The running joke is that college students are broke. Really broke. As a student, chances are that you spend most of your money on tuition, books, and living expenses (the important things like coffee and food, duh), and it is very difficult to save money. However, not all college students are in the same financial situation. Some students have full or partial scholarships, some work full-time, and some have loans for everything. College is a large investment in time and money. Whatever your financial situation is, money can be a sensitive situation for anyone in college.
Money can be tight during college. With all of the payment deadlines, it may seem impossible to keep track of and save money. But, it does not have to be that way! As one of the most frugal people I know, I was able to come out of college debt free! I had partial scholarships and worked MANY different part-time and full-time jobs throughout my college career in order to fund my education. It was tough, but I made it through. You can do it, too!
If you are not already too comfortable with budgeting and saving money, it will take some getting used to when college hits! It can be difficult at times. You must focus on your goals for the future and what you are willing to wait for. Instant gratification is difficult to handle when tuition payments are due! You are in college to invest in yourself and your future. You will be able to enjoy many different luxuries after you graduate (and are able to make actual money).
I promise you that you can do anything you set your mind to. After graduation, I was extremely relieved to be done, and free of debt! Take this time now to save your money and live the frugal life. You will be happy later that you did.
Here are my 15 tips for saving money as a broke college student!
1) Take advantage of college student discounts.
If you can’t live without Spotify Premium or Amazon Prime, you’re in luck! Both of those companies offer student discounts that can make a big difference on your pocket. Look for student discounts from your favorite companies to save money, big time!
2) Make money by starting a side hustle.
I think there are so many ways that college students can make money. Sometimes you just need to be creative. Here are some of my personal favorite ways to make money on the side:
3) Get a weekend, summer, or holiday job.
Many retail stores or other service companies offer seasonal jobs for people looking for work during times where customer spending is high, like the winter holidays or weekends. Breaks and weekends are great times to work because you can focus on school when you’re in school and work when you’re out of school.
4) Sell your old textbooks for cash.
Many stores around my college campus offer money for used textbooks. You can also look online for websites that buy used textbooks! Ebay is also a great resource for selling used supplies.
5) Drink drip coffee instead of fancy frappuccinos or lattes.
I love a good coffee, especially from specialty coffee shops like Starbucks or Coffee Bean and Tea Leaf. However, that can get expensive! If you’re like me, you have at least one cup of coffee a day. That can add up! If you really want to save money, invest in a coffee pot or even a mini Keurig for your room. If you do need a coffee on the go, drink drip coffee instead of those $6+ espresso drinks. You will see that these habits will save you money everyday. Don’t forget to treat yourself to your favorite coffee shop once in a while, though. 😉
6) Take public transportation, bike, or walk.
Depending on your college town or location, there are so many ways to get to class without use of a car. You will save money on gas, maintenance fees, and other sunk costs by walking or finding alternative ways of transportation. Get creative and get active!
7) Split the costs of textbooks with classmates. Only buy or rent used textbooks! Check prices on Amazon and other retailers.
I never pay for new textbooks unless absolutely necessary. Always shop around for your textbooks!
8) Pack your lunch and cook your meals instead of eating out.
This is simple! Eating out can get expensive. I love eating out, so I make sure to treat myself on the weekends or only during certain times in the semester. Take a cooking class or invest in a new cookbook. You will see that buying ingredients at the grocery store once a week will average out to less than eating out regularly would be.
9) Split meals with friends on the weekends and find out which places have a happy hour.
Being a college student involves a little fun sometimes! Studying for tests can be really stressful. Go enjoy yourself. Look for deals and ways to save money when you go out, like splitting large meals or taking advantage of happy hour. I love a good happy hour…
10) Choose to drink water instead of spending money on drinks.
Water is the cheapest drink, and usually free. And it’s good for you! Drink more water.
11) Save money by using the campus amenities.
Use the amenities that your tuition pays for. Don’t add excess expenses to your life when they are offered to you already.
12) Pay off your credit card as soon as you use it.
Credit cards are NOT free money! I am a big advocate for building your credit while in college, as long as you have the cash to do so. Use your credit card as just another way of payment with your cash. Only use your credit card if you have the cash to pay it off with. Credit cards can be great because of their cash back incentives! You can use this to pay off your credit card bill or to purchase more things online!
13) Don’t buy the most expensive meal package. Chances are, you won’t even need it.
My sister was nervous that she would starve because she bought one of the lower priced meal packages. She ended up giving all of her friends (and me included) free meals at the end of the semester. Those meal plans end up being more food than you would think!
14) Cut out unnecessary expenses like smoking, excess drinking, or excess clothes and shoes.
Take a look at the things you spend money on monthly. Do you really need those things? Are they healthy for your body and your wallet?
15) Go on school organized trips to take advantage of the group discounts.
If you are interested in going on a trip or vacation during your school breaks, there are so many discounts that you can benefit from when you take advantage of organized trips for college students!