College and college living can be very expensive. So anytime you can save a little money while getting an education is a great outcome. For most students this will be the first time in their life they will be on their own. And, they will have to manage their money on their own. It will be a great way to learn how to budget your finances and maybe even do a little saving for the future. Follow along as we discuss some of the easiest ways to save money in college.
Housing
Some colleges require freshmen and sophomores to live on campus. If that is the case, be sure to get a roommate or two, or three or four! Most colleges now offer rooms with multiple roommates so the more roommates you have the less your portion should be. If the college does have this live on campus requirement, you can also look at starting your college career at a community college or a branch of the college and transfer to the main campus after this requirement. This could save you thousands of dollars in housing and meal plans and still have the degree from your preferred college.
If you’re able to live at home, that’s even better. You can save your money and not have to pay off those student loans into your 30’s and 40’s. Granted the idea of moving out of your parent’s home can be tempting, but how much of your future do you want to spend paying off loans you really don’t need.
Live off campus when you’re able. In most cases, living off campus will save you thousands of dollars in rent and meal plans. However, you do need to be smart about your rental choices or it may not save you anything. Some off campus housing choices are quite expense and may even be more expensive than living on campus. Be sure to compare areas, homes and complexes to get your best deal.
Food Expense
Meal Plan
If you are required to purchase a meal plan in your freshman and/or sophomore years, be sure to use it. Many times, students will chose to go the fast food place down the street rather than use the meal plan. Colleges these days have excellent food choices, most with healthier options than you will find at the local drive thru. Plus, the meal plan is already paid for and should be used until the account is empty.
No Meal Plan
A great way to save money in college is to split food costs with your roommates. Granted, everyone’s tastes and appetites are different so you will not split everything. But try making meals together and splitting those costs or taking turns buying the food for the community meals. Plus, this is a great way to get to know your roommates a little better.
Know the deals around town. Find out where the best happy hours and restaurant promotions are happening. You’re going to go out to eat, so why not be frugal while you’re doing it. College towns have plenty of restaurants and pubs that offer great deals for food. There are also a lot of promotions for delivered items like pizza, subs, Chinese food, etc. Coupons are still a thing and you can save tons by using them. There are also apps that restaurants use to promote their business with money off codes. If you don’t see them, just ask the business what they offer. Think Groupon and Yelp!
Grocery Shopping
We mentioned earlier about splitting food costs with your roommates. Other ways you can save on groceries is to buy in bulk. When you have roommates, you can get better deals by purchasing items in bulk and saving them until you need them. Granted, you should only buy bulk items you know you will need and not expire. Otherwise, you’ll just be wasting your money. You may also use the stores app to download coupons or other rewards for buying certain products. Sure, you’re in college and not worrying about the specials. However, if you’re trying to save money in college, it really does pay to shop the sales.
Get a Job
One of best ways to save in college is to get a job. Jobs are a plenty for college students, whether it is on campus or off campus. On campus jobs could be in food service, at the recreation center, at the bookstore or whatever you can imagine. The college website will normally have a page just for student employment. If you want to get away from campus, there are plenty of jobs available in retail and food service. If you’re able to find something that would help your education or major, that would be even better. The number of hours you work can depend on your class workload. Most employers will work with students on flexible scheduling. Another good reason to work in college is, if you’re working you’re not spending money! Don’t forget, if you have income, you can also invest in a Roth IRA. Read this article about the Roth IRA and why you should invest at a young age.
Scholarships
Be sure to apply to all the scholarships and financial aid you can find. Complete the Free Application for Federal Student Aid (FAFSA) form every year. There are so many scholarships out there to help you defray the cost of college. Some may be small, but it is still a way to keep money in you pocket. You can check out places in your local community as well. Some organizations that may have scholarships available for the taking are the VFW, Fraternal Order of Eagles, American Legion, Knights of Columbus, Masons, Optimist Club and so many more. Get out and ask around. You can also check with your parent’s employer. A lot of companies offer scholarships to the children of employees or the employees themselves. If you have a specific major or interest, some associations offer scholarships. National Society of Professional Engineers, General Electric, Miller Coors, Dental Trade Alliance Foundation, Coca-Cola, and GEICO are just a few of the thousands of scholarships available. The Google machine allows you to find a lot of options for getting some free cash while you save money in college.
Entertainment
Colleges and Universities offer a lot of free events on campus throughout the year. Be sure to take advantage of it or become part of it. Joining groups on campus will provide a lot of entertainment and a great way to meet other students that you normally wouldn’t have any contact. You can watch concerts, sporting events and speakers all for free. It doesn’t get cheaper than free!
You may want to pass on the cable bill as well. With so much content streaming, you could watch just about anything on your computer or smart tv. If there’s a game on that you just have see and it’s only on cable, then go to the local pub with friends and share the cost of some promotional items during the game.
Take advantage of the recreation center. Most colleges offer memberships that are included with your on campus living costs. This really a great benefit and a way to blow off some steam while losing the “freshman 15”. The rec centers these days will probably be the best rec centers you will ever have a membership. So you definitely want to take advantage of that while you can.
Another great perk is the library. Sure the library is great for books, but they also have other freebies. You can get software, videos, internet access, audio books, along with speakers and presentations. So don’t forget about all these free perks of the library while you save money in college.
Transportation
In most cases, you don’t really need a vehicle if you’re living on campus. In fact, some colleges don’t even allow you to have a vehicle if you live on campus. So how do you get around? You can ride your bike or walk anywhere on campus. Most colleges also offer some type of public transportation, often in conjunction with the local community. You can also carpool with someone who is lucky enough to have a vehicle on campus. Having a car while on campus is just an expense you don’t need. Think of the money you will save on insurance, gas, maintenance, etc. In addition, if you don’t have a car to go the mall, you’ll save even more money in college!
Shopping
If you need to furnish your off campus house, you can save a lot of money by visiting the local thrift store. The thrift store is perfect for dishes, furniture, silverware, along with a lot of other items you may need for your home. You may find some good deals on clothing as well. If you decide to shop online, remember that Amazon offers students half price on their Prime Membership. You can also use Rakuten when shopping online to save hundreds of dollars. Check it out before making any larger purchases like computers, furniture, software and hardware. You can find deals getting up to 40% back on your purchases. I recently received $55 cash back on a computer just by visiting Rakuten first! I’ve provided the links for the half priced Amazon Prime and Rakuten. If you use this link you get $20 just for trying it out. Also, most large tech companies will offer student discounts. Check before buying computers or software to see if there are any discounts specifically for students.
Don’t Worry, Be Happy
College should be an experience of a lifetime. Not only to learn and find your dream job, but to meet new friends and have experiences you will never forget. The good thing is most of the experiences in college can be free. Take advantage of this time to learn, meet people, experience life, save money, make a little money and maybe even invest. Wait, what? With all the money you are saving, invest now and watch that investment grow. You’ll be glad you did.
Check out this article to save even more money!
We hope you enjoyed the easiest ways to save money in college. Hopefully, you learned a thing or two and can start saving today. Feel free to leave a comment or additional money saving tips. Be sure to leave your email at the bottom of the page for updates on our blog.