Money Saving Tips for College Students
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Money Saving Tips for College Students

Posted on Tuesday, September 1st, 2015 at 7:00 am
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College is expensive! Here are a few tips that will help college students save money.College students are faced with a bunch of expenses that they haven’t had to deal with back when they were in high school. Classes and textbooks are costly. It costs money to buy groceries, pay rent, and do laundry. Here are some tips to help college students to cut their expenses and start saving money.

How to Save Money as a College Student

Live at Home
It might not be the most fun option, but continuing to live at home with your parents has some benefits. You might not be asked to pay rent, or to chip in for groceries.

Meals are probably going to be free. You can do your laundry without having to gather up a bunch of quarters to feed the machines at the laundromat. Living at home with your parents gives you the opportunity to save some money.

Stop Dining Out
A meal from a fast food place doesn’t cost very much. It can be very tempting to buy a coffee while you are studying. Those little costs add up – and can eat away at your savings.

College students can save money by making their own at home versions of the fast food they crave. It’s time to go online and look for simple recipes. Groceries will last much longer, and make more meals, than that one trip to the fast food restaurant.

Get Insurance Coverage
Students who are under the age of 26 can be covered by their parent’s health insurance plan. You might already be covered under that plan. Check to make sure. Accidents and illnesses are much less expensive to treat if you have health insurance coverage than if you end up in an emergency room while uninsured.

Some colleges will require students who are uninsured to purchase a health plan through their school. It might be less expensive than buying a private plan. In November, the health insurance marketplaces open. Make sure to take a look at it to see if there is a better, less expensive, health insurance plan available to you.

Car Pool
Driving back and forth to school can cause you to burn through a lot of gas. One way to cut your costs is to connect with a group of friends and start car pooling. Share the cost by having different people drive on different days. Everyone can chip in for gas money.

Another option is to use public transportation. Many large universities have their own busses that drive all across campus (and sometimes into the nearest town). Students might be able to ride for free, or at a discounted rate. Regular busses may also offer discounts to students. Bring your school ID with you.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.