Saving Money While In College

Steps to Staying Solvent on Campus

Money is a rarity in college. It seems every time you turn around you need more of it, yet when you check your bank account, you always have less of it. A simple wish for money won’t make it appear. Neither will impulse buys and careless spending.

Sometimes, the key to having money in the bank is keeping it in the bank.

You Can Save Everyday and Still Be Cool

Literally. Every single day of the year you can save money. And you don’t have to forego everything that’s fun in life; you can still have some cash to go out and be cool.

Tip: Think about all of the ways you spend money.

You spend money on books and tuition, class fees and lab fees, furniture and food, clothing and gym dues, interest and entertainment, even your daily coffee at the corner coffee joint.

Every time you can cut back or avoid even one of those expenses—you save money.

Food Expenses

Food is a hands down the easiest way to spend money on campus, and quickly.

  • Make a weekly shopping list and stick to it.
  • If you have paid for the campus meal plan—use it.
  • Cut out any unnecessary restaurant spends.
  • Avoid alcoholic drinks in a restaurant, the markup is absurd for a college student.
  • Eliminate a daily specialty coffee drink like a cappuccino or latte. Guess what? One specialty coffee times 7 days a week and you spend close to $40 a week. Buy a coffee maker or even an inexpensive cappuccino machine for the dorm room.

Food is a necessity, but be smart and eat and drink responsibly—you’ll save money.

Smart Saves on College Expenses

College expenses can really rack up. Add up just what you spend on tuition and books and it is sure to send your mind reeling. Here are a few tips to cut campus costs without cutting corners:

  • Purchase used textbooks as opposed to new ones.
  • Set up a 529 college savings plan while in high school to make the most of the money you save.
  • Pursue scholarships whenever possible, even beyond freshman year—many are renewable.
  • Sell back textbooks either in a bookstore buy-back, online or to a student on campus you know needs them.

Manage Your Debt, Don’t Let it Manage You

Racking up a lot of debt is a surefire way to lose money. Credit cards in right hands can be quite useful for building credit, but in the wrong hands, they can ruin you.

  • Use credit cards only in an emergency.
  • Don’t buy anything with credit if you don’t have the money in the bank.
  • Pay the balance each month.
  • Pay on time, every time.
  • Keep a low credit limit.
  • Avoid impulse buys at all costs.

Remember: think about the things you always spend money on. Then find small ways to cut back. If it helps, save each and every receipt for a month—then analyze your expenses. That will surely teach you to cut corners, if nothing else will.