When Finances Are Tight: 7 Ways You Can Save Money as a Student

After you graduate high school, the thought of attending college can be very exciting. The freedom, the social activities, the new experiences are all something many look forward to. One thing that’s always associated with being a student is money, and how there’s often never enough of it. Being a college student is often synonymous with being broke. I personally had a twitter handle chronicling my adventures nearly running out of money.

Being a student doesn’t neccessarily mean you have to suffer because of your finances. There are several ways out there to make your experience amazing, all while actually saving money (or just not spending as much). Today we’re going to cover 7 ways you can save money as a student when your finances are tight.

Cut down on your bills

Although some parents will help out with bills like your phone or TV streaming services, this isn’t always the case. There are several bills students can end up paying that can add up. As with most bills, whether a student or not, see if you can shop around, or even go without. If you’re off campus, maybe consider skipping on TV and just have internet. Or, if you’re feeling wild and crazy (it is college after all), maybe forgo TV and internet. There’s plenty of entertainment around campus and you can always watch big games at a friend’s house. If you have a choice of utilities, consider shopping around for them to get a better deal if possible

If not cutting out completely, consider cutting back. Don’t leave lights on when you’re not around and cut back on the heat in the winter and a/c in the summer. These may seem like little things, but in college every dollar saved adds up!

Transportation

A way to really cut back is to monitor how you get around campus and the city you go to school in. If you’re able to, you could get rid of your vehicle. This will save you from paying monthly insurance and filling up the gas tank every week. That could easily be $100+ on insurance and $20/week on gas! If you’re in a larger city, there are several options for transportation aside from buses, like ride shares or Uber/Lyft. Many colleges have their own bus system that travels from campus to campus and it’s often free!

You also could be able to bike, walk or talk about public transportation. I personally had a skateboard that I rode around in college. Not only will this save you money, but it will also keep you healthier and help the environment in the process (win-win-win).  If you’re worried about how you would visit home on the weekends and holidays, you could always carpool with a friend or rent a car. In the long run, this will save you tons of money.

Food & Meals

Even though we all have to eat, we don’t have to do it expensively! Keep an eye on how often you’re going out to eat, grabbing a coffee when you go to study or how many drinks you buy on the weekends. Even knocking out one or two of those coffee or dinners can help!

Cooking at home will save you money, especially if you start buying the generic brand while grocery shopping. Meal prepping can come in handy here as well. That will help you budget your money if you buy the same things often and you won’t have any leftovers that get spoiled.

Get A Loan

Although I can think of many other things to do before borrowing money, I do realize it’s sometimes necessary in college. Most college grads have student loans, as paying for college out of pocket isn’t always realistic. I also submit that your first goal in college is to study and get a good degree, and sometimes that can be tough if you’re having to work a lot too (although I’ve known people that have done it). If you do find yourself in need, perhaps you could borrow more via a student or personal loan for living expenses. A personal loan (when used responsibly) can be easy and fast to obtain, and may have lower interest rates vs a credit card. In today’s online world, it’s easy to apply online by visiting kingofkash.com for more (an example of one personal loan lender). One of the most beneficial parts of personal loans is that you can get one quickly, without having to wait an extended period of time. Finally, when used responsibly and paid off, you’re also building up your credit, by demonstrating that you’re responsible with borrowing money.

Budgeting

To avoid running out of money and/or having to borrow too much, you should consider budgeting. You might hear the word budgeting and get a little scared off but once you make a budget it can really help. Take a look at what you spend money on each month; whether that’s rent, utilities, car payments, food, coffee, going to the bar, books or even school supplies. Making a budget of what you spend each month can make you see where your money is going. For many college students, you may work a lot in the summer and then it’s important to balance what you made and saved over the course of the school year.

On the note of budgeting, it’s important to look at your wants versus your needs. This is a good time to focus on your needs, in every aspect and put your money towards those first. You can then allow yourself to have a “rainy day” fund of sorts that you look forward to spending on something you want as a treat to yourself.

Thrift

Whether you need a new outfit for a school event or you’re wanting to decorate your dorm/apartment, thrifting can save you tons of money. You can visit your local thrift stores, garage sales or online marketplaces to get gently used second-hand items instead of buying something brand new.

Discounts

A student ID can easily save you 10% at more places than you would expect. You can easily find student discounts that will save you money. Whether it’s a local coffee shop where you study or a restaurant you and your friends want to try, see where around you offer student discounts and take advantage of it. It may be something small, like a 10% discount but that can add up a lot over time. At least always ask if they do offer a student discount, the worst they can say is no!

On this topic, you’re probably well aware of how expensive course books can be. If you have the option, purchase them used and you can even sell yours back at the end of the year if you’re no longer in need of it.

Conclusion

When you’re a student, it’s hard to work full time and have a steady income. Hopefully using these tips can help you to save money or even raise your credit score. Focus on your needs and what you can do to save the most, while still taking care of yourself! If you do borrow money, do so responsibly with a plan to pay it off post graduation!

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