If you’ve ever clicked on an article with the title ‘14 ways to save money’ or ‘21 tips to keep from spending’ chances are that you’re pretty broke. Which is totally fine! In this economy, who isn’t broke? But every article seems to be a repeat of the article before it. Stop buying your daily coffee, DIY your whole bathroom, buy local, etc. Great ideas all around but there’s just one problem.
These listicles and life hacks already assume I have more money than I do.
So here are a few tips, from one broke college kid to another, about how to really save money.
1. Meal plans are your friend
If you’re living on campus in a dorm, then you’re likely missing one vital element of home life: a kitchen. Lack of a stove or oven makes food preparation just a tad difficult, so the best option is either microwave everything (not healthy and not fun) or buying everything pre-made. That’s why meal plans are such a blessing. If you live on campus, they can be spent pretty much anywhere on campus (and sometimes off campus depending on your school). That means that the number in your actual bank account isn’t affected by a food budget and can be allocated for other things.
2. Shop Cheap
Now I don’t mean the dollar section at Target (although if that’s where you want to shop, I won’t discourage you...we all love Target) I'm talking about venturing outside of your comfort zone. The leader of cheap is Walmart. You won’t necessarily get the best quality, but not too many college kids are looking for long term furniture when they’re saving money. Dorm room microwave? Done. New T-shirts? Done. Energy drinks for late night study parties? Done to the nth degree
3. Shop Bulk
The best gift I’ve ever received was when my mom called my halfway through my freshman year and told me she had gotten a Costco membership. Buying in bulk has probably saved lives at some point. Think I’m kidding? A bulk pack of Costco or Sam’s Club toilet paper lasted me and my two roommates almost the entire year. You can buy any number of cereals and snacks in bulk to have just lying around. Bulk laundry detergent is a godsend. It’s amazing and it saves you money later down the line.
4. Budget
It can be tricky to balance out your money (and it’s very likely you were never taught how) to balance your budget, your checkbook, your bills, and your savings. There’s some pretty cool resources out there to help you learn how, but the basics boil down to ‘set aside money for certain things’ and ‘only spend money on certain things’ and ‘don’t overspend money on the stuff you’ve budgeted for.' It’s more complicated than that, of course, but that’s what it boils down to. The best thing about budgeting is that you can budget money for impulse purchases and not feel guilty about it. Win-win!
5. Learn to DIY
I don’t think it’s a good idea to DIY or Upcycle everything. But it’s actually a really cool way to save money if you have the resources! Recycle soda cans and plastic jars to make pencil and silverware holders. Paint a heavy duty box pretty colors and turn it into your under-the-desk trash can. Cool DIY things like that can really help save money. All good things in moderation.
6. Cheap Entertainment
There’s an article by Andrew Merkle and Jessica Steely on what the average college students spend money on. Turns out for both reporters the thing they spent the most money on was going out. Sometimes the hardest part about saving money is the desire to spend it on fun things like going out to dinner, the movies, or mini-golf. The trick is to find fun things to do for free or cheap. Netflix is an option, and so is going out walking around the park or stargazing. Not your speed? Then look for places with student discounts like theaters or the movies or museums.
Also here’s a website that just has a bunch of cool discounts for students.
Now go and enjoy your extra cash!
