College is known to be an expensive endeavor and being able to save money in college seems ridiculous. On top of rising tuition costs, living costs are increasing as well. According to the Education Data Initiative, the average cost of college per year in the United States is around $38,000; this amount includes books, supplies, and other daily living expenses.
Moreover, a four-year Bachelor’s degree alone can cost up to $500,000. Shocking – isn’t it?
As a college student, I often feel the need to splurge as well. After challenging lectures and hardcore study sessions, I do want to wind down – just a little. So I’ll often go to the nearest bubble tea or coffee shop, and reward myself with a little treat.
However, these little treats have often taken a toll on my wallet. Overtime, I have noticed that my spending has increased. So in order to save more money, I decided to both cut down on my spending, and work more hours. I even enrolled in my university’s co-operative education program; which is a rotating internship program, in order to earn more extra money throughout the school year.
On top of saving money for miscellaneous expenses, I also had to pay my rent as well. Although I lived with roommates, having some money go to rent can also be quite daunting. Sometimes, my whole two-week paycheck would just only solely cover my rent.
Tips For Turning Spending Into Saving Money In College
But despite all of the challenges I have faced, I learned to establish a routine in order to keep track of my spending habits. So other than the generic answer of ‘budgeting’ or ‘working more hours,’ I’ve picked up a few other tricks as well. Here are five of them:
1. Use Student Discounts
Student discounts are a huge lifesaver and they are EVERYWHERE. Initially, a discount of 10% to 15% off a transaction may not seem much. But let me tell you – they do add up and you will save some extra cash in your pocket.
Therefore, when you’re doing groceries, it is best to find the nearest grocery store which offers a student discount. The same applies to restaurants and other venues as well: Make sure you choose one where there is a student discount.
If you’re in a college town, multiple attractions or historic sites often will have student discounts as well. In fact, you may be able to visit some historic locations for free – so why not give it a go?
2. Cook at Home to Save Money in College
Trust me – I get it, we’re busy as students and we often don’t have the time to settle down and cook. So, what do we do instead? You got it – we’d probably order our food or get takeout.
I used to order plenty of takeout from restaurants as well. I never realized how expensive it was until I decided to cook more meals on my own.
To give you some perspective: I remember going to a restaurant and ordering a burger for $30. However, when I went to the grocery store recently, I bought a full week of fresh fruit and meat for under the same amount.
So although cooking at home can seem like a hassle initially, it can pay off in the long term. You’ll not only learn how to make good recipes, but you’ll be able to save more money in college to go towards your future plans.
3. Enroll in an Internship or Co-op Program
I did mention at the beginning that I decided to enroll in a co-op program in order to earn more extra money throughout my undergrad. I have already completed one summer work term, and made more than $10,000 throughout that specific semester.
Imagine how much of the money you can pocket and save up for the future. Heck, because you’re in an internship program, you probably could work less hours throughout the whole entire school year as you already have money saved up from the summer.
You’re not only gaining good experience, but you’re also saving up and investing in your own future financially as well.
4. Limit Unnecessary Transit Costs
If you’re a commuter student, you know exactly what I’m talking about. Getting to campus can sometimes be super difficult, especially if there’s a subway closure or delay. So oftentimes, you may feel the urge to take an Uber.
Nonetheless, Uber rides can quickly add up in the long term as well. Although they may seem like the best option at the moment, there is a huge opportunity cost associated with it.
Instead, try to opt for public transit. Although you may argue that public transit can often be unreliable, it is a far cheaper alternative compared to taking an Uber, or even driving to campus.
5. Limit Shopping Habits
One of the reasons why I’m able to save enough money in college is due to my nonexistent shopping habits. I’ve never bought any new clothes for five years, mainly because I don’t see the point in shopping for any new clothes if I have what I need in my wardrobe.
The problem with shopping is that it can become quite addicting. Once you decide to buy a pair of pants, or a t-shirt, you would find it very difficult to stop purchasing new items. You would often feel the need to want more, so you buy more. Then, when you decide to check out your items, you’ll wonder how in the world you’re already paying $200.
Although it’s important to feel confident and express yourself with your own sense of fashion, it’s best to not go overboard. Those small items can significantly add up. And not before long, you’ll be questioning where you even bought those items.
In Summary: 5 Tips that Helped Me Save Money in College
Students often get overwhelmed and carried away as soon as they enter college. There are seemingly less restrictions on what to do as the class schedules are more flexible. However, due to the newfound freedom, many may resort to splurging.
Although going to events, restaurants, and ordering takeout can be exciting on a daily basis, they can lead to way more financial impacts than expected.
But the good news is that there’s always a way to conserve and save money throughout college. And some of these methods can just be implemented through minor lifestyle changes.
In the end, as a college student, you can still attend events and hang out with friends while being financially secure. It’s just a matter of how you do it and what you choose to do.
About the Author
Candice is currently attending school for social service work. One of her passions is helping others through my writing. In her downtime, you'll find her listening to music, watching random YouTube videos, and writing about career goals and resumes. She hopes to start freelancing for writing and obtain a leadership position in a public services sector.