Let’s face it, college is expensive and most students have a limited cash flow. The good news is that a number of businesses realize this and make an effort to accommodate their student clientele. Always keep an eye out for student discounts, and bring your student ID with you wherever you go. Many establishments offer discounts to anyone with a student ID – from clothing stores to restaurants, movie theaters and museums. Even if it isn’t advertised, it doesn’t hurt to ask. You may be surprised by the savings.
If you drive, look for an auto insurance provider that offers a student discount. If you take public transportation, check to see if your city offers transit passes at a reduced rate for students.
Do you have roommates? If so, there’s another opportunity to save. You could go in together on wholesale club membership and buy household items in bulk, splitting the cost. If you’re not on a meal plan through your college and you buy your own groceries, couponing is a great resource for students. It may take some time to find the coupons you need, but the savings can really add up. Coupons are everywhere today, from the newspaper to in-store circulars, attached to individual products, and online. Check out apps that will help you get money back on groceries like Ibotta and Checkout51.
While the internet is a great place to find deals, try not to browse online for discounts. If you don’t have a specific product in mind you may be tempted to purchase a whole lot of items you don’t really need just because they’re on sale. It can be counterproductive to your goal of saving money. A great money management rule to follow is to search online for discounts only after you’ve identified exactly what you need.
Finally, reach out to your student loan servicer for information on student loan payment programs that can save you money in the long run.
Good Ways to Save Money in College Student
College is expensive. Here are seven money saving tips for college students to help alleviate some of the costs of higher education.
- CREATE A BUDGET (and stick to it) Make a realistic budget to meet your needs, allow you to pay bills, have fun, and save money. It will take practice, but stick to it.
- BUY USED Whether it’s books or furniture for the apartment, purchasing slightly used items can cost much less.
- UTILIZE ALTERNATIVE TRANSPORTATION METHODS Ride a bike, walk to class, carpool, or take advantage of the campus bus line.
- CALORIES COST MONEY Purchase a lighter meal plan option and supplement by shopping for groceries. Preparing food is more cost-effective and often healthier than taking out.
- SKIP STARBUCKS Java costs can really add up at your favorite coffee shop. Instead, brew your own coffee and show your school spirit with a fun travel mug.
- SHOP IN BULK If you have roommates split the cost of household items, such as paper towels, toilet paper, cleaning supplies, or kitchen condiments.
- EMBRACE THE STUDENT DISCOUNT Many businesses offer discounted products, meals, and fun for students. Do some research and take advantage of the extra savings while you can.
Tips on How to Save Money in College
Apply for scholarships! There is so much money available and nowadays, there are scholarships for virtually everything, both general and college-specific. Some great sources to look for scholarships include scholarship central on the VBCPS website, fastweb.com, and the guidance office.
Get a summer job! Work during your free time to make some extra money for your next four years. If you’re lucky, you may even find something you already love to do anyway, like lifeguarding at the beach.
Books are expensive! Buying used books from Amazon or similar sites could save an Ict of money in the long run. Most used hooks are usually still in great condition, but be sure to be wary of this before purchasing.
Apply for financial aid through the FÅFSÅ! This is too often overlooked – the government has so much money dedicated to helping fund students don’t miss out on the opportunity! Often times, you will need to have e completed FAFSA for scholarships anyway, so it doesn’t hurt to have it done.
Of all the ways to save up for college, the easiest and most obvious tip is to spend money wisely! Don’t buy things you won’t be using seriously within the next year and try to avoid buying anything that could be better spent on something else.
Save Money as a College Student
- Open a Savings Account Piggy banks are great. However, an official bank account can help a child feel more involved in their financial decisions. It makes them take an active role in putting money into their account. Keep in mind: Young children often need a parent to be on the account with them.
- Match Funds Consider creating a matching program with your child. For every dollar, they save, match it with a dollar of your own. This is a great way for you to support and reward your child’s saving behaviors.
- Set Goals You can help your child set a variety of goals to save money for things that they want. If your child loves horses, you can encourage them to save for a horse-riding lesson. Whether the goal is a pair of cool new shoes, a car, or even a college education, setting goals can give your child a reason to save.
- Give an Allowance If you decide to give your child an allowance, teach them to use it. Lessons on how to budget allowance money for the things they want can help them succeed at hitting those goals.
- Make It Fun and Easy to Visualize Who doesn’t love a good visual aid? Creating a savings goal chart can help your child visualize how much they’re saving. Think of fundraising thermometers: as you get closer to reaching your goal, the thermometer level rises.
- Use the Jar Method For particularly young children, some experts recommend using a three-jar method. Some of their money goes into a Spending jar, some goes into a Sharing jar, and the rest goes into a Saving jar. Label the jars and have your child decorate the jars with you.