How to Save Money in College

College is one of the most expensive experiences in most people’s lives unless you have rich parents who sponsor your entire stay in college. If you are reading this and aren’t constantly broke, then this isn’t for you. This post is for college students who must make sure they track how much money they have and what they spend it on because college life is also known as the broke life. Here are a few tips for how to save money in college to ease some of the strain and make your college experience even more fun.

As a college student I remember having a budget because money was always short and between my everyday supplies and eating, I was always stretched thin. Based on what I have seen and talking to people over the years after graduating there are certainly things, I could have done to save money and avoid huge debt. Also, there are things I could have done to have a little extra money that I didn’t think about.

Take these tips and apply them and if you are a parent reading this encourage your student to try them out. These are real ways to save money in college that some students don’t know about until it’s too late.

How to Save Money in College

Go to a Community College

The idea of going to a prestigious university is great and is an achievement in itself. However, it is not necessary for you to succeed in your career later in life. Starting your college experience at a community college allows you to save money that you can use towards university when you transfer.

In addition, if you can go to an instate college or university you will save tons of money as well. Most out of state students pay upwards of $15,000 more than local in state students. These are things that all college students should think during the college application process. Even if you end up using student loans remember that as an out of state student you would still be paying way more than you would if you went to a local college.

Many students now elect to start at a local in state community college and pay a fraction of what big universities charge and transfer later once they have their base credits. The idea is to take all the elective courses that you need plus the base general education courses for whatever you want to major in and then apply to a university as a transfer student.

How much do you save? Here is the math for just the annual tuition in my city.

The tuition cost is almost double for each category if you go to a community college verses a university and if you are in-state our out of state student in both categories.

Avoid Changing Majors All the Time

Once you start college and take the general education courses start creating a solid plan for what you want to major in. The reason is that if you keep changing what you want to do you will end up having to take more classes which cost money. Also, you will waste time that you could be earning money if you graduated which presents an opportunity cost.

While you should never go into a career that you don’t want it is important to consider the investment that you have already made as you decide to change majors. Ask an advisor if you can take graduate level classes later that can allow you to enter the field or career that you want to switch to. This will help in avoiding the extra spend on bachelor level classes that you may not need.

However, the best strategy is to decide early and to stick with your decision.

Apply for Scholarships, Grants and FAFSA

First and foremost, find out which scholarships and grants are available at whatever college or university you are attending. There are scholarships and grants that are not always need based and may align with your major, where you are from, interests out of class and so much more. Go through what’s available and apply. Even if you aren’t quite sure you fit the qualifications still apply for those scholarships and grants.

If you get a grant this could save you thousands of dollars depending on what type of grant you get and the amount. Remember that you can apply for scholarships and grants through out your college life because they aren’t restricted to first year students only. Track deadlines as well because if you miss them you are out of luck.

Another important thing is to apply for FAFSA every year. When you get that reminder in the mail make sure that you fill it out. This is because if you do not apply for financial aid then you won’t get any. Situations change all the time and while one year you could be doing great financially the next year could qualify for financial aid.

Keep Track of Student Loans

Most people will end up using student loans in college and there is no getting around that. It is important to track how much you are accumulating especially if you attend an expensive college. I am mind blown by students who graduate college with about $200,000 worth of debt for a job that will never pay that.

It may sound harsh to say this but if you are going to school for an accounting job like I did then you certainly do not need to have this kind of debt. The entry level jobs for an accountant will probably pay $40,000 a year. At this rate with other bills when you graduate you will be in debt forever.

Therefore, it’s important to consider where you want to go to school and if you should start at a community college and then an in-state university after. Using my example above if you combine a community college and then transfer to an in-state university it will cost you about $46,416 on tuition which is manageable. Also remember private universities will cost significantly more than this and if you use student loans this will be a lot of money in debt.

Buy Used Textbooks or Rent

Don’t buy new textbooks if you can avoid it. Textbooks account for one of the biggest expenses in college and if you can buy used textbooks for less then this is one way to save money in college. In college I did a mix between buying used textbooks or renting them. If you borrow textbooks always ensure that you return the books by the deadline that they provide and that you keep the book in good condition.

Also, if you buy used textbooks you can resell them after the semester is over. Some books are very class specific and I rarely found myself needing them after the class was over. There is also an alternative to buy digital books that is sometimes a cheaper alternative to buying physical books. There is no difference in the content, and you end up saving money. Buy or rent used textbooks here.

Don’t live on campus

If it’s an option that you can take advantage of then avoid living on campus. It is almost always more expensive to live on college property than to find housing outside. It’s even better if you can find a roommate to split costs with. Most of your closest friends in life will probably be the roommates that you meet in college.

In-state rooming expense is about $9,000 annually in my city. That’s about $1,200 for each month of the school year and this is with a roommate. If you can find a two-bedroom apartment for even $1,500 per month you could save $450 per month if you had a roommate. This is an expensive estimate for a college student so you could probably find even cheaper housing if you look.

A cheaper alternative would be to live at home. This may be a sacrifice of privacy and fun, but you will save tons of money by electing to stay at home.

Commute Instead of Owning a Car

For students who live close to college and do not need a car to get around it may be time to get rid of your car. It’s an expense that you do not need if there is reliable public transportation. Owning a car can get expensive especially if you need to repair it constantly and maintain it. Gas prices can also cause owning a car to be expensive.

Consider commuting to school to avoid all the expenses that come with car ownership. Most colleges charge for parking and this can get expensive over time so if it is avoidable then remove this expense from your budget. Alternatively, you can ride a bike to school which is one of the most popular options among college students because it’s a cheap and fast mode of transport for short distances.

There is usually free school transportation that you can use especially in college towns. Get the college bus schedule and organize yourself around the schedule to make sure you know where you need to be and when.

Make Your Own Meals

As a former broke college student, I always found that it was cheaper to make my own meals than to buy food in the cafeteria or eating out. A $5 sandwich is enough to provide a couple of sandwiches if I make them myself. I could buy a loaf of bread and fillings to last me a couple of days for what you pay for a sandwich.

Ramen noodles are also a great option for quick meals, and they are cheap. The idea is to do a comparison of what you get if you make your own meals yourself. You save money by avoiding the additional expense of eating out.

Set a food budget for yourself and then go shopping for food. Plan out what you will eat over the week and see how much it would cost you if you bought the same food. It is always cheaper to eat in.

Find a Side Hustle

There are various jobs that you can find as a college student. They will probably not pay very well but it will be extra money especially if your parents or guardians cannot afford to give you pocket money. Ease the burden by finding a part time job at a coffee shop, department store, in the college, as an uber driver or even at a restaurant.

Most college students end up in the service industry because these jobs are good for part time work and the tips can be great. A side hustle will help you save money because you are not always available to go out and spend it as you will usually be busy.

Get creative with what you can do and here are ways to make extra money legally.

Student Status Benefits

Always ensure that you take advantage of student status benefits and discounts. There are student discounts provided by most places that people shop at or even go for entertainment. If you visit a park for instance, ensure that you bring your student ID to pay the student rate. For students who commute there is sometimes a fare difference for student status so ensure that you take advantage of it.

Another benefit that I miss is the discount I used to get on Microsoft software and even when I bought my first laptop. These savings add up and if you can prove that you are a student the software is sometimes free through your school.

Generally, there are discounts provided to students to save money while in college for almost everything you just have to be aware and to ask for it.

Don’t Use Credit Cards

Try as much as possible to avoid using credit cards because they are such an expensive means of financing life. As a college student it is incredibly easy to get caught up in credit card debt because it is convenient to just swipe and forget about it.

My recommendation is to avoid credit cards especially if you do not work. It will be hard to keep up with payments if you don’t have a job which will lead to your debt building up over time. Credit cards usually have an incredibly high interest rate which becomes expensive to pay off later.

A bad credit score will impact your ability to find apartments when you graduate, to buy a car and to progress in life. If you must use credit cards, make sure you get cards that do not have an annual fee. Make sure that you always pay the bill in full every month to avoid interest and never make a late payment.

Don’t Party Too Much

College should be a fun experience but avoid partying too much. Going out is expensive especially when you want to look nice, buy food, drinks and such. Partying may also cause you to miss classes which may lead to repeating classes and paying twice for the same class which is something you should never have to do.

Everything should be done in moderation so find a healthy balance and be strict with yourself. Monitor and track how much you spend when you go out to party or even when you book expensive vacations for spring break. Don’t go broke partying it will not be worth it in the end and there is literally no pay off.

Bonus Tips

• Use the library and print all your work from there. Make sure you use up whatever quota you are provided with before paying for printing yourself.
• Find free things to do for entertainment and avoid paying for things you don’t need.
• If you like to read novels or books register at your local library and borrow books for free.
• Track how much your utilities are and find ways to save even more by being environmentally conscious.
• Don’t buy bottled water instead use a refillable bottle.

Conclusion

Hopefully these tips are helpful in finding ways to save money during your college experience. Remember it’s your life, your student loans and your debt. Be smart about how and where you can find ways to save money in college.