We know. College can be expensive. But learning to stretch your pennies can go a long way!
You’ve got a lot on your plate. You must keep up with your studies, meet family expectations, and maybe you’re juggling a job, too. With all your competing responsibilities, saving money is even more important. You never know when you might need extra cash in the event of an emergency.
Saving money doesn’t require fancy spreadsheets. You can stash away extra cash just by being savvy with everyday purchases.
Follow our list of “Do’s” and “Don’ts” to help save money in college.
- DO have a free checking account and, if you have a credit card or plan to open one, be sure it is a no-fee student credit card or one that doesn’t have an annual fee. Whatever financial and banking tools you use, make sure they’re free.
- DO save on housing costs. Try getting a roommate and live as close to campus as possible. Sharing costs with a roommate will cut your expenses in half, and you can add the difference to your savings. And the less you pay on commuting, the better.
- DO limit your expensive eating out habits. Keep track of on-campus mixers for the mingling and free food!
- DON’T buy new textbooks if you can avoid it. Try to stick to buying or renting used textbooks, digital textbooks and/or repurposed equipment.
- DON’T leave home without your student ID. Your ID will often help you get discounted pricing on some of your favorite items.
- DON’T be late with payments or miss them altogether. Stay on top of your bills and build good habits so you never miss a credit card, loan, or any payment. Those late fees can add up!
Saving money is important in college. And it’s not impossible. Keep track of the money you’ve saved after trying just a few of these tips. We’re sure you’ll be impressed!
For over 25 years, I have worked to help students go to college. The last 15 of those years have been focused on providing one on one counseling to students, parents and family members throughout the financial aid and college-going process.
I am a financial coach because I enjoy talking with people, and helping them with building their future by exploring their educational, personal and financial goals, and celebrating their successes. I hope to provide the tools and support you need to help you achieve your goals.