Money Saving Tips
Saving money can be hard while, especially if you are in school. Here are some money saving tips for a college student!
Cutting Expenses
Utilize resources: Colleges offer a variety of resources that supports a students academic, social, and health. This inludes…
Academic: Libraries, tutoring, and writing centers.
Health: Medical services, mental health, counselling, and fitness.
Social: Clubs, activities, social gatherings, and recreational activities.
Prepare food/drinks at home: A few days’ worth of a home cooked meal can cost as much as one meal out. If you think that you don’t have time, dedicate a day to meal prepping. Once you learn the basics, cooking goes by fast.
Subscriptions: Cut subscriptions you barely use, or don’t use at all.
Conserve Energy: Don’t run utilities if you are not actively using them. Turn off lights when not in use- use natural light during the day. Don’t run water- take shorter showers. Use energy-efficient appliances.
Public Transportation: Use public/school transportation or carpool.
Housing: If you can live at home, you can save a lot of money. Otherwise, look at your options- on campus or an apartment- to see what is best for you. If you live in an apartment, consider having a roommate to split the costs.
Spending
Use student discounts: Many business offer student discounts. Simply ask to see if it is offered!
Use coupons: Use coupons were you can! In addition to grocery stores, use coupons when you go out to eat. For example, I spent $2 on a $12 craft pizza because of a coupon I received in the mail…
Buy food ingredients in bulk: Eating at home is the cheaper option, so when you do buy food ingredients, buying the food in bulk could be even cheaper. Compare prices and deals to find the best option.
Generic vs Name Brands: All I will say is- you get what you pay for. You can get by with generic brands, especially for food items, but for other types of items, investing in a higher quality brand can save you money in the long run. With quality items, you do not have to keep fixing or replacing them. For example, cheap shoes might last you a year, while a pair of good, more expensive shoes could last many years. This saves you money because you are not spending more on repairs. Don’t get me wrong! Some generic brands work well too and I am not telling you to buy all name-brand items. You will have to decided this yourself.
Good clothes instead of trending: Similar to generic vs name brand items- invest in quality clothes that will last. Furthermore, try to stay away from trending items, and instead invest in a basic wardrobe that you can mix and match.
Pro-tip: Buying athletic, or dry-fit, professional clothing is a game changer. As a teacher, I was able to be professional, comfortable, and be able to sprint at a moments notice.
Wait to buy items: To deter you from impulse shopping, wait a few days to buy an item that you don’t necessarily need.
budgeting
Track your spending: Save your receipts or create a spread sheet to track what you spend. Seeing where your money goes can help you decide on what you should cut back on.
Save first, spend later!: Prioritize saving by setting aside money first, rather than waiting to save whatever is left after spending. That way, you won’t end up spending all of your money and have nothing left to save. Make it easier by setting up your savings account to automatically save a certain amount of money when you get paid!
Set SMART Budgeting Goals: Setting SMART budgeting goals- Specific, Measurable, Achievable, Relevant, and Time-bound- makes saving money way easier. Instead of saying, “I want to save more,” a SMART goal would be, “I’ll save $500 in three months by setting aside $40 a week from my paycheck.” See the difference? It’s clear, trackable, and actually doable. SMART goals keep you focused and motivated, so you don’t end up wondering where all your money went. Whether you're paying off student loans or saving for something fun, having a solid plan helps you stay on track and reach your money goals faster!
Develop Good Financial Habits: Learn how stick to a budget. This helps you avoid overspending, develop good financial habits, and prepare for future expenses like student loan payments, emergencies, or major life goals. Learning to budget now makes life way easier down the road- set your future self up for success!
Miscellaneous
Learn to sew: Invest in a sewing machine/learn to hand sew, to hem and repair clothing.
Refillable water bottle/ water filter: Stop buying water bottles and invest in a refillable water bottle/ water filter. Doing this also helped me drink more water- something I am horrible at.
Free events: Search for events happening in your area, public library, or school.
