In my freshman year of college, I thought I had everything under control, but then the next thing I know, my bank account was empty and I was frantically searching for ways to save money as a college student.
I didn’t realize how quickly small expenses can add up, but after some trial and error, I finally figured out how to save money and still enjoy my college experience.
Which is why I have written an entire blog post to share with you some of the tips and tricks I’ve picked up along the way.
8 Creative Ways to Save Money as a College Student – So You Don’t Have to Live on Ramen Noodles!
1. To save money, you need to know where it is going.
For this, you need a budget. Ah, budgeting, before you start groaning, hear me out. It’s not the most exciting thing in the world, but it might just be the key to saving all your money as a college student.
Creating a budget is like making a promise to yourself that no matter how much money you have, you’ll still manage it wisely and stick to the plan.
But first things first: be realistic when setting your budget!
Don’t think you can cut groceries from $150 to $50 overnight – take a hard look at where all your money goes and see if there are ways for you to save without sacrificing too much of your hard-earned cash.
Related: How to Budget as a College Student: The Basics You Need to Know
After all, what’s the point in having a budget if it’s so unrealistic that it sets you up for failure? Once you create this ‘realistic‘ budget plan, make sure you stick to it like glue – because that’s the only way your plan will actually work!
So don’t just make a budget. Stick to it, and watch your money-saving dreams come true.
2. Try out Cash Envelopes: Save money as a College Student
I got this idea from my grandmother, and it really works wonders! Using cash envelopes is a great way to stick to your budget.
I gave up my credit and debit cards and went full-on grandma mode, writing down all my expenses for the day, withdrawing the necessary cash from the ATM, and then allocating specific amounts of money for groceries, gas, shopping, and coffee (you know I gotta stay caffeinated!) in separate envelopes.
At first, it was a struggle to adjust my spending habits, but eventually, I saw the difference it made in my bank account and I was hooked!
Who knew my grandma had the key to financial freedom? Well, she does now.
Related: Collegiate Financial Goals: How to Spend Your Money Wisely!
3. Prepare your shopping list ahead before you hit the Store!
Window shopping is amazing. You browse through all the options available, come back home and decide which product you want to buy, and go back to the store the next day to get that item.
But not all of us are expert window shoppers.
If you’re anything like me, ‘window shopping is more like ” let’s see how much I can break the bank with today”. You go in with the intention of just looking, but come out with several bags full of stuff you didn’t really need.
Save yourself this embarrassment and a whole lot of cash by preparing a shopping list before you embark on your expedition.
Make sure to think carefully about what you really need and don’t need, and stick to the list! Nothing more, nothing less.
And if you do stray from the path of righteousness, well… let’s just say that you better have some extra money to cover your sinning (which you will, IF you stick to your budgeting). That’s all I’m saying! ;😉
Related: How to Buy Novels for Cheap: 10+ Awesome Hacks
4. Try to buy secondhand: Save money as a college student
Do not equate secondhand with ‘inferior’!
As a penny-pinching college student, you don’t need to be shelling out thousands for a new car when you can get a great one for half the price – or even less if you’re lucky.
And why buy expensive new products when you can find them for much less at your local thrift store? Even Amazon has something up its sleeve these days – used books and goods in decent condition.
Related: College Student’s guide to buying Textbooks for cheap
5. Save money by looking for free or discounted resources.
Surfing the internet and taking advantage of discounts can save you big bucks in the long run.
One way to do this is through online coupons. Coupons are a great way to get discounts on items that you would normally purchase anyway. Checking out student discounts can also help you save some serious cash!
Don’t be afraid to ask your favorite stores or businesses if they offer any student discounts–there’s no harm in asking.
And even if they don’t have one, it still doesn’t hurt to look around and compare prices at different places until you find the best deal for yourself.
Additionally, take advantage of online offers like free webinars, podcasts, seminars, etc., which can help you learn something new without having to pay for it.
Related: 10 Online Marketplaces to Help Make College Life Easier (and More Affordable!)
6. Ditch the Coffee Shop: Save Money as a College Student
Start brewing coffee at home.
Do you really need that $5 latte to get you through the day? Or those delicious but expensive pastries at your college café? Save money and still enjoy college life by steering clear of these unnecessary expenditures.
You might think it’s a bit of an exaggeration to call coffee a luxury but don’t forget how quickly those little cups of joe add up each month.
If you buy coffee for 3$ every day, then you’re spending a whopping $100 each month on coffee alone. Cut back on expenses like these and you’ll be amazed at how much you can save.
Related: College Students VS Coffee Prices: The Magic of Coffee Budgeting
7. Reduce the Money Spent on Gifts
Everyone you know knows your status as a ‘broke college student‘. You don’t have to make grand gestures of buying gifts for your family and friends in an attempt to show them that ‘you care’.
If you’re looking for a creative way to say “I love you” without breaking the bank, try getting crafty!
Related: 20 Must-Have Items for a Boyfriend’s Care Package That Will Make His Day!
DIY gifts are a great way to show your special someone that you care, without spending too much money. From homemade greeting cards and cookies to fun crafts and knick-knacks, you can create a unique and meaningful gift for your friends and family without breaking the student budget.
And hey, even if you don’t quite get the Martha Stewart seal of approval, at least you can say you put your heart into it. That’s what really counts, right?
8. Resist the temptations: Save money as a college student
Try to stay away from the mall, boutiques, or online stores where spending money is just too easy. Tear up (or better yet, burn!) all of those catalogs that keep you coming back for more.
When it comes to grocery shopping, keep away from the consumer goods section and try to distract yourself by looking at the grocery produce instead.
Meal prepping can also help you stay on budget by preparing meals in advance so you don’t have to eat out or grab expensive snacks. Trust me, saving money as a college student is worth it!
Related: The College Student Meal Prep Formula: Less Time & Less Money
And if you are feeling tempted, just remember that being budget-savvy now will mean more money in your pocket later! So, don’t give in. Save up and save smart! You got this. 😉
It’s easy to get caught up in the excitement of being away from home and living on your own, but without careful budgeting, it’s easy to drain your bank account.
That’s why I always recommend taking the time to set a budget for yourself and find out about all the ways you can save money as a college student.
From watching your spending to taking advantage of discounted or free resources, there are plenty of ways to make sure you can enjoy your college experience while also keeping your bank account in check.
This post is all about the few valuable tips and tricks that I personally follow to cut back on my expenses and save money. Hope it helped you out!!
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