop whenever possible, especially through online retailers with free shipping and local stores
- Live near a residential area? Check out yard sales
- Go to swap meets
- Try Freecycle and the free section of Craigslist
Health, Fitness, and Grooming
- See if there is a local free clinic available for basic medical needs
- Use on-campus exercise facilities, if available
- Choose low-cost workout options, like running in the local area, over joining a pricey gym
- If you have to join a gym, ask about student discounts
- Choose hairstyles that grow out well to avoid excessive upkeep
- Check into local beauty schools for discounted haircuts and other services or try Groupon for discounted services
- Skip nail salons for at-home manicures (invite friends over, and it can be entertainment too!)
- Look into low-cost shave clubs for cheaper razors
Leveraging Campus Resources
Leveraging campus resources is a great way for college students to save money and achieve financial stability. Many colleges offer free or low-cost resources, activities, and services for students. Thrifty students seek out and take advantage of these resources to save money and connect with their campus community.
Some tips for leveraging campus resources include:
- Check with your school’s student life department for free events and activities: Many colleges offer free or low-cost events, such as movie nights, concerts, and workshops.
- Use campus amenities such as shuttle services, fitness areas, and free events: Take advantage of the facilities and services your tuition already covers.
- Take advantage of campus resources such as tutoring, counseling, and career services: These services can help you succeed academically and professionally without additional costs.
- Consider living in a dorm or apartment with several people to split costs: Sharing living expenses with roommates can significantly reduce your housing costs.
- Use public transportation or walk instead of driving or taking taxis: Many campuses offer free or discounted public transportation options for students.
By leveraging campus resources, college students can save money, connect with their campus community, and achieve financial stability.
As you can see, there are a lot of ways your college student can save money in college while they obtain their degree. In fact, there are likely many more that didn’t end up on the list!
Do you have a money-saving tip that can help a struggling student make ends meet? Please add it in the comments below!
This list is amazing! About half of these I never even thought of. It’s incredible how many things we just take for granted and don’t even realize all these hidden fees and expenses. Great research! Thank you Jocelyn!
Great! Glad you enjoyed the list! Hope some of these can help.
Love these! I especially love the water bottle idea. I always have mine with me to refill. Great ideas!
or do all of these and enjoy life
Use a brita filter that you can fill at home and keep in the fridge for cold clean water!
That’s a fantastic suggestion! I love my Brita filter.
I like all the tips. It will really help students to save money and healthier. The college has lots of spending and as a student, we need to reduce kinds of stuff that aren’t important in your studies. Like dates, we’re can’t spend so much and make it romantic while walking around the campus.
Awesome list!
I follow most of the tips you have shared. Over all great ideas!
Great list of ways to save. With the rising cost of higher education it is more important than ever to get through school with as little debt as possible.
More people entering college really need to consider going to a community college the first few years. The savings can make a big difference at graduation.
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Choose apartment style dorm room, saves with meal plan .
Going Shopping with your roommate to split the
grocery bill.
I shop at Costco as I have two daughters attending the same college, bulk shopping helps for me.
Walmart Savings Catcher was a great program but has been discontinued (#21).
Great insight on savings. My favorite was always second-hand books, public transport & saving on clothes.