College is an exciting time, but it can also be very expensive. Between tuition, textbooks, housing, food, transportation, and having fun with friends, it may feel like your money disappears as soon as you get it.
I worked throughout college and looked for ways to save money wherever I could. I bought used textbooks, lived with roommates, followed a budget, and tried to avoid spending money on things I did not really need. These choices may seem small, but they helped me avoid taking on even more student loan debt and taught me money habits that I still use today.
You do not need to be a financial expert or skip everything fun to save money in college. I think that making a few smart changes can help your money last longer, lower the amount you need to borrow, and make life after graduation much less stressful.
Best Money-Saving Tips for College Students
In today’s post, I’m going over:
- Things to do to save on college costs
- Being smart with scholarships and FAFSA
- Where to buy college-related items for cheap
- College jobs you can get to make money
Whether you’re starting college for the first time or already a few semesters in, these money-saving tips can make a big impact on your finances.
Enjoy!
1. Create a monthly budget
A monthly budget is one of the easiest ways to take control of your money, and learning how to do this now will set you up for success in the long run.
A budget helps you see exactly where your money is going and can prevent you from spending more than you actually have.
Here’s how to create a budget:
- List your income (which may come from a job, scholarships, financial aid, or money from family).
- List your expenses (costs like rent, groceries, transportation, school supplies, your phone bill, hanging out with friends, etc.).
- Set spending limits for each category and plan for irregular purchases like school supplies, car repairs, and trips home.
- Review your budget each month (adjust your budget as income/expenses change).
A budget can help you avoid unnecessary debt and make your money last throughout your college years. A budget can also help you realize how much money you actually have available to spend!
Recommended reading: 14 Best Books About Budgeting
2. Apply for scholarships
Scholarships are one of the best ways to make/save the most money during college, so it’s important to apply for as many scholarships as you qualify for.
To find scholarships, start with your school and check the financial aid office for a list of scholarships you are eligible for. I also recommend you search websites like Scholarships.com and apply for local scholarships from local community organizations, businesses, and foundations.
Another helpful resource is The Scholarship System, which offers free training and a step-by-step program that teaches students and families how to find legitimate scholarships, submit stronger applications, write better essays, and reduce the need for student loans.
Even a small $500 scholarship can cover textbooks, school supplies, or several weeks of groceries, so don’t skip applying to the smaller ones.
Recommended reading: How I Paid Off My $40,000 Student Loan Debt In Less Than One Year
3. Fill out the FAFSA each year
Every year, make sure you fill out the FAFSA (Free Application for Federal Student Aid), as this may give you money that you never have to pay back, as well as other forms of assistance to make college more affordable.
Here are some things to know about FAFSA:
- You need to complete the application each year you are in college if you want to receive financial aid.
- Apply as early as possible, as sometimes awards can run out or be limited.
- Look for grants, which are a type of aid that does not need to be repaid.
- Don’t assume you won’t qualify; it’s worth it to apply anyway!
Recommended reading: How Do Student Loans Work? What You Need To Know About Borrowing Money For School
4. Buy used textbooks
When I was in college, I never bought new textbooks.
For $300+ a pop, I couldn’t justify spending that money, especially when I was trying to pay off my tuition while in college. Used textbooks are so much cheaper, with some books being just 10% of the new textbook rate. I bought my used textbooks on sites like eCampus.com, AbeBooks, ThriftBooks, and similar sites.
5. Sell your textbooks after the semester
Textbooks are crazy expensive, like I said above, so sell them as soon as possible once you’re done with them, as new editions can come out quickly, making older textbooks harder to sell. You will most likely never open them again anyway, so you might as well just sell them.
You can also sell textbooks directly to other students who may need the same book by checking campus groups and student forums. Before selling any textbooks, check what your campus bookstore and online textbook buyers are selling the books for so you can try to get a similar amount.
Another option is to sell your textbook online. You can click here to see how much you can sell your textbooks for at World of Books.
You can learn more about this at 8 Best Places To Sell Used Textbooks.
Recommended reading: World of Books Review: Is It Worth It To Sell Your Used Books?
6. Use your student discounts
There’s one time in your life where you’ll get to take advantage of student discounts, so make use of this time!
Restaurants, coffee shops, gyms, movie theaters, and shopping retailers are just a few places that give student discounts. Discounts are usually between 10% and 20%, which adds up quickly over time.
And, all you usually need is to show your student ID, which is very easy.
7. Get furniture secondhand
If you need furniture, buy secondhand instead of buying everything new.
Check local Buy Nothing groups on Facebook, thrift stores, garage sales, and even see if there’s a place at your school where students leave stuff they no longer need.
So many people give away perfectly good furniture, so this can be a great way to save money. My sister recently gave away a whole patio set for free to someone in college from her local Buy Nothing Facebook group, and it was nice!
Recommended reading: 11 Places To Get Free Furniture
8. Eat at home instead of going to restaurants
Another large expense for college students is groceries and eating out, so learning how to save money here can help a lot.
Here are a few things you can do to save money:
- Plan your meals for the week so you know exactly what to get when grocery shopping.
- Buy affordable staples that make up most of your meals, like rice, pasta, beans, potatoes, oats, and frozen vegetables.
- Cook in large batches, so you have leftovers for more meals (for example, what you eat at dinner could then be had for lunch the next day).
- Pack your lunch so you always have food on you and don’t get tempted to get takeout.
Recommended reading: How To Meal Prep On A Budget: 10 Great Recipes To Try
9. Walk or bike when possible
Transportation is one of the biggest expenses for students, which is why walking or biking when possible can save you a lot of money. If you don’t need to have a car (for example, if you don’t need to leave campus for a job), then you may want to think about getting rid of your car and saving your money.
A bike can make getting around campus or to work a lot cheaper, and you don’t have to worry about parking fees. If you don’t already have a bike, you can find affordable bikes on Facebook Marketplace, Craigslist, local bike shops, and garage sales.
10. Find free entertainment
Luckily, as a college student, you’ll most likely get access to lots of free events run by your college.
Colleges usually host events like movie nights and sports games, and local museums often have free entry days. You can also take advantage of your local library, where you can oftentimes check out state park passes, national park passes, and even museum passes. Local libraries also host free events for crafty people, book clubs, and more (I LOVE free library events!).
11. Get a roommate
I had roommates throughout college, and it was a huge money saver.
Getting a roommate significantly cuts your portion of rent. You can find roommates by asking friends or classmates, checking if your school has a roommate match program, posting a flyer at school, or asking around at work.
12. Cancel subscriptions you don’t use
There are subscriptions for almost everything now, making it easy to sign up for several every month.
Here’s what to do to stay smart with subscriptions and not fall for overspending.
- Look through your bank and credit card statements each month to see how much you’re spending.
- Cancel unused subscription services and set a reminder (I like to use my phone calendar to remind me) to cancel free trials before you’re automatically charged.
Since you’re a student, you’re likely eligible for discounts with Amazon, Spotify, Apple, YouTube, and more. However, just because there is a student discount does not mean you need to sign up for it. Only sign up for subscriptions you truly use and need.
13. Avoid unnecessary credit card debt
One of the most important things to learn how to use now, before graduating college, is credit cards. Some of the most important things to remember about credit cards include:
- Only use your credit card if you are positive you can pay it off (you should be paying the full monthly bill each month and not just the minimum payment – this is because you do not want to be paying interest on your credit card!).
- Understand credit card interest rates (some credit cards start at 0% interest and then move to 20%+ once the promotional period ends).
- Avoid impulse purchases and allow yourself time to think before putting an unnecessary purchase on a credit card.
- Keep track of your credit card spending so you know how much you’ve been charged.
Recommended reading: How Do Credit Cards Work? I Answer The Most Important Questions
14. Find a job or a side hustle
I worked all throughout college, my sister worked full-time (even while taking a full course load!), and I know plenty of others who worked while they were in college. While it can be hard, sometimes you may not have a choice (such as if you have bills you have to pay!).
If you are looking for a job while in college, an on-campus job can be a great place to start because these employers usually understand that school comes first. You may be able to work at the library, dining hall, recreation center, bookstore, admissions office, or another place on campus. You can also look into work-study jobs, tutoring other students, or becoming a resident assistant, which may help lower your housing costs.
When comparing jobs, do not look at the hourly pay alone. Think about how far you will need to travel, whether the hours work with your classes, and whether the job can give you useful experience for your future career. For example, a job that pays slightly less but is located on campus and works around your classes may sometimes be the better choice.
A side hustle can also give you more control over when you work. Some ideas include babysitting, pet sitting, tutoring, selling items online, answering surveys, or offering freelance services such as writing, graphic design, proofreading, social media management, or video editing. You could also create and sell printables or other digital products online.
Even working just a few hours each week can help cover your everyday expenses. Just make sure you leave enough time for classes, studying, sleep, and having some fun during college too.
Recommended reading: 21 Best Side Hustles for College Students To Make $500+ a Month
Frequently Asked Questions
Below are answers to common questions you may have about saving money as a college student.
What is the best way to save money as a college student?
The best ways to save money as a college student include using campus resources like free events, gyms, transportation, and tutoring. I also think buying used textbooks or renting textbooks, which is what I did and easily saved me hundreds of dollars each semester, is a great way to save money. Getting creative in the kitchen and learning how to make really good coffee and meals at home, which will deter you from spending money on takeout, are more ways to save money in college.
How can I save money for college while I’m in high school?
If you’re in high school and wondering how you can save money for college, you are a thousand steps ahead of most people your age – which is great! Saving money for college now while you’re still in high school can alleviate a lot of stress while in college. To start saving money for college now, get a part-time job, apply for scholarships, save any extra money that comes from birthdays or holidays, and take college credit courses while in high school (doing this is extremely helpful!). While you’re at it, make sure you’ve opened a high-yield savings account so your money has somewhere to grow but still has easy access to it.
What is the biggest mistake college students make with money?
College students tend to make a few mistakes during college, and that is normal – but it’s a good idea to know about them. The most common mistakes include not having a budget in place, using credit cards for everything and not paying them off immediately, overspending on food and entertainment, and taking on unnecessary debt. What I mean by unnecessary debt is taking out way more student loans than you actually need.
How much money should a college student save each month?
The reality is, saving money as a college student is hard. Most college students are simply trying to make ends meet (cover rent, food, school supplies, transportation). If you can save money, a goal of $25 to $100 really adds up and can help you in case you have an emergency. Or you can try to save 10% of every paycheck. You can also try saving any monetary gifts you get, tax refunds, and other unexpected income.
Is it better to work while in college?
For many of us, working during college is mandatory. I worked during college since I didn’t have any financial support, and it helped pay for rent, groceries, my car, school supplies, and other expenses. I also gained work experience that correlated with my degree, which made it even easier to get a job once I graduated from college. I also met new people and gained valuable references to put on my resume. As you can see, working in college has so many benefits that are not just making extra money.
14 Money-Saving Tips for College Students – Summary
I hope you enjoyed my article on 14 money-saving tips for college students.
Learning how to manage, spend, and save money wisely in college is one of the most important things you can do as you begin your journey into adulthood.
It’s so important to learn these financial skills now before you start a career, rent an apartment, buy a home, and do other adult things. Spending time learning personal finance skills truly pays off in the long run.
Is there anything I didn’t mention in this article on how to save money in college that should be here? Let me know in the comments.
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- How To Work And Go To College: 10 Tips That Will Help You Succeed
- 17 Online Jobs For Teens To Make Money
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