Saving Money in College

It is Wednesday already! I hope everyone is enjoying their reading week, and for those of you who had it last week hopefully you’re enjoying your school week/mid terms. Today, I am going to answer the question that just about every college student asks themselves “How do I save money?” Many of you probably think of it as a very complex answer with no simple solutions but, the truth is that there are a lot of small things you can do which will make a big difference.

Some areas that you can save money in are:

• Manage the money that you do have
• School books
• Food
• Set a budget
• Living expenses
• Shopping
• Transportation
• Communications
• Necessities
• Exercise

I will go over a few of these in more detail.

Manage the money that you do have: If you can manage the money you do have then it can go a long way towards saving your money.

Tip #1: Don’t carry too much money around with you when you go shopping or go out. The thinking behind this is that if you don’t have the cash with you then you won’t spend it.

Tip #2: Pay all of your bills a bit early to ensure they are paid on time. Late fees are always a killer because they don’t seem significant but they add up.

Tip #3: Make sure that the money that you put in the bank is in a student bank account otherwise you will get hit with a lot of excess charges for too many transactions and other hidden fees. If your bank doesn't currently offer student bank accounts then shop around for one that does. Most of the big name banks do have these offers.

School books: From personal experience I know that textbooks are very costly and they tend to have no use after the class is done. This is a major cost so I will put a few more tips under this section than the others.

Tip #1: Go to the first class and ensure that the textbook is actually required. If it isn’t a requirement then you don’t need to waste your money on it.

Tip #2: Split the costs of the textbook with a classmate. If you split the costs then you can both make a schedule to see who uses it on which dates.

Tip #3: Rent your textbooks from the bookstore. A new option being offered is to rent the textbook and it cuts costs. Like I mentioned above, you usually have no use for the book after the class is done so you just 

return it and save money.

Tip #4: Purchase the book online from other students. Often times there are other students who have the book you need and they sell them online for cheaper than the bookstore.

Tip #5: Purchase used books instead of brand new. The savings can be significant when you purchase used books, plus many of the used books are in very good condition.

Tip #6: Sell your books at the end of the semester. If your book is being used by other classes, then you can sell it back to the bookstore or online to someone and get some of the money back.

Food: Whether you live on your own or with your parents you need to try to keep your food expenses as low as possible in order to save money.

Tip #1: Try to make all of your meals on your own. If you go to fast food restaurants the costs add up and it will take away a lot of your extra money. If you want some ideas, look at some of our previous blog postings. 

Tip #2: Instead of buying coffee/tea every morning make it yourself. Sure, you may think it is not related to food because it is beverages but every time you buy a coffee/tea then you have the urge to buy donuts or other snack from the coffee shop.

Tip #3: Collect coupons. You can collect coupons for fast food restaurants which can be your treat for the month/week. You can also collect coupons for the grocery store, which can save you big money.

Tip #4: It may sound cheap but if you’re going on a date, try preparing the meal yourself. It shows that you’re making the effort and care about the person. Plus, you save money because you don’t have to worry about a tip! Look at that, dating advice in a money saving blog post. Now back on topic!

Set a budget: Setting a budget is one of the most important things you can do because it will help you allot you’re money appropriately. Many people try to set a budget but get carried away and don't follow it. The key is to set it and follow it. 

Tip #1: Budgets can be set on a weekly basis or on a monthly basis, it's completely up to you. 

Tip #2: Be realistic! A lot of people overestimate how much money they have and how much they can spend. Also, some people underestimate how much money they will need for certain areas. 

Tip #3: You can get some budgeting tips from Robyn's previous post Student Cooking on a Budget

Communications: If you're away from home or stay in contact with distant relatives or friends then phone bills could be the end of you. 

Tip #1: Use Skype. It uses some of your Internet usage but in the long run it definitely beats long distance bills. Also, with Skype you can do video calls so you can see the person you're talking to which is a better experience than just talking on the phone. 

Tip #2: Shop around for a phone plan that includes long distance calling for a good price. Make sure the plan includes everything that you need and if it doesn't then check around because many companies offer competitive student plans for good prices. 

That covers a few of the most important areas where you can save money. If you have any questions or if you want more tips in a specific area just let us know in the comment section. Feel free to share some of your tips as well. Thanks for reading, and hopefully you enjoyed it! Don't study too hard! 

- Kurtis