Between classes and a busy social calendar, college life pulls your attention in many directions. Still, managing your money shouldn’t be ignored.
You’re no longer in high school — you’re an adult shaping your financial future. That means allocating some of your time to responsible money management.
By putting money aside rather than spending it, you might graduate with a positive net worth instead of joining the millions of young adults who begin their careers burdened by debt.
Saving money during college can be difficult, but it’s doable. It just requires commitment and initiative.
Break the “broke student” myth with these 48 practical strategies to save money while you’re in college.
Reduce College Education Costs
Pursuing a degree isn’t inexpensive. Fortunately, there are steps you can take to lower expenses for tuition, textbooks and supplies.
1. Think about starting at a community college and transferring to a four-year university to cut tuition costs. Alternatively, consider attending a public university rather than a private one to save money.
2. Fill out the FAFSA — Free Application for Federal Student Aid — each year to determine what aid you might qualify for.
3. If you need student loans, meet with a financial aid advisor to fully understand loan terms and repayment expectations.
4. Apply for scholarships and grants to help offset tuition, room and board expenses.
5. Purchase textbooks online instead of at the often-pricey campus bookstore. You can buy or rent books for less on sites like Amazon or Chegg. Ask instructors if an older edition is acceptable — it’s usually cheaper.
6. Buy, rent or borrow used textbooks from past students or share books with classmates taking the same courses.
7. See if your campus library carries the required book before purchasing or renting it.
8. Use your professor’s office hours instead of paying for a tutor, or organize a study group with peers.
9. Shop for school supplies during tax-free shopping days before the semester begins. These usually happen in July or August; in 2024, 21 states held back-to-school tax-free weekends.
10. Look for student discounts on laptops, electronics and software. Apple and Dell have student pricing, and Microsoft offers a free Office 365 option for students.
Trim Living Expenses
Moving out for the first time is exciting — and can be costly. Whether you’re in a dorm or an off-campus apartment, these tips can help reduce living costs.
11. Don’t assume campus housing is automatically cheaper. Run the numbers. If you’re thinking about off-campus living, include utilities, cable and internet in your comparison. If your college is near home, living with family can dramatically lower costs.
12. Become an RA to get housing covered; some schools also provide a small stipend for resident assistants.
13. Make your own wall art and desk items as DIY dorm decorations. If crafting isn’t your thing, buy decor during back-to-school sales or on a tax-free shopping holiday.
14. Share big items with your roommate — you likely don’t need two small fridges or two microwaves in the same room.
15. Create a gift registry for graduation so friends and family can buy dorm essentials as gifts instead of spending on things you already have.
16. Cut monthly bills like cable and utilities. Opt for streaming services like Netflix, Hulu or Amazon Prime rather than an expensive cable package, and save on utilities by conserving energy.
17. Get one or more roommates to split rent and utility costs. Some complexes offer individual leases for roommates sharing a unit.
Agree up front on how to divide responsibility for bills and household items like toilet paper, cleaning supplies and shared groceries. Also discuss expectations for utility usage and hosting guests.
18. Buy renters insurance. Although it’s an added cost, renters insurance can protect you from paying hundreds or thousands to replace damaged or stolen items. Compare quotes from multiple insurers to find the best price.
19. Purchase personal care products in bulk — toilet paper, soap and shampoo — and check unit pricing to ensure you’re getting the best deal.
Cut Food Costs in College
With family no longer doing the grocery shopping and cooking, you’ll need strategies to keep food costs down. Here are some practical ideas.
20. Review your meal plan to avoid overpaying for dining hall access. If you rarely eat breakfast or miss lunch because of classes, a full-meal plan might be wasteful.
21. Carry snacks with you to avoid overpriced vending machines or convenience-store treats.
22. Avoid frequent restaurant meals and takeout. Maximize your meal plan. If you live off campus, cook simple meals using rice, potatoes, frozen vegetables and beans; buy these staples in bulk. Ramen, PB&J and oatmeal are budget-friendly options.
23. Make one-pot meals or use a slow cooker to minimize the need for many kitchen tools.
24. Save on drinks. Drink water rather than soda or juice, and use a filtered bottle you can refill. Brew your own coffee. If you’re of legal age, buy alcohol to avoid high bar prices.
25. Attend campus events that offer free food. Complimentary snacks or meals at events can sometimes replace a meal, or at least provide a free snack.
26. If you eat out, go during happy hour or when discounts are offered. Some places give student discounts — always carry your college ID. Groupon and similar sites can also provide savings.
27. Consider mystery shopping gigs to earn money or reimbursement for dining out.
Save on Transportation
Having a car on campus might be convenient, but it can be costly. Use these tips to keep transportation expenses low.
28. Walk, bike, use campus shuttles or public transit instead of bringing a car. Your student ID may qualify you for discounted fares.
29. When using ride-share services like Uber or Lyft, choose the shared ride option to save money.
30. If you keep a car at school, find ways to offset costs. Carpool with classmates to split gas and parking fees, rent out your vehicle when you’re not using it for extra income, and stay current with maintenance to avoid costly repairs.
31. Use tools likeGas Buddyto find lower gas prices when you refuel.
32. Limit trips home if your campus is far away. For scheduled breaks, watch for cheap flights and book well in advance, or opt for bus or train travel, which can be much less expensive.
Spend Less on Entertainment
College years are often remembered for the social life. You can still have fun without spending a fortune.
33. Use the local library. Libraries offer more than books — you may borrow museum passes or stream movies and shows with a library card.
34. Attend free campus or community events. Check the student center or campus paper for listings of upcoming activities.
35. Entertain at home. Host movie nights or game nights for inexpensive, memorable gatherings.
36. Use student discounts. Many businesses offer reduced rates to students, from cinema chains to local museums. Always carry your student ID and ask if a discount is available.
Earn Money to Boost Savings
Your main responsibility is your studies, but earning income while in college can significantly increase your savings. Consider these options.
37. Work a part-time job on campus or nearby.
38. Start a side hustle — deliver groceries with services like Shipt or Instacart, or take on odd jobs via TaskRabbit.
39. Tutor fellow students on campus or help middle and high school students in your area.
40. Babysit or nanny during school breaks or the summer for extra income.
41. Pursue an internship in your field. Talk with your academic advisor about promising programs or search job boards like LinkedIn and Indeed.
42. Start a blog and monetize it to generate side income.
43. Sell items you no longer need — textbooks via BookScouter, clothes on Poshmark or unwanted media on Decluttr — for quick cash.
Manage Your Finances Wisely
Begin your adult life with strong financial habits. These tips are a primer for smart money management.
44. Track spending and follow a budget. It’s easy to swipe without thinking; a budget helps prevent overspending.
An effective approach is the 50/20/30 rule: 50% of income for necessities, 20% for savings and debt repayment, and 30% for discretionary spending. Use a free budgeting tool like Quicken Simplifi to monitor expenses and stay on track.
45. Avoid overdraft fees by linking your checking to a savings account and enabling overdraft protection. Keep enough money in savings to cover any transfers.
46. Be cautious with credit cards. Don’t accept every offer. Seek low interest rates and consider a secured card — backed by your own funds — to build credit responsibly.
47. Automate bill payments so you don’t miss due dates and face late fees for things like phone or utility bills.
48. Resist peer pressure to overspend just because friends are buying event tickets or going out frequently.
Know the difference between wants and needs, and concentrate on building a strong financial future.
Alex Morgan is a former senior writer at Savinly.
