Ten Smart Ways To Save Money In College
Being a college student comes with its financial challenges. Almost every aspect of college drains your wallet, from tuition fees to rent, books, and meal plans.
Unsurprisingly, it’s common to hear the phrase ‘broke college student.’
This financial burden, coupled with the worry of repaying student loans, can significantly increase stress levels, which is terrible for maintaining good well-being and achieving academic success.
I’ve discovered some effective money-saving strategies that have significantly lightened my financial load each year, all while still enjoying a vibrant college experience. Here are some tried-and-true tips to help you manage your finances and make the most out of your college experience without breaking the bank.
Ready to start saving? Let’s dive in!
1. Textbooks
Let’s start with textbooks. We all know how expensive they can be, even when buying e-versions and not hardcovers. Here’s a strategy: wait for the first day of each class or the first email from your professor regarding the textbooks you would need. I recommend buying only the compulsory or mandatory textbooks.
Opt for the electronic versions because they’re cheaper than the hardcover. If you know you won’t need the textbook in the future, consider renting it online if that option is available.
Another way to save on textbooks is by borrowing the textbook from your library or asking people who took the classes before you for their old textbooks. You can also search for a free version or post on social forums.
Also, using older versions of textbooks is mostly okay. It primarily differs from the newer version in terms of page numbering.
You should always check with your professor to ensure you can use the older textbook version for the course.
2. Food/Meal plans
There are so many ways to save money on food/meal plans. First, I recommend eating in or cooking as much as possible to save money because eating out can be expensive.
Also, if you opted for a meal plan, consider checking to see if cheaper meal plans can cover your needs. I have never signed up for a meal plan, so I can’t say much about it, but if you have a kitchen in your dorm room, consider making your meals.
Trust me, cooking in college is not as daunting as it sounds, and with some planning, you can eat healthy on a student’s budget.
3. Buying fairly used items
Not only do you save money by shopping for fairly used items, but you also contribute positively to the environment. Some items like electronics and appliances can be costly if you purchase brand-new ones. These items can instead be bought on places like Facebook Marketplace and eBay as fairly used for cheaper prices. You can shop for neatly used clothing on these platforms or check your local thrift stores.
Words of caution when shopping on these platforms
- Always meet at the police station to carry out the transaction. Over here, police stations have designated areas for carrying out these transactions. If this is unavailable in your country, always find a secure place to perform the transaction.
- If you decide to purchase pieces of furniture and mattresses, always make sure to check for bed bugs.
- Also, some deals are too good to be true, so always be skeptical to avoid getting scammed.
4. Housing
Housing is expensive; we all know that. Housing is still costly whether you live on-campus (in school dorms) or off-campus. The most recommended way to save money on housing is living at home (if possible) or opting for shared accommodation. Most people don’t want to live with strangers or have bad experiences living with people, which I can relate to.
But if your housing expenses are becoming unbearable, consider shared accommodation. Shared dorms might be better since you know the other person is your school’s student, and most of their information is available to the school authorities.
For off-campus housing, there are websites where you can find roommates, although you have to be extra careful. Be cautious about sharing an off-campus housing arrangement with a stranger from the internet.
5. Scholarships/Bursaries/Awards/Aids
Scholarships are one of my favourite ways of saving money in college. Not only do you save money, but you also make free money in the process. I recommend that students take advantage of scholarships and other financial aid offered by their schools or external bodies.
For instance, my school provides a merit-based scholarship for students with a GPA above 3.3. There’s also a need-based scholarship for students struggling financially. Some scholarships or financial aid only require you to do a little, and you could still get substantial amounts of money while putting in minimum effort.
6. Groceries
If you save on this, you can cut your monthly bills by a significant amount. Some of the ways I recommend to save money on groceries are;
- Bulk Buying: This should be selective. You should buy those perishable items you know you use lots of or run out of quickly in bulk. Also, purchase non-perishable items like paper towels in bulk.
- Have a grocery shopping list to avoid impulse buying or exceeding your budget.
- Buying from discount stores or discounted brands: Let’s face it, some discounted brands’ products are at par, if not better, than the branded ones. Some products like paper towels or nonedibles are products where you can safely opt for discounted brands. Also, consider shopping at discounted stores for edible products you plan on using soon or immediately.
- Use apps or websites that offer discounts or coupons on products. Some of the apps I use are Flipp and Flashfood. I have also heard good reviews about Ibotta. You can always search for similar apps that would work in your country.
7. Avoid Impulse Buying
There must have been one or more times you’ve bought or ordered something and immediately regretted it. Yes, I am guilty of that, too. I was prone to impulse buying regarding skincare, but after being critically broke for a while, I think I became cured😂. If you know you are prone to impulse buying, you can try:
- Waiting for hours or days to let the novelty wear off and see if you genuinely need that thing.
- Setting and following a strict monthly budget.
8. Having a budget (AND STICKING TO IT!)
Having a budget is one of the most effective ways to save money – both in college and beyond! A budget gives a clear map of all your financial stuff. You know the amount of money that goes in and out and the amount left after all deductions.
A budget is only helpful if it is appropriately followed. That is why you must stick to it; discipline is the only way to accomplish this.
9. Financial Decluttering
I don’t know if that term exists, haha. Financial decluttering is the process of removing all unnecessary, no longer needed, or forgotten recurring bills or monetary payments.
We use many paid websites, apps, streaming services, and more. It is hard to track them all.
Check your bank app or PayPal (or other services you use to make payments) to see all the services for which you have an automatic recurring payment set up.
These could be monthly subscriptions to streaming services, gym memberships you no longer use, or even forgotten about free trials that have turned into paid subscriptions. This process helps you decide which services you need or those you need to cancel immediately.
10. Avoid failing your classes.
College is daunting, and sometimes life happens, which is normal. But taking your grades seriously, studying and doing your best are reasonable steps toward ensuring you do well in your classes.
One of the ways to save money in college is to avoid failing a class and having to take it a second time. The money to pay for that class could be used towards something better, like treating yourself for passing your classes!
SUMMARY
College is financially draining, and you should always make use of every opportunity to save money. Following the listed ten steps is a perfect place to start.
Catch you in the next blog post!
