How to Save Money in College
The term ‘broke college student’ was invented for a reason. In the span of four years, five in my case, you will work towards a college degree. In the meantime, this is likely the first time you will be on your own and taking care of yourself. It’s time to actually think about your own personal finances.
Trying to save money while in college can feel like a daunting task. But it doesn’t have to be. You can save on the basics like food, clothing and shelter and still have funds for the necessities; course material and entertainment.
How to Save Money on Food
College Meal Plan
Most colleges offer a meal plan as an add on to your yearly tuition. In order to save money here, figure out the true cost of the meal plan.
Do they offer extended hours if you have late night cravings? Are you limited to 2 meals a day? Your schedule is going to be pretty hectic and you want to make sure that you can eat when you want. There’s no need to have a meal plan that leaves you hungry because then you will just spend money on more food.
If you think that you will not get the full value from the top tier meal plan, see if there are ‘a la carte’ options. Some colleges offer a 1 meal a day plan. It will be cheaper than the top tier meal plan and you can use what you’ve saved to plan a full semester worth of meals on your own.
Free Food at College Events
My college always has a welcome barbecue at the start of the semester. If you timed it just right, you could get there early for lunch and visit again right before things closed down to get dinner. You obviously don’t want to eat hot dogs and baked beans everyday. But getting free food with these types of college events will help you save money.
College Pantry
If you decide to cook for yourself all semester, check to see if your college has a pantry. At my college, there is a student pantry where you can pick up canned goods and condiments, for free! The entire pantry is stocked from alumni who remember what being a ‘broke college student’ feels like. They will likely remind you to donate to the pantry once you become an alumni as well, so make sure you keep in mind the students that are coming behind you.
How to Save Money on Clothing
I have to admit, I probably think about my clothing a bit more than the next person. I want to make sure I look my best no matter where I go, so college was an interesting time for me. If you are fashion conscious, here is the best way to save money on clothing.
Shop Smart
Looking for designer duds? Find stores that resell gently used designer clothing. If you’re into wearing new clothes, there are stores that sell designer items that were overstocked. Find a few key pieces and focus your outfits around those items. Two pairs of jeans and a jacket can cover you for the entire semester.
Keep it Simple
Not so image conscious? Buy a college sweatshirt. This is a staple piece that you can throw on before walking to class. You are guaranteed never to look out of place. And you can wear it almost anywhere. In fact, I’m wearing my college sweatshirt at this very moment.
How to Save Money on Living Expenses
Rent a House
Once you have a core group of friends, you can rent a house along with several roommates. Your cost of living will drastically decrease and you will have more freedom that you had while living on campus. No more worrying about campus security breaking up loud parties! (But will it matter now that you have less time to party as a sophomore?)
Become a Nanny
A very rewarding option is to become a live in nanny. You will likely receive room and board in exchange for your time watching the kids.
How to Save Money on Course Materials
Ask the professor if all of the books listed are required. This is not such a good idea if the professor is the author, so double check that first. For the required materials you can save money by:
- Renting textbooks online
- Sharing materials with a reliable roommate
- Checking the library for old versions
How to Save Money on Entertainment
And now, the most important part of college. Fun!
There are plenty of ways to have free fun in college. For example, you can join the student union or a special interest group. Kickball league anyone?
There are also free plays and student specials on movies. Find out what perks are offered in your town. Most local places have a college night or college special if you show your student ID.
Perhaps you’ve saved some money and how you want to know how to make extra money.
How to Make Extra Money in College
Take on a Part-Time Job
Here are 3 typical jobs that you can get as a college student.
- Note taker: you’ve just combined something you have to do, with something you get paid to do.
- Federal Work Study: This is another great way to combine study time with a paycheck. Be sure to check the requirements for eligibility.
- Internship: internships can be paid or unpaid and while I would recommend looking for a paid internship to help offset the cost of going to college, an unpaid internship can launch you into your career just as well.
How will I do all of this?
Well there are 24 hours in the day and 168 hours in a 7 day week. Expect 2 hours of study for every hour of class. A 15 hour course load requires 30 hours outside of class. That’s still only 45 hours a week. Factor in 8 hours of sleep each night and you’re at 101 hours. If it takes you 2 hours a day to shower, dress and get back and forth to class, you still have 53 hours each week for extra curricular activities, a part time job and fun!
How do you plan to save money in college?
This post was originally published as a part of the PNC Achievement Sessions helping you get smarter about money. Click here for more articles.
How to Save Money in College is a post from: Young Finances
