The Young Money Club

Saving money can be challenging for even the average american with a steady job. College is just another obstacle that can make it even more difficult to keep the money you earn. This article is meant to provide you some of the best tips and tricks to help you save money throughout this expensive journey and hopefully, to help set you up for success once you finish.

Student Discounts

Tons of places offer discounts for students. From clothing to entertainment to restaurants, deals for students can be found on practically everything.

For a rough list of places with deals you can check here. For those of you who use Amazon, you may not know that they offer a membership specifically designed for college students. The membership is discounted and offers a number of added benefits. If you sign up here you can get 6-months of Prime Student Free.

Buy Used/Rent

Most things that are bought new can easily be found used, in “like new” condition for a greatly discounted price. Items that can’t be found used can most likely be rented. Textbooks, furniture, and appliances are all common items that can be rented or bought at a discount. Lord knows you may not end up needing any of the books you buy anyway.

Get Roommates

Now I know having a roommate isn’t necessarily everyone’s cup of tea but it can be a great way to save money on housing.

Whether it’s with a significant other or a couple of friends, splitting the rent on a house or apartment can often times allow you to have much nicer accommodations for much less than you would get on your own. Plus with roommates you can also split the bill on groceries and other home items.

Minimize Classes

Anyone who has attended a college knows how expensive even a single class can be. At thousands of dollars per credit hour, minimizing the amount of time spent in classes can greatly reduce your overall cost.

One option for this is to talk to an advisor or professor about testing out of certain classes. Universities can be sticklers about what classes you can and can’t test out of but most will let you skip some math and language classes if you are already proficient. Another option is to take some of your classes at a local community college. These are often much cheaper than the average university course and can offer you more options than testing out can.

Avoid Credit Cards

Anyone who’s turned 18 has received the numerous credit card applications that come in the mail like clockwork. While credit cards can be a great tool when used correctly, using them recklessly can wreak havoc on your financial life for years to come.

Reducing your purchases to a swipe of a card rather than a physical bill can lead to impulse buys and eventually even thousands of dollars in high-interest, credit card debt. Your credit score may not be that important now but when it comes time to buy a house or car, bad credit can make things extremely difficult.

Ditch The Car

Between parking permits, gas, maintenance, and insurance, cars can be one of your biggest expenses through college. While they can be great for getting around town, if you don’t absolutely NEED one, ditching it could be a great way to save a lot of money.

Take advantage of public transport, university buses, bikes, and other cheaper forms of getting around. If you work off campus or NEED to leave a lot, you could try carpooling with a coworker or catching a ride from a friend.

Smart Banking

Search around for a good bank that has checking and savings accounts designed for college students. You can typically find some that have no minimum balance and lower fees than a normal account. But be sure they don’t hit you with big charges for things like using the ATM.

An added bonus would be to find a bank that has mobile banking. This allows you to track your account balance to avoid overdraft fees as well as deposit checks while you’re on the go.

Take Advantage of What Your Campus Offers

Most college campuses I’ve been to have had just about everything you could possibly need. Gyms, pools, dining options, laundry facilities, libraries, and computer labs are just a few of the many things offered for free by most colleges.

There’s no need to pay $20 a month for a gym membership when you can go to the one on campus for free. It’s up to you which of your extra costs are actually worth it but it’s best to see what your campus has to offer first.

Campus Activities

Between the flyers, emails, and chalk drawings on sidewalks, there is no shortage of activities on college campuses. Every day there are a number of events that can be used as free entertainment.

Don’t spend all your money going out with friends every weekend when you can take advantage of what your campus has to offer. Look out for sports games, Greek life, and social events that can help you save money while giving you an experience most people have to pay for.

Take Advantage of Meal Plans

Most colleges require or at least offer some kind of meal plan. These tend to offer better deals on campus food for a fixed price.

If you don’t already have a meal plan I would definitely look into it. I’ve had one for the last 2 years and it’s saved me tons. The cafeteria food isn’t always the best but my meal plan also allows me to choose from a number of on-campus restaurants.

Pay it Off Early

Student loans and interest can pile up quickly, especially for those that wait till they graduate to start paying it off. Even small payments towards interest while in school can save you thousands down the line.

Paying things off early is a great rule of thumb in general. Credit cards, loans, or any borrowed money should be paid back quickly to avoid necessary interest payments.

Apply for Scholarships/Grants

Most people stop applying for scholarships as soon as they’re out of high school. But most people don’t realize that you can continue to apply for scholarships and grants every year throughout college.

Many scholarships go unclaimed (or have very little competition), if you dedicate some time to applying, you could find yourself getting a lot more money to pay for school.

Also, be sure to fill out your FAFSA. It’s the ultimate key to your financial aid. If you don’t fill it out, you likely won’t be getting any type of financial aid or student loans. You may have filled it out before going to college but it has to be redone every year you’re in school.

Travel Cheap (If You Need To)

For those that go to school away from home, travelling can be an unforeseen cost of college. Avoiding unnecessary travelling is a great place to start but for most people travelling back and forth between school and home is unavoidable.

In order to minimize your travelling cost there are a few things you can do. If you absolutely NEED to fly you can book in advance using adjustable dates and an in-private browser to get the cheapest prices. Advance planning also gives you the opportunity to search for better deals. You can also look for alternatives to flying. Depending on how far home is, driving, bus lines, and even trains can be cheaper, faster alternatives. (Taking into account delays and security)

Split The Bills

This one goes back to some of the ideas I mentioned in the roommate section. Splitting the bill on some common services can be mutually beneficial to all those involved.

You don’t necessarily have to live in the same house to share a Netflix, Hulu, or Amazon Prime account. Most of these offer separate profiles to make the sharing process a little easier. If you don’t qualify for the student account you can get a 30-day free trial of Amazon Prime here. (refer to the student discounts section if you want a student account)