There are many ways to save your money – even in college!
College is a weird time financially, especially because it’s usually the transition step from home life to adult life.
You might not feel totally like an adult because your parents help pay for tuition (or at least keep you on their insurance!), lend you their camping gear, or send you home with leftovers.
Buuuuut you’re not exactly a kid anymore, either, because you probably live outside of the home, have more freedom/responsibility, and DO pay for some new things – if not classes, maybe books, your car, or your phone plan.
All in all, this stage of life is a fantastic time to make some financial goals and save money on the way!
Here are my top tips for budgeting while in college!
FOOD
Food is one of the most fluctuating parts of a person’s budget, which is why my first 3 tips revolve around food!
I once was in a class where my classmates and I were asked to discuss our food budgets. One girl happily said “My family now goes out to eat only 2 times a week!” I thought dang, that’s awesome! What a great accomplishment. Then I switched groups and a different girl happily said “I’ve crafted a meal plan that costs an average of $1 a meal!” I said WOW dang, that’s awesome! What a great accomplishment.
The moral of this little story is that food budgets vary widely, so you might make goals to eat out less, or you might make some serious budget cuts if money is super tight. Either way is possible! Figure out what you feel comfortable spending on food and make that work. Don’t compare your specific food spending to other people. Do set your goals on your own priorities.
Learn to cook
Learning to cook a little saved my health and my budget. Going out to eat is fun and typically convenient, but it’s also unhealthy and quite expensive. Do your wallet a favor by learning how to cook a few meals that you love.
Pack lunch
It’s so tempting to stop at a vending machine or meet up with classmates for lunch, but if you do that every day, the cost adds up! Set aside time each week to pack a yummy and nutritional lunch instead.
Also, friend-to-friend, my absolute favorite lunch container is this one from Amazon. It holds a TON of food and is leak-proof, but it’s not so huge that it doesn’t fit into my backpack. I use it every single day! If you’ve never packed lunch before or are sick of paper/plastic bags, try out this lunchbox and let me know what you think!
Take advantage of free food
Don’t forget – being a student comes with perks! One of those perks is often free food. Sometimes college pass out free food to get you interested in their major. Sometimes clubs give out free food for coming to an event. You can find free food in classrooms, at sporting events, and maybe even at your own student job. Keep a wary eye for the free food around town and take advantage of it!
GAS
Saving money on fuel for your car is the next category to address. Again, this budget category can fluctuate a lot per person depending on where they live, what car they drive, how often the need to go places, etc. Luckily, there are many ways you can get creative and spend less money on gas!
Find a new commute
Commuting to campus? Go green and stop using your car! Look into other ways to commute to campus. You might be able to walk, ride a bike, or use public transportation. If you walk or bike, you’ll also get a littler exercise in! If you use public transportation, you may be able to multitask and finally do the assigned reading!
Save by carpooling
If you live far enough away from campus to drive, it might be helpful to find a way to carpool to school! Maybe your roommates have classes at the same time as you, or a neighbor heads that way an hour before your class. Maybe you’ll be the one with the car offering rides to campus, but you and your friends can split the gas bill. It’s a win-win for everyone!
Split the road trip bill
Road trips make great vacations! If you’re dying to drive to a fun destination, consider inviting all of your friends and splitting the gas bill! Weekend adventures have never been cheaper.
FUN
Don’t forget to have TONS of fun in college! With so many peers around, no kids dependent on you, and the first stages of a career, you’ve got the time to explore your interests and party with your people! Give your budget a break by making smart choices when it comes to having fun.
Save with student discounts
There are a lot of services that offer student discounts – take advantage while you’re still in college! Here are just a few ideas to get the ball rolling:
-One website called UniDays hosts a collection of student discounts on their site.
-Amazon prime student makes amazon prime services free for 6 months!
-Student Starving cards – studentstarvingcard.com is a card you can buy that comes with a bunch of discounts or freebies for local stores.
-Don’t forget the student discounts within your school – there may be half-price sports tickets, discounts on the bookstore, or sales on school gear.
Save in groups
If you’re looking to have fun, you might save money by inviting all of your friends! From splitting the airbnb cost on vacation to using a groupon for a date night, there are a lot of ways to save on fun activities by inviting more people!
RENT
Even though rent prices typically seem ‘fixed’, make sure to consider these options before signing a contract!
Become a RA
Some student housing options hire RAs or resident assistants who get to pay less rent by working in the apartment or they might even get to live there for free if they do their job! Typical RA responsibilities including cleaning checks, locking up, and contacting a maintenance team. If this sounds like a good option to you, make sure to search for the RA opportunities on your campus!
Get discounts with odd jobs
Some apartments don’t have RAs per se, but they might take off part of the rent if you’re willing to do odd jobs. Maybe you can mow the lawn, repaint a room, or take care of some plumber work for a discount on your rent. Don’t be afraid to ask your landlord for discounted rent opportunities. The worst he/she can say is that it’s not an option, but the best they could say is that you get to save a few hundred dollars for some easy work!
Save by prioritizing
Although it’s hard to go from your parents’ nice luxurious house into a tiny apartment space, the more money you save now in college, the more you’ll be prepared to save for your own house! With that in mind, take some time to really consider your renting priorities and how small you’re willing to go. Chances are you’ll pay less rent if you find a smaller place, a space farther away from campus, or an older place that doesn’t have a dishwasher or something. Decide what really matters to you and what you are willing to sacrifice for a few years. This will make it easier for you to choose the cheaper apartment option when the time comes!
STUFF
Don’t forget, there is also a lot of money to save in filling up your apartment with things! Although it may be tempting to buy a bunch of cool furniture and clothes for college, it might be smarter to find cheap options now and buy your new/cool things in the future!
Get old furniture
Got an empty apartment? Try asking your family members for old furniture or appliances they don’t need anymore. When my husband and I first got married and moved into our first non-furnished apartment, we got a bunch of old furniture for free! Grandma’s old table, a sister’s old coffee table, a neighbor’s old nightstands, and my old desk. We saved a bunch of money by not buying furniture, and instead bought ourselves a brand new TV!
Use hand-me-down clothes
Obviously it’s good to buy clothes when you need them. It’s hard to focus on your education if you don’t have any non-holy pants! However, be smart about what you buy. Get the clothes you need when they go on sale. Use hand-me-down clothes from friends and family. Shop at thrift stores. Make good use of the clothes you already have.
Save by borrowing
Borrow when you can! Say you want to go camping and you need a tent, camping chairs, and roasting sticks. Maybe your parents have an extra tent, your bishop has some camping chairs, and your neighbor has roasting sticks. It doesn’t hurt to ask to borrow them, and you could save a lot of money that way!
You and your little college family can always save money, even in college when your expenses and income are minimal! I hope some of these tips are helpful for you.
Happy saving!
Tell me! Which of these tips do you think you’ll try? What other tips do you use to save money? Let me know in the comments below!