How to save money in college: 25 Smart Tips for Students

Are you wondering how to save money in college?

These 25 smart and practical tips will help you save money during your college years.

College is a time of growth, learning, and new experiences, but it’s also a time when financial responsibility becomes crucial.

From tuition fees to textbooks, living expenses, and social activities, the costs can quickly add up.

Are you always running out of money? Afraid your bank account will be overdrawn—again? Using your credit card too often?

With the right strategies and a little bit of planning, you can find ways to save money and eliminate unnecessary expenses, without sacrificing your college experience.

College is expensive, no doubt. But there are lots of ways you can cut back on expenses in college.

In this post, I’ll share a range of valuable tips and tricks, from budgeting and managing expenses to finding student discounts and exploring cost-saving alternatives.

There are tips for first-year college students just starting out and seasoned students looking to refine their money-saving skills.

So read on to discover practical advice that will help you navigate the financial aspects of college life and set a solid foundation for your future.

Here are 25 smart ways you can save money in college!

Eat on the cheap

1. Maximize your meal plan

If you have a meal plan, use it. Be sure you understand exactly what’s covered. Every university has its own system and rules. Some offer unlimited dining.

Others let you trade meals for points that can be redeemed outside of the dining hall. Others let you use meal credits at restaurants. 

If you have a meal plan that’s already paid for, take the time to research exactly how it works and figure out how you can get the most out of it. 

2. Shop smart for groceries

If you don’t have a meal plan, you can plan your meals to be sure you’re cooking cheap and healthy meals. Knowing what you need to buy before going grocery shopping is one of the best ways to save money.

Some easy ways to save money on groceries when you’re a college student are:

3. Eat for free

Often clubs, social groups, or religious organizations will offer free meals at events. If you attend these programs, that’s a meal you won’t have to pay for your own food. And you’ll have a chance to hear an interesting speaker or meet like-minded people.

Check notice boards and student organizations’ online pages to see what’s being offered. This is a delicious and easy example of how you can eat free food and save money in college!

4. Eat out rarely

Instead of going to off-campus restaurants with friends, eat on-campus (through your meal plan) or eat food you made at your off-campus apartment and meet up after dinner.

Truth be told, you probably have friends who would also appreciate not having to shell out for a dinner out. So ask if they want to cook with you or have a potluck dinner. 

Avoiding eating at restaurants is one of the best ways to save money in college! Whether you’re buying fast food or treating yourself to nice meals out, the cost of eating out adds up fast!

5. Lose the lattes and bottled water

You already know it—those $6 coffee drinks add up quickly. Consider only going out for coffee when someone’s given you gift cards.

Save lots of money by investing in a good coffee maker or Keurig to make your own coffee, instead of going to a coffee shop every day. 

Save even more by using a refillable water bottle instead of buying single-use plastic bottles of water every day.

Find the free to save money in college

6. Use the free amenities

Colleges and universities offer a wide range of free activities. On college campuses, there are so many things students can do for free!

Look for free fitness classes, concerts, lectures, movie nights, tutoring, on-campus museums, and shuttle services.

That’s money you don’t have to spend on a gym membership, concert tickets, movie theaters, streaming services, and Ubers!

You can save a lot of money and have a great college experience by finding free things to do on campus.

Someone may have explained all this during freshman orientation, but it’s definitely worth looking up the details to be sure you’re taking advantage of everything your college offers. 

7. Have fun without spending money

The memories you make with your friends in college don’t have to be expensive. You have lots of options for free fun.

Go to a beach or a park for the day. Volunteer together with a local organization. Host game nights and invite friends to play board games or video games.

Join a club, take a walk through town, connect with old friends or make a new one. Be creative and you’ll find plenty of free fun.

8. Get free checking

Be sure your bank (or credit union) offers a student checking account with low or no fees and a low or no minimum balance requirement.

Choose a bank with a good app or online interface that makes it easy for you to track your spending and set aside money in a savings account.

Pay close attention to any outstanding checks or pending charges from your debit card. Track your balance regularly to avoid any overdraft fees. 

Spend smart

9. Wear the clothes you own

Chances are, you have a closet full of new-ish clothes. Stop browsing for new clothes and wear what you already own.

Unsubscribe from store emails and stop following companies that want to sell you cute outfits.

If you really need something that you don’t already have, do a clothes swap with a friend, look on Facebook Marketplace, or check out your options at a thrift store. 

10. Cancel subscriptions

Everyone has signed up for a subscription that they don’t actually use.  Look at your credit card or checking account statement and see what you’re being charged for each month, quarter, or year.

Cancel anything you no longer use. You can always reactivate it if you need to use it again. 

11. Don’t buy new textbooks

Textbooks from the campus bookstore can be extremely expensive. See if you can borrow the required books from the university library.

If you can’t check them out, ask if you can reserve them for certain times. You can rent textbooks from Barnes & Noble, Chegg, or iFlipd.

Buying used textbooks can be much cheaper than buying new ones. Just be sure that the newer version doesn’t have important updated information. And check that you won’t need an online code to access supplementary materials.

12. Get the discounts

Your student ID is a great way to get discounts on all kinds of products, from tech to tops. Apple, MacMall, Dell, Adobe, Microsoft, BestBuy, Staples, and Amazon Prime all offer discounts to college students.

Many, many retailers selling clothes, accessories, and shoes offer student discounts. You just need your college ID or an official school email address.

Remember, it never hurts to ask if a business offers a student discount. Discounts are everywhere and getting the best deal on a necessary purchase will help you save money in college.

13. Skip expensive trips

Instead of paying for airfare, hotels, transportation, tickets to theme parks, and meals out for spring break or summer vacation, look into free or cheap travel options, like public transportation.

Volunteering vacations may be organized through your school’s community service office or through individual clubs.

You can also take a working holiday, either by getting a special visa to work abroad or volunteer for work through an independent organization.

You can also go home to visit your family; even if you have to pay for transportation, lodging and food will be free.

14. Find a cheap cell phone plan

If your parents are paying for your cell phone, that’s one bill you don’t have to worry about.

If the cost of your cell phone is on you, compare plans before committing. Be sure that you aren’t paying extra for services you don’t actually need.

15. Leave your car at home

Most colleges have a fee for parking privileges. You also have to worry about paying for gas, insurance, planned maintenance, or unexpected repairs.

By not bringing your car to college, you also avoid the potential for theft or damage to your car while in the college parking lot.

It’s so cheap to take public transportation or a Lyft or Uber—or even better, a free university shuttle. 

Save money by choosing your housing carefully

16. Compare Housing costs

Some colleges require students to live on campus all four years, and others are much more flexible about off-campus living arrangements.

Sometimes off-campus housing is a substantial savings over the cost of dorms, and sometimes it isn’t. Before you commit to living off campus, compare the cost of houses and apartments to the cost of the dorms. 

Consider other potential money-saving perks of living off campus, such as saving money on meals or free parking. Be wary of extra costs such as utilities, transportation to and from campus, and the 12-month lease.

Many people think living off campus is a guaranteed way to save money in college, but be careful to do the math before you commit.

17. Find roommates

If you’re living on campus, shared rooms often cost less than singles. If you’re living off-campus, you can save a lot by sharing utilities and rent with one or more roommates.

Ask potential roommates lots of questions to make sure you’re compatible before you choose to room together!

18. Or live alone

Prefer to have your privacy? Consider renting the smallest, cheapest place you can find (without skimping on safety).

You can always study on campus if the space starts to feel too small. Studio apartments can be much less expensive than one-bedroom apartments.

19. Live at home

If you can live at home, you will really save money! It might not be ideal, but you can’t beat a free place to live!

Living at home for free is an excellent way to save a lot of money on college costs. You can spend lots of time on campus for classes and social activities without having to pay for a dorm room and a meal plan.

If you’re worried about missing out on the college experience by living at home, live in a dorm room on campus for your first year of college, then live at home. You’ll get the experience of living away from home and meet lots of friends.

Develop smart habits in College to save money

20. Make a budget

Creating a budget doesn’t have to be complicated. It’s about knowing how much money you have to spend and how you will spend it.

Take the amount of money you have to spend in a month and subtract the cost of the things you have to spend money on (like rent or groceries). Any money left will be what you can spend on nonessentials.

If you don’t know where your money goes or how to decide what to cut, take a month to write down every. single. purchase. It may sound like a big hassle, but the peace of mind will be worth it.

You can use a notebook or just make a note in your phone. Keeping track of each cent really makes you think about whether a purchase is worth it. 

21. Be careful with credit cards

Credit card spending can add up fast. It’s so easy to pay with a card and immediately forget about the purchase…until the bill arrives.

If you do choose to use a credit card in college, pick one with the lowest available interest rate, don’t use it for everyday expenses, and only charge what you know you can pay off each month.

Avoid carrying a balance and accruing interest charges. Also, pay your credit card bill on time (or early) to avoid late fees and increased interest rates.

If you have a credit card, you can get one free credit score report per year. Checking your credit report annually is a good way to monitor your credit.

Paying with cash instead of credit cards is one of the easiest ways to save money in college.

 

22. Limit the amount you borrow with student loans

Take on as little student loan debt as possible. The less you borrow, the less you have to pay back, the less interest you have to pay back, and the sooner you can be debt-free.

If you must take out student loans to pay for your college education, start with subsidized federal student loans before taking out private loans. Find out if you’re eligible for federal student aid by filling out the FAFSA.

Be sure you are also applying for as many scholarships and financial aid grants as you can. Also do your best to minimize your personal expenses. 

Remember that you’ll have to repay your college loans with your future income. That may mean deferring other financial goals, like buying a house, traveling, or having kids.

23. Earn college Credit in High School

High school students can take Advanced Placement (AP) classes and earn college credit if they receive a high score on their AP exam.

Students can also earn college credit in high school by taking Dual Enrollment (DE) courses through their high school and an affiliated college.

Taking college courses in high school is a great deal because the cost of the college classes is often all or mostly paid for.

24. Start at community College

Taking classes at a community college can be a great way to stretch a tight budget.

Community college classes are low-cost or even free, compared with residential colleges. Starting your college career at a community college is an excellent option to lower the overall cost of your college education.

25. Find a side hustle or part-time job

Working a few hours a week during the school year will help you earn some spending money.

If you qualify for the federal work-study program, be sure to apply early for work-study jobs, because those positions can get filled quickly!

You could even earn enough extra money to help you cover your living expenses and some of your tuition costs.

In the summer, work at least part time, and work full time if at all possible. The extra cash you earn will be awesome! But the real world work experience will also help you in the long run when you seek employment after graduation!

Final thoughts on ways to save money in college

Everyone makes money mistakes. It’s easy to overspend, especially in college when you’re in charge of your money and your spending for the first time.

It takes discipline and an eye to your long-term goals to stick to a budget and refrain from spending money on things you can’t really afford. 

By implementing these money-saving techniques as a college student, you can make the most of your college experience without breaking the bank.

Live like a poor college student while you’re in college, so you don’t have to after graduation! In the future, you won’t regret saving money as a college student and putting yourself on the path for a strong financial future. 

Remember, budgeting and tracking your expenses are essential habits that will empower you to make informed financial decisions.

Take advantage of student discounts, seek out cost-effective alternatives, and embrace a frugal mindset while still enjoying the opportunities and activities that college offers.

Additionally, don’t hesitate to explore part-time job opportunities, apply for scholarships, and seek financial aid if needed. These resources can provide extra support and alleviate the financial burden of higher education.

By adopting a proactive approach to managing your finances, you’ll not only save money during your college years but also develop crucial financial literacy skills that will benefit you long after graduation.

With careful planning, discipline, and a commitment to making smart financial choices, you can create a solid foundation for your future financial well-being. Here’s to a financially savvy and successful college experience!