We get it. College is a time to study, learn, and have fun with your friends. After all, you’re never going to be this young again. That being said, developing the correct spending habits in college can set you up for the rest of your life. It’s all about finding the balance, and in this article we tell you how you can save money as a college student, and still have fun.
Create a budget (and stick to it)
The first step to saving money, no matter your financial situation, is spending less than you bring in. This is most easily achievable by creating a budget (the easy part) and sticking to it (the hard part). The University of Colorado gives 7 tips for creating an effective budget. The 7 tips are:
If you follow these steps, you should be able to build a solid budget to accommodate your unique situation. Having a clear budget can help you understand how much you can spend on fun, while still building toward your money saving goals.
Take advantage of student discounts
Nowadays, most places offer some sort of discount or promotion for students, making it worthwhile to bring your school ID wherever you go. Taking advantage of student discounts when making a purchase can end up saving you a lot of money, so make sure to ask if there are any discounts wherever you are doing your shopping. This also applies with many different software subscriptions, like Amazon Prime and Spotify. If you need to buy purchase an item anyway, why not save on it while you’re at it.
Rent out your unused items
Another clever way to save money as a college student is to list your items for rent while you’re not using them. For example, if you like to get out and play tennis occasionally, but find your gear sitting in your room unused for long periods of time, you can list all the gear on our app and make money while you’re in class or studying for an exam! All you have to do is download the app, make an account, list any of your unused items, and then make money when someone decides to rent them. You can list anything from sports equipment, to books, to lab equipment. You can list it all and start making money today.
On the flip side, if you ever find yourself needing an item for a one time use, like a power drill to build a bookcase, or a basketball to shoot some hoops with your friends, use our app to get whatever you need at a fraction of the cost!
Eat at home
While it can be tempting, and convenient, to grab a quick bite to eat for lunch, and go out for dinner with buddies everyday, consistently grabbing food outside of home will eat away at your savings. While a budget can be set up to allow you to enjoy food with your friends, it is something that should be kept at a minimum. A simple microwave (as long as you are permitted) and a mini fridge to store sandwich making materials, fruits, vegetables, and other necessities, can go a long way in helping you save money.
Use public transportation
Using public transportation can help you save on gas, and any maintenance that might come from using your vehicle. Taking the bus might not be the most convenient, or preferred, method of transportation for a college student, but saving money on transportation costs can really help you in the long run. Many universities are designed to be easily walkable, or include lots of public transportation for your disposal, make sure to take advantage!
Apply for scholarships
One way to save a lot of money is to apply for scholarships. According to this article from Forbes, over $100 million of scholarship money goes unclaimed every year. Every year. Use websites like scholarship.com to find scholarships you can qualify for, and save money on your tuition that you can instead use for investing, pleasure, or general saving. Each scholarship is different, some may just require you to answer a few questions, others may need you to apply with an essay, but with a little bit of effort this can be one of the best ways to save money as a college student.
