5 Tips For Saving Money On College (2024)

Saving Money

ByKim Anderson

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The truth is, I haven’t been in college since 2005 (Go 49ers). That means some stuff is the same but a lot has probably changed. I really wanted to write a post on tips for saving money on college but felt a little out of touch. Luckily while over at my good friend Rhonda’s house, her daughter was home from UGA. When I brought up the fact that I was looking for some tips and she started pouring out ideas. So much so that I asked if she wouldn’t mind just writing the post for me. Thankfully she enthusiastically agreed. Now you can benefit from some “current” wisdom.

Guest Post By: Gabrielle Roth

I had heard several times in my life the phrase “broke as a college student” but never really understood the reality of it until this year. As a freshman at the University of Georgia I had to learn the ropes of school and living on my own, but also how to pinch a penny and make my dollar go farther than I could imagine.

Here are the top 5 ways I saved money this year!!

1. Books!

These are a necessity since the entire reason you are in college is to get a degree and you simply cannot do that without passing classes.

  • Is it Necessary? First thing, ask your professor which of the books on the syllabus will youactuallybe using; just because it is on the syllabus doesn’t necessarily mean you will use it or at least enough to actually purchase it.
  • Online Shopping- With the books I did need to buy, I learned fairly quickly that the books in the University bookshop and even some off campus bookstores were outrageously priced. I consider myself a pro at online shopping so I figured why not start there?
  • Online Rentals! I found out that Amazon rents out textbooks to students at extremely reasonable prices and if you sign up with your college or university email you get 6 months of free amazon prime.
  • The kindle store on amazon offers affordable versions of e-books or if you prefer paper I bought several of my books used on amazon.
  • I would suggest finding a friend (or making one since you are in college to meet new people) who will split the cost of text books with you and share it for the semester.
  • FACEBOOK Classifieds- My last advice for saving money on books would be to see if your college or more specifically graduating class has a facebook page where books are bought and sold. Fellow students feel your pain and are usually very willing to bargain on books.

2. Food.

  • Many colleges require freshman to be on meal plan their first year at school, which makes sense because these dining halls seem to be a vacuum for money.
  • The meal plan at UGA was roughly $2000 per semester for 7 days a week unlimited food.
  • Worth It? For guys that may be worth it, but I am a girl and I do not eat enough food to make it worth what my parents were paying so second semester I took my meals into my own hands. I allowed myself $200 a month for eating (groceries and eating out).
  • Compare- My first suggestion would be to compare your local grocery stores and supermarkets and see who has the best bang for your buck.
  • Save on Groceries & Gas- I used Kroger because I could use a Kroger card which saved me money on groceries as well as gas.
  • Use Coupons- Also I did not go anywhere without a coupon.Grocery stores will typically accept store and product coupons so doubling up helped.
  • Restaurants- As far as restaurants go my college hands out coupon books to its students with all local restaurant deals so I never paid full price for a meal eating out either.
  • Be a FREE-gan- And if healthy options aren’t really a concern for you then there are plenty of events on campus that offer free food for attending.

3. Apartment vs Dorm.

  • Many people may find this surprising but University housing these days is actually more expensive than living in an apartment.
  • Dorms- My freshman dorm, all 8 by 14 feet of it complete with community bathrooms, cost $6,000 for two semesters (9 months).
  • Apartments- The apartment I will reside in this year is three bedroom, three bath and will cost $5,100 for 12 months including utilities. My roommates and I toured practically every apartment complex in Athens and crunched numbers for each one and almost every single one ended up saving us at least $300 a year.
  • All-Inclusive- There are so many options when choosing an apartment, so many we found included furniture and even transportation to campus!
  • More Control Over Expenses- The other great thing about an apartment is you can control the utilities. How much water you use, remembering to unplug unused appliances and chargers, and other things all of which will save you money.

4. Parking Pass.

  • UGA charges a ridiculous amount to take a piece of asphalt for a few hours a day, many passes costing $300-400 for two semesters. The parking spots on the less populated and congested parts of campus are usually cheaper so parking there and then taking the bus or walking will save some money.

5.Clothes.

  • In college you will be invited to lots of themed parties, events, etc (especially is you go greek) and not everyone has an arsenal of costumes on hand.
  • Costumes- To save money on anything from clothes to costumes I highly encourage thrifting.
  • Thrift Stores- The thrift stores around colleges are a gold mine for accessories as well as name brand clothes and furniture. College students move all the time and when they do thrift shops all around are accepting of old furnishings and clothes.
  • Name Brand- Also many stores carry big name brands such as southern tide, vineyard vines, lilly pulitzer, ralph lauren, southern proper; that are mainly popular in SEC schools.
  • College Apparel- Also do not go crazy and buy tons of your school paraphernalia because most colleges give out free t shirts all the time so it’s easy to stock up on spirit gear without it costing you a dime.

I’m so thankful for Gabrielle sharing her current college wisdom. I hope her 5 tips for saving money on college helps you find some ways to keep a little more money in your pocket this school year.
5 Tips For Saving Money On College (4)

5 Tips For Saving Money On College (5)

Kim Anderson

Kim Anderson is the organized chaos loving author behind the Thrifty Little Mom Blog. She helps other people who thrive in organized chaos to stress less, remember more and feel in control of their time, money, and home. Kim is the author of: Live, Save, Spend, Repeat: The Life You Want with the Money You Have. She’s been featured on Time.com, Money.com, Good Housekeeping, Women’s Day, and more!

5 Tips For Saving Money On College (2024)

FAQs

What saves you the most money in college? ›

The following tips on how to save money in college can help.
  • Buy Used Textbooks. ...
  • Cook Your Own Meals. ...
  • Take Advantage of Student Discounts. ...
  • Use Public Transportation. ...
  • Avoid Credit Card Debt. ...
  • Find a Part-Time Job. ...
  • Save on Entertainment. ...
  • Take Online Courses. Lastly, consider taking affordable online classes when you can.
May 15, 2023

How to stop spending so much money in college? ›

  1. Get a job. Before you can save money, you need to have some in the first place, so this one is a fairly obvious way to “save” money in college. ...
  2. Avoid new textbooks. ...
  3. Budget weekend spending. ...
  4. Eat on campus. ...
  5. Ditch the car. ...
  6. Monitor your spending. ...
  7. Become an RA. ...
  8. Be wary of impulse purchases.

How to survive financially in college? ›

Here are some of the most important personal finance tips for students.
  1. Create a Budget. Budgeting is key to saving and growing money in college. ...
  2. Open a Savings Account. ...
  3. Take a Personal Finance Class. ...
  4. Apply for Unemployment Benefits. ...
  5. Get an On-Campus Job. ...
  6. Consider a Side Hustle. ...
  7. On-Campus Resources. ...
  8. Local and State Resources.

How do I save money as a student? ›

20 Easy Ways to Save Money as A Student
  1. Buy Second-Hand Products.
  2. Avoid Buying Books.
  3. Cook Your Meals.
  4. Don't Give in to Your Impulses.
  5. Avoid Using Credit Card.
  6. Find Free Entertainment Sources.
  7. Get a Part-Time Job.
  8. Use Public Transport.

How parents can save for college? ›

Take advantage of 529 benefits

Generally, 529 education savings plans offer the potential for tax-free growth, and any withdrawal (including the earnings portion of any withdrawal) is federal (and usually state and/or local) income tax-free if used for qualified higher education expenses.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

Is it hard to save money in college? ›

With the various financial circ*mstances that students are under, saving money can be hard. They pay thousands in tuition, car payments, insurance, and other necessities, which leaves little space to properly manage their money in savings.

How to not waste money? ›

Here are some ideas to help you stop spending money and build healthier financial habits:
  1. Create a Budget. ...
  2. Visualize What You're Saving For.
  3. Always Shop with a List. ...
  4. Nix the Brand Names. ...
  5. Master Meal Prep.
  6. Consider Cash for In-store Shopping. ...
  7. Remove Temptation.
  8. Hit “Pause"
Jan 19, 2023

How to spend less money? ›

How to spend less money
  1. Avoid eating out. Eating in can be a great way to save money every month. ...
  2. Buy generic and used. ...
  3. Use public transportation. ...
  4. Check your insurance rates. ...
  5. Ask for discounts. ...
  6. Unsubscribe from marketing emails. ...
  7. Save your tax refunds.
Apr 10, 2024

How to save up money? ›

7 steps to start saving money: A comprehensive guide to saving, budgeting, and investing for a better financial future
  1. Understand your income and expenses.
  2. Reduce your expenses.
  3. Increase your income.
  4. Automate your savings.
  5. Manage your debt.
  6. Build an emergency fund.
  7. Invest in your future.

How to live like a broke college student? ›

That being said, here are some tips for getting the most out of college without going broke.
  1. Create a Budget. ...
  2. Take Advantage of Student Discounts. ...
  3. Make Shopping Lists (and don't shop when you're hungry) ...
  4. Keep Snacks With You During the Day. ...
  5. Going out? ...
  6. Get Involved with Campus Activities. ...
  7. Carpool.

How to spend money wisely as a student? ›

On this page
  1. Learn the basics of budgeting.
  2. Cook meals for your housemates.
  3. Reduce your travel costs.
  4. Take advantage of student deals.
  5. Don't pay full price for course books.
  6. Save money as a household.
  7. Sort out your student bank account.
  8. Deal with debt as early as possible.

How can a broke college student make money? ›

College students can earn money through part-time jobs, work-study, internships, freelancing, and more, all designed to fit around class schedules. Options like tutoring, selling notes, or gig economy jobs offer flexible ways to make extra cash without hindering studies.

What are four steps you can take as a college student to increase your savings? ›

Think you know all the ways to save money as a student? Find untypical ways to save money on this big list.
  • Buy or rent used textbooks and sell last semester's books back.
  • Don't make impulse purchases.
  • Never go grocery shopping when you're hungry.
  • Limit the number of times you eat out monthly.
  • Cut out the vices.
Oct 25, 2022

How do college students spend their money? ›

Like all adults, college students spend money on basic living expenses, like recreation, shopping, food, and getting themselves around town. With more than 21 million students enrolled in U.S. colleges and universities, they spend more than $600 billion a year.

How much money should I have saved for college spending? ›

Ideally, you should save at least $250 per month if you anticipate your child attending an in-state college (four years, public), $450 per month for an out-of-state public four-year college, and $550 per month for a private non-profit four-year college, from birth to college enrollment.

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