College Student Saver Guide: How to Save Money in College

Stressed about money? Don’t worry. You are not alone. Around 70% of college students are feeling stressed about finances. It will all be okay! College will be one of the best times of your life, so don’t let financial stress get in the way of that. Follow these simple tips and tricks to make it easier on yourself and become a pro at saving money in no time.

13 Tips to Save Money in College

  1. Find a campus job. Campus jobs are the best for college students, as it is right on campus, you won’t have to go very far to get there, and it will give you a little extra spending money. Plus, it is a good way to get to know the people on campus and may potentially help you make connections for your future career!
  2. Don’t eat out as much — or at all! Eating out can add up very quickly, emptying your bank account before you know it. Look into finding more affordable, healthy foods at the local stores.  
  3. Skip the meal plan. Most schools have meal plans that can get pretty pricey for what you get. Look into how much each meal is and decide if you can eat for cheaper by buying your own groceries. Cook with friends to make it cheaper. Not only is cooking cheaper, but you cook up some awesome memories as well. In addition to saving your money, you will learn how to be a better cook and bargain shopper.
  4. Buy/Rent Used Textbooks. Most schools offer Amazon Prime for free. You can easily rent or buy textbooks for less than the prices at most bookstores. That said, be sure to check multiple places before purchasing a book. Also, wait until you know you will need the book — sometimes the professor may never even use it!
  5. Don’t drive. Walk…or Bike! No reason to risk getting those pesky parking fees or having to fill up on gas because you decided to drive to class. Also, walking and biking will give you some of the exercise that you need to stay focused and healthy.  
  6. Be careful using those credit cards. Think twice when using a credit card. Of course, it is a good idea to build your credit but you also want to be intentional about using this tool.  Using credit cards is a skill that is imperative to learn and will be a great skill to have after college. Start in small amounts and make sure you can pay it off right away. Soon, you will be building up that credit score! If you do make a mistake, it will be beneficial that you learn early on.
  7. Find money-saving housing options. Whether on campus in a dorm, an apartment, or a house off-campus, choose the cheapest!  Housing is a major cost when it comes to college and finding the least expensive option will save you some money.  
  8. Don’t Skip Class. You are paying for your education and whenever you are skipping class you are wasting your money. Make college count and stay focused on your education.
  9. Free events on campus. Attend campus events as they almost always provide free food, and who doesn’t like free food? They may also be giving stuff away!
  10. Become a Resident Assistant (RA). This is a great way to get to know people in your hall and it will help you make some extra cash — some schools even offer free room and board for being the RA.  
  11. Surveys and Testing. Colleges are always putting out surveys that offer money rewards if you complete them. Take the time to fill them out, and who knows, you may win an Amazon gift card to rent those books you need. Also, sign up for experiments and testing for class projects that you get paid for; it is easy money!
  12. Choose a currency and save it. Pick a coin, all coins, or dollar bills, save them throughout college. Don’t use them unless it is an emergency. (No, late night Taco Bell runs do not count as emergencies!) If you do this throughout college, you will end up with a nice chunk of change. It’s a great way to practice your patience and self-control, and is also cool to watch as the change or dollar bill jar slowly fill up while the semesters go by.
  13.  Apply for Scholarships. There are scholarship opportunities everywhere! It's up to you to make sure to apply for them. Many different organizations give away scholarship money, it's just a matter of keeping your eyes open for them. Make sure to apply for the Carroll R. Phillips Scholarship or Robert A. Weaver Scholarships that ProFed provides every year. Simply visit profedcu.org/scholarships to learn more!

So Many Ways to Save in College

Implement as many of these savings tips as you can without stressing yourself out. Be sure to find a comfortable balance that works for you and allows you to stick to your budget, earn some extra cash, and still have fun in addition to your studies.

Start saving today with a savings account with ProFed.

Sources: 

Cara, Ed. “College Kids Are Finding It Hard to Not Worry about Student Debt.” Google, Google, 30 June 2015, https://www.medicaldaily.com/70-college-students-are-worried-about-their-financial-situation-340684.