For many young adults, college is the first time they actually have to pay their own bills and manage their own budget. It can be very difficult for students to understand that there must be a balance between their spending and saving. There is no doubt that college is expensive, so it is important that students don’t add onto the amount with unnecessary spending. Here are a few tricks and tips I have learned that have helped me save money while away at college.
1. Buy and make your own food.
Many students have a prepaid meal plan for their college’s dining hall, but if you are living in a house or an apartment with a kitchen, it is smart to buy groceries. Although it may seem easier to go out, buying and preparing your own meals can save you a lot of money in the long run.
2. Utilize the “student discount.”
Many places often offer discounts for college students. By simply showing your student ID at the register, you can frequently receive discounts. Even if a student discount is not clearly labeled at checkout, it never hurts to ask before you pay.
3. Shop at thrift stores.
There are multiple thrift shops near my college, which have come in handy when searching for a last minute outfit. Whether you are looking for a Halloween costume for a dance, a pair of heels for an interview, or a plain white t-shirt because you left yours at home; check out your local thrift shop before deciding to order something pricey online.
4. Cut your coupons.
Check your college’s information booth to see if there are any coupons for local shops, restaurants, activities, and events. Also when shopping online or in stores, look at sites like retailmenot.com to find extra discounts before you checkout or apps like Ibotta and Checkout 51 for shopping rebates.
5. Shop the sale ads and the store brands.
When walking into a store like Walmart or Target there is always a weekly ad displayed near the front. It is always good to check out what is on sale, and use that as a basis for your shopping. When you see that your favorite yogurt or cereal is on sale, then take the opportunity to stock up. Also, always check if there is a store brand version of the item for which you are shopping. Store brand items are usually much cheaper and still very similar in quality to the original.
6. Ask for work-study programs.
All colleges offer some type of work-study or on campus jobs. These are a great way to earn extra money that can be used to pay for tuition, books, or other expenses. Having an on campus job also allows you to meet new staff and students, as well as teaching you to manage your time between school, work, and a social life. According to Integrity Financial Coaching, students who are working during college tend to have a higher GPA because they learn to prioritize work and academics instead of just partying. Students who are working to pay for their college tuition also tend to not skip or drop classes because the cost of classes is coming out of their own income.
7. Look for scholarships.
Many colleges give out scholarships based on merit or through campus programs such as campus ministries, music, sports, and more. If scholarships are not clearly stated by your college, email your admissions counselor to see what scholarships you may qualify for. It never hurts to ask; especially if it will save you money!
Also be sure to check for any local or online scholarships. Your high school guidance counselor can likely tell you what scholarships students in the past have applied for and received. You may end up spending multiple weeks writing college essays, but years later you will realize all your hard work was worth it when you are paying less money towards college.
8. Volunteer in your community.
Although volunteering is not a paid position, giving back to your community can lead to benefits such as scholarships or other job opportunities. Volunteering your time to help others gives you an amazing feeling that I think is important for all individuals to experience. By learning to put others first and helping individuals less fortunate than yourself; you will appreciate the blessings in your own life a little more.
It is so important that college students save and manage their money wisely, so they can come out of college debt free. The last thing any college graduate wants to worry about after graduation is paying off college expenses. By making little changes in your lifestyle, you can save a lot of money during college.
