#051 | 10 ways for College Students to Save Money

July 20, 2020

Episode Summary 

We share our top 10 tips and advice on how to save money in college.  Students are returning to school in the upcoming weeks, so it’s the perfect time to think ahead on how to save money and not break the bank while you’re in college.  We share advice on how to save money on everything from housing to books to food.  And best of all, on this episode we are joined by Mia, our summer college intern – Go Auburn Tigers!  

 

Episode Notes

 

Our top 10 tips for saving money while in college: 

 

  1. Control your housing expenses
    • Get roommates! 
    • It’s fun to meet new people, or live with your friends
    • Can decrease costs for shared expenses
    • Choose housing wisely
  2. Buy used textbooks
    • A lot of school bookstores have the option to buy used books instead of new.
    • Amazon also has options to buy books used
    • Buy an older version of the book
  3. Saving money on food
    • Think/plan ahead – make a list before you go to the store
    • Think about where you shop – e.g. explore lower-priced stores like Aldi or Lidl
    • Take advantage of free food on campus
    • Learn how to cook, even just easy stuff.  PETA college cookbook.  Use pinterest for recipe ideas.
  4. Purchase your own coffeemaker
    • Save money by not having to purchase coffee every morning
    • Buy a reusable coffee mug
  5. Student discounts!
    • Tons of places have student discounts, from restaurants to technology products
    • Find them and use them!
  6. Stay on your parents’ insurance
    • Take care of yourself – minimize health expenses
    • Brush + floss your teeth.
    • Go to student university facilities
  7. Make money where you can – e.g. Sell items you don’t need
    • Sell old clothes (Poshmark, eBay, Facebook Marketplace, Plato’s closet)
    • Side Hustles
    • Tutor for subjects or standardized tests
  8. Limit spending on alcohol
    • Drink and eat before you go out
    • Order the drink specials
  9.  Take advantage of campus amenities!
    • Your fees include gym access. Use the school gym, don’t buy a membership to another.
    • If you have to pay for “swipes” to a dining hall, use those to get food instead of going out to eat.
    • Learn about other campus amenities and leverage them to avoid other expenses as much as possible.  Free coffee in the library?  Drink it!
  10. Finish in 4 years or less
  • All of these savings opportunities above are pennies compared to the cost of tuition, expenses, etc. but also the opportunity cost of not-yet-working.  Once you start working, you will quickly be able to get into a better financial position.
  • All that being said, if you can take some time off before you start working to travel do it now!  

 

Show References

PETA College Cookbook

Poshmark

Creative ways to save money in college

Student Guide to Budgeting

Student discounts

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