How to Save Money as a Student – 15 Best Ways

If you’re reading this article as a student, good job! Wanting to learn how to save money as a student is the first step to managing your finances effectively. With the rising cost of tuition, textbooks, and other school-related expenses, it’s vital to learn how to save money so that you can set a solid foundation when you enter the real world.

Here are some tips and tricks to help you save money as a student and put your desire into action!

1. Set a Budget

Although cliche, the most important thing you can do to save money as a student is to first create a budget. Here’s a quick summary of how to do so:

Here’s what you can do:

1. Choose how you want to create and track your budget:
   • Budgeting apps like Mint, Empower Capital, and RocketMoney are great options.
   • If you prefer a more manual way, budgeting spreadsheets are great as well especially if you want more customization.
2. List out all your income and expenses on your preferred budgeting tool.
   • If you’re using budgeting apps, they may automatically pull the past 90 days of transactions for you. Your job now is to categorize those transactions and set your ideal spending budget for each category.
   • If you’re doing it manually, you can export the monthly statements from your bank and credit card accounts for the past 3 months in a .csv file and then paste them into your budgeting spreadsheet.
3. If your income is more than expenses, plan to save the rest!
4. If your expenses are more than your income, you’ll need to make adjustments by:
   • Increasing your income (Read more about the different ways here)
   • Decreasing your expenses. Look at your budget and see where you can cut back.

Curious to learn more about a budget? Read more here.

2. Cook Your Own Meals

Eating out can quickly add up and become expensive and this is one of the main causes why it’s hard to save money as a student. It is just super tempting to go to a drive-through and get a cheeseburger, or go out with your friends for food and drinks.

Instead, try cooking your own meals. Not only is it cheaper, but it’s also a healthier option and just an all-around great life skill to have. Plan out your meals for the week and make a grocery list to help you stay on track. There are also YouTube and TikTok accounts dedicated to easy and cheap college student recipes so be sure to check them out.

Of course, this doesn’t mean that you cannot eat out at all, just make sure to only spend up to your “food budget” that you can find on the created budget in point 1.

3. Take Advantage of Student Discounts

Many businesses offer student discounts, so take advantage of them to help save money as a student. Student discounts are offered not only for physical products and services but digital ones as well. Some of my favorite examples are:

1. Technology: Apple, Microsoft, and Adobe all offer student discounts on their products.
2. Streaming Services: Amazon Prime, Spotify, and Hulu offer discounted rates for students.
3. Transportation: Companies like Amtrak, Greyhound, and Lyft offer student discounts on travel.
4. Clothing and Apparel: Many stores, such as ASOS, Levi’s, and J.Crew, offer student discounts on clothing and accessories.
5. Food and Dining: Popular fast food chains, like Subway and McDonald’s, offer student discounts, as well as many local restaurants.
6. Entertainment: Movie theaters, museums, and theme parks often offer student discounts on admission.
7. Fitness: Gyms like Planet Fitness and Anytime Fitness offer discounted rates for students.
8. Insurance: Some insurance companies, like State Farm and Geico, offer discounts for students.
9. Movie tickets

Keep in mind that discounts and availability may vary by location and individual circumstances, so always check with the specific company or service for details on their student discount programs.

Pro tip: StudentBeans.com is a great website that compiles all the different products and services that offer student discounts. Once you verify your identity as a student, you can access all the discounts!

4. Rent or Buy Used Textbooks

Textbooks can be one of the most expensive items on your list of school-related expenses. Instead of buying new textbooks, renting or buying used ones can definitely help you save money as a student.

Here are some of the many websites and online marketplaces where you can find used textbooks at a fraction of the cost of new ones:

• Allbookstores.com
• AbeBooks.com
• Amazon Prime for students
• CampusBooks.com
• Thriftbooks

There are also free or cheaper online/PDF textbooks available out there so be sure to do your research if you like the digital version better!

5. Use Public Transportation

If you’re living off-campus, using public transportation can be a great way to save money as a student. Public transportation is often cheaper than owning a car, and it’s also better for the environment.

Besides, you don’t have to deal with the headache of finding parking during peak hours or paying for gas. Check if your school offers a discounted public transportation pass for students.

6. Avoid Credit Card Debt

Credit cards are a common tool used by many individuals to purchase things that they may not be able to afford at the moment. While they can be convenient, they can also be a slippery slope toward debt. If you’re not careful, the interest charges can pile up, and before you know it, you’re in over your head.

To avoid this, it’s crucial to use your credit card responsibly. Only use it for emergencies or small items that you know you can pay off in full every month. It’s important to be disciplined and not give in to the temptation of using it for larger purchases that you can’t afford.

By paying off your balance in full every month, you’ll avoid accruing interest charges, which can add up quickly. Plus, it will help you build good credit, which can be beneficial in the future when you need to take out loans or apply for a mortgage.

7. Take Advantage of Cash Back Credit Cards

If you do decide to use credit cards, consider using one that offers cash back rewards to help save money as a student. Many credit cards offer cash

back rewards of 1-2%, which may not sound like a lot, but it can add up over time.

However, it’s important to remember that using a credit card can be risky if not managed carefully. Only use it for small purchases or emergencies and make sure to pay off the balance in full every month to avoid interest charges and potential debt.

Check out this article Why I Use My Credit Card for Everything for some tips on the benefits of using a credit card wisely.

8. Use Cash Back Apps

Cash back apps are also a great way to help save money as a student. By simply downloading an app and linking it to your account, you can start earning cash back on your everyday purchases.

Some of my favorites are:

• Ibotta: Offers cash back on groceries, clothing, and even mobile purchases.
• Rakuten: Offers cash back on online shopping and travel bookings. Can be added as an extension to notify you of deals when you’re on a website.
• Upside: Great app to consider for those who frequently drive or travel, as it offers cash back on gas and restaurants.

It’s important to note that while these apps can help you save money as a student, it’s crucial to avoid overspending just because an item offers cash back. Always stick to your budget and only buy what you need. Otherwise, you may end up spending more money in the long run, and the cash back may not be enough to make up for it.

7. Find Part-Time Work

Getting a part-time job can be a great way to earn extra income and help pay for school-related expenses. Look for work on-campus or in your local community that fits around your school schedule.

Here are also some other ways to make extra money aside from on-campus jobs:

• Blogging
• Affiliate marketing
• Freelancing
• Tutoring
• Virtual assistance
• Selling a course
• Social media marketing

8. Use Free Resources

As a student, you have access to a range of free resources that can help you save money and achieve academic success.

One of the most valuable resources available to you is the library, where you can borrow books, access online databases, and attend workshops and events. The library is also a great place to study, with quiet spaces and free Wi-Fi.

Computer labs are another valuable resource for students. These labs are equipped with computers, printers, and other equipment that you may need for your coursework. Some labs also offer software and technical support, which can be a big help if you’re struggling with a particular program or project.

In addition, many schools offer free tutoring services to help students succeed academically. These services are typically staffed by trained tutors who can provide one-on-one assistance in a range of subjects. By taking advantage of tutoring services, you can get the extra help you need to master difficult concepts and improve your grades.

By using these free resources, you can save money as a student on books, printing, and academic support. Plus, you’ll have access to valuable tools and support that can help you succeed in your studies.

9. Find Cheap Entertainment

Entertainment expenses can add up quickly and put a dent in your budget. Going out to eat, attending concerts, and doing other activities with friends can be fun, but they can also be costly. To save money, you can consider alternative activities that are free or low-cost.

Some of my favorites include:

• Go for a hike or bike ride
• Have a picnic in the park
• Attend free events on campus
• Host a potluck or game night with friends
• Watch movies or TV shows on streaming platforms
• Visit museums or art galleries on free admission days
• Attend community events or festivals
• Play sports or exercise at a campus gym
• Have a DIY spa day with friends
• Volunteer for a local charity or organization
• Attend open mic or comedy nights at local cafes or bars
• Host a book club or language exchange group.

10. Plan for Large Purchases

If you need to make a large purchase, like a new laptop or furniture for your apartment, plan ahead. Save up for the purchase and shop around to find the best deals. Don’t rush into buying something without doing your research first.

Some tips to get the best prices:

• Buy during the holidays when stores run big sales.
• For most big purchases, buy the product during its offseason.
• Find out when companies typically release new models. Your job will be to buy the older model before the new ones release as companies try to offload inventory before launching the new ones.

12. Avoid Impulse Buying

We’ve all been there: we see an ad for something super trendy or eye-catching online, and we feel the urge to buy it right away. However, impulse buying can quickly add up and derail your plan to save money as a student.

Here are a few tips to avoid impulse buys:

• Before making a purchase, ask yourself if you really need it.
• Ask yourself if it fits into your budget.
• Consider waiting a few days before purchasing to avoid impulse buys.
• Consider the opportunity cost of buying the item (ie. what if you invested the amount instead?)

13. Choose a Cheaper Cell Phone Plan

One of the most significant expenses for college students is their cell phone plan. However, you can save a significant amount of money by choosing a cheaper plan.

There are many options available, including plans with lower data limits or prepaid plans. Remember, most schools offer free Wi-Fi for students so you won’t use much data at all! By doing some research and comparing prices, you can find a plan that fits your budget and still meets your needs.

14. Save Money on Rent

Housing costs can also be a significant expense for college students, especially if they are living on their own. To save money on rent, consider sharing an apartment or renting a room in a house.

Living off-campus can also save you money on housing costs, but make sure to weigh the costs of commuting before making a decision.

15. Sell Your Unwanted Items

If you find yourself surrounded by unwanted items, it might be time to consider selling them to help generate some cash to save money as a student. Fortunately, selling items like clothes, electronics, and furniture has never been easier with various online marketplaces and websites available.

Before selling your items, take the time to research their value and determine a fair asking price. Consider the condition of the item, its age, and how much it was originally worth. If you’re unsure about the price, try browsing similar items on the marketplace to get an idea of the going rate.

By selling unwanted items, you not only earn extra money but also contribute to a more sustainable and eco-friendly lifestyle. Instead of throwing away things that still have value, you give them a second life and help reduce waste. So, gather up those unwanted items and start selling!

Conclusion

Trying to save money as a student can be challenging, but it’s important as it will set your financial foundation when you enter the real world.

By setting a budget, cooking your own meals, taking advantage of student discounts, and finding part-time work, you can save money and potentially reduce your stress levels. Don’t be afraid to get creative and find new ways to save money on everyday expenses.

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