The Best Money Saving Tips for College Students
College is such a fun and exciting time of life! However, whether you are an undergraduate or graduate student, we can all agree that college gets expensive. In this post, I'm sharing my favorite tips for how to save money on college.
Pin this post for later!
Some of the links below are affiliate links and I may receive a small commission on qualifying purchases (at no extra cost to you!) View the full disclaimer here.
Save Money on School Supplies
Minimize textbook expenses
The cost of textbooks can quickly add up.
However, many professors choose to use textbooks as supplemental materials rather than the primary source of information. Before purchasing textbooks, attend the first day of class to make sure the book will actually be used during the semester.
If the textbook is required for your class, here are some ways to minimize the cost!
Buy used textbooks
There is no reason to buy a textbook new--seriously.
At the start of my college career, I thought that a new textbook was “better” just because it was new. But, let me tell you, the material inside is exactly the same, and you can save so much money buying used instead!
Rent textbooks
If it’s not available used, rent it from Amazon Textbooks
Amazon Textbooks is a great way to rent books that you only need for one semester! For my graduate courses this year, I rented a book for as low as $13!
I seriously recommend checking it out.
Sell textbooks at the end of the semester
If you bought a used book, sell it to a friend or bookstore at the end of the semester. You probably won’t get as much as you paid for it, but you will definitely get some money back!
Use the library
If you find out that you don’t need to reference the textbook often in your class, use a copy from the library instead.
In the wake of COVID-19, many libraries are offering students contact-free pickups.
Utilize student discounts
So many stores offer student discounts! Before purchasing an item, do some research and see if you can buy it at a store with a discount for students.
This also includes electronics (like Apple products) and computer softwares.
Print on campus
Printing is expensive! You have to buy the printer, paper, ink, and any required maintenance materials.
Instead, save time and money by printing on campus. Some universities require students to pay a small fee per page (mine was five cents for black and white printing), but many offer printing for free.
Only buy school supplies you need
Rather than buying everything you think you may need for classes, only get what you actually need to finish your work.
Save Money on College Tuition and Fees
Study for placement exams so you can test out of classes
Take placement exams seriously!! You can save a lot of money by testing out of classes.
If you are a high school junior or senior, study for your IB/AP exams.
If you are an incoming graduate student, take a couple of weeks before the start of the semester and study for any placement exams you know are coming up.
Apply for scholarships
One of my favorite money saving tips for college students is to apply for scholarships!
Scholarships are free money! Who doesn’t love free money?
Apply for every scholarship you can find. Scholarships can be found through community organizations, private institutions, your university, and through websites like Scholly.
Get $10 off the first year of your Scholly membership when you sign up with this link!
Fill out FASFA every year
Filling out your FASFA determines your eligibility for different federal grants and scholarships. Because of this, you definitely want to submit your FASFA each year in a timely manner.
Become a Residential Assistant
Becoming an RA is a fantastic way to save and make extra money in college.
Many universities compensate Residential Assistants by providing free or discounted housing as well as an hourly rate.
If you’re interested, research the qualifications and application process for your university’s RA program.
Plan your class schedule wisely
Tuition fees are expensive.
According to Student Loan Hero, the average cost per credit hour in the USA is $594!!
If you take a 4 credit class, that class alone would cost $2,376.
Because of how expensive it is to take a university course, you want to make sure that you have really planned out your class schedule.
It’s also a good idea to check (and double check) your course plan with your program advisor.
Don’t fail classes
If you want to save money on college, then it's super important not to fail a class.
If a 4 credit class at a 4 year college costs $2,376, you don’t want to take it AGAIN because you failed it the first time.
Set aside ample time to study each week. If you need help clarifying a subject, reach out to your professors and graduate assistants.
Attend community college
In the same study by Student Loan Hero, they found that the average cost per credit hour at a community college is $135.
That’s a $459 difference from a 4 year and community college.
If you want to save money on tuition, taking core/pre-requisite classes at a community college is an excellent option.
College Student Budgeting Tips
Start a Zero-Based Budget
Another important money saving tip for college students is to start a budget.
If you don’t have a budget, you will have no idea what you are spending money on.
A zero based budget is a budgeting system where your income minus your expenses equals zero. This does not mean that you have no money in your bank account, it means that you have accounted for all of your income and expenses so that they equal each other at the end of the month.
Check out this post to learn how to start a zero based budget!
Create an Emergency Fund
An emergency fund is there to help pay for financial surprises that come your way. This could be anything from technology repairs, car accidents, medical bills, job loss, etc.
Experts recommend saving at least 3-6 months of expenses in case of an emergency.
Get a job
If you want to save money, you need to make money!
Luckily, there are tons of on-campus jobs available for students. My student job allowed me to build many different office skills and experiences and it paid well.
Check out your university’s student jobs page to find positions that fit your interests and level of experience.
Start a side hustle
A side hustle is an amazing way to make extra money during your free time!
This post is full of side hustle ideas to get you started!
Always, always, always pay bills on time
Not only will late bill payments hurt your credit, but getting charged with an overdraft fee is like throwing money down the drain.
Keep track of your upcoming bills by adding them to your planner and budget each month.
Take care of what you have
When you buy something, make it last!
Learn how to properly wash your clothes, take your car in for routine maintenance, buy a phone case, and do other precautions to take care of your stuff. This will help you make your possessions last longer so you don’t have to frequently replace them.
Choose a bank that has student perks
Many different institutions offer checking and savings accounts designed specifically for students. Always be sure to do your research before opening an account with a new institution!
Avoid Interest Fees
Never, ever, ever charge something on your credit card that you don’t have enough money to pay for in cash. If you buy more stuff on credit cards than you can afford, then you will land yourself into some credit card debt.
Furthermore, when you don’t pay off your credit card balance each month, you are ultimately losing money in interest!
Nobody wants that.
Click here to learn about compound interest and how it can help or hurt you.
Save for large purchases with a sinking fund
A sinking fund is essentially money that you’ve set aside for a planned purchase or expense.
Instead of throwing a large purchase (like a laptop) on your credit card or paying for it with your emergency fund, save a little bit each month so you can buy it outright!
Health and Wellness
Campus amenities
A great way to save money in college is to use the amenities available at your school.
Universities have tons of amenities available for students for free or at a very affordable price. Some common amenities include…
Campus Gym
Student Health Insurance Policy
Student Health Center
Counseling Services
Study Halls
Recreation Buildings
Library
Child Care
Campus Events
Why spend more money on a service your university has already set up for you?
Housing and Transportation
Live off campus (and find cheap housing)
The average cost of living in a dorm is somewhere between $8,000 and $13,000 a year depending on your university. If we take the average of these numbers, that would be about $10,500 for the academic year (September-May), or $1,116 a month.
Wowza.
You can save so much money in college by living off campus!
When looking for off campus housing, be sure to shop around for different rental properties, read tenant reviews, and try to find a home or apartment that isn’t too far from campus.
Split rent with roommates
Another great way to save money on housing is to live with roommates!
Buy used furniture
Instead of buying everything new for your first apartment, check out local thrift stores and sites like Facebook Marketplace for furniture items you may need.
Ride your bike instead of buying a car
Depending on how close you are to campus, you might not even need a car while you are in college! Many college students opt to walk or bike to class to save money on car payments and auto insurance.
Use free transportation as much as possible
Another money saving tip for college students is to use your school's public transportation.
A lot of universities offer bus passes for students. Do some research to find out what transportation services are available at your school.
Conserve energy
Lower your utility bills by conserving water and energy.
Turn off the lights, only use the AC when necessary, and avoid leaving the water running.
Shop around for insurance
If you are looking into auto and renters insurance, ask for prices and quotes from several different agencies and pick the policy that works best for you.
Live at home
Another great way to save money on housing and transportation is to live at home!
While it’s not always the most fun to continue living with your parents, it sure does save a lot of money on rent.
Save Money on Food
Cook Your Own Meals
I can’t emphasize enough how important it is to cook your own meals. With a typical restaurant meal costing $13, frequently dining out to eat can quickly add up.
Instead, learn how to cook--it will save you so much money each month! Seriously.
Make your own coffee
Similar to the last point, buying a $5 coffee drink from Starbucks every day isn’t doing your budget any favors.
Meal Prep
Meal prepping minimizes the need for convenience purchases.
When you meal prep and plan out your lunches for the week, it saves you money, time, and stress!
Buy food that’s in season
In-season fruits and vegetables are almost always a lower price because of how much of it there is to sell!
Reusable water bottle
Purchasing a reusable water bottle to fill up at the drinking fountain can pay for itself in a matter of days.
Buy in bulk
A Costco membership costs about $60 dollars a year and can save you a ton of money on food.
For example, today I literally spent $5 for twenty pounds of pasta.
Twenty pounds of pasta!! For $5!!!
You can’t beat the prices of buying in bulk.
Take advantage of happy hours and restaurant promos
When you do go out to eat with friends, do a little bit of research to find the best happy hours and promotional events.
Limit alcohol
A few drinks can quickly lead to a lofty tab. When hanging out with friends, be mindful of the number of drinks you order at a restaurant.
Freeze food
If you aren’t able to eat fruits, veggies, or leftovers before they go bad, consider freezing them instead. My favorites foods to freeze are bananas, lasagna, strawberries, blueberries, and carrots.
Shopping
Shop at thrift stores
Before shopping online or at the mall, check out a local thrift store. You can find some amazing things for incredibly low prices.
Plus, buying used clothes is better for the environment!
Buy generic brand makeup/beauty products
Generic and drugstore beauty products have come a long way in the last few years. These days, they rival the quality of many high end and luxurious products!
I used to spend soooo much money on high end beauty products, but can honestly say that my favorite brands are The Ordinary, and e.l.f. Cosmetics (two high quality drug-store companies with seriously amazing prices!)
Practice Minimalism
In a nutshell, minimalism is the practice of owning fewer possessions and being very intentional with the items that you do have.
Not only does owning (and buying) fewer things save you money, it also helps you break the habit of needlessly buying things.
Save Money on Entertainment
Don’t get cable
I haven’t had cable in 7 years and don’t miss it at all.
Instead, I split the cost of streaming subscriptions with my roommates. We are still able to watch almost every movie/tv show that sparks our interest.
Spend time in nature
Go for a walk, read outside, play frisbee with your friends, etc.
Go to events with free food
When you’re a college student, there are always free on-campus activities for students. They are a great way to get out, meet new people, and save money in the process.
Also, it’s not uncommon for many on-campus events to offer free food!
Holidays and Trips
Skip expensive trips
According to CreditDonkey, the average cost of a vacation is $1,145 per person. Going on a trip with your friends in college is a ton of fun, but skip the expensive destinations.
If you choose to go on vacation with your friends, do some thorough investigation to find the best priced airlines and accommodations.
And do not -- I repeat -- DO NOT pay for college vacations with student loans or credit cards.
Make presents
I’ve been making Christmas presents for friends and family since I was a freshman in college and, let me tell you, it saves a lot of money.
Check out this post for some amazing (and realistic) DIY gift ideas!
Ask for practical holiday gifts
Use birthdays and holidays as a way to ask for supplies and materials that you need for school, your home, or apartment.
So, there you have it! The best money saving tips for college students.
I hope you found this post informative! If you did, please share it on social media!