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Alongside getting married and buying a house, going to college is one of the most expensive times in the life of the average US citizen. It’s important, but it’s not cheap. If you have college on your horizon, here are some tips to help you save.
6. Create a Budget
It’s easier to save money if you have a strict budget to follow. Use budgeting apps to create a weekly/monthly budget and plot every expense. If you’re overspending, seeing everything in black and white will alert you quicker and get you back on track.
5. Take a Side Job
The best way to save is to earn. If you can top up your college funds with a part-time salary, you’ll make those college years more manageable. Popular side jobs for college kids include handyman/woman services, tutoring, and becoming part of the gig economy with driving, photography, writing/proofreading, and social media management jobs.
4. Spend Less on College Essentials
Textbooks are essential, but they’re also expensive. Instead of buying new, pick up used textbooks from sites like Amazon, Chegg, TextbookX, and Better World Books for a fraction of the price.
There are also competitively priced dissertation binding services and other printing services, as well as student discounts on everything from clothes to stationery and electronics.
If you need to make a big purchase, always consider cheaper options, such as buying used, renting, or borrowing from friends.
3. Eat and Party Sensibly
It’s easy to rely on takeout when you’re away from home and spending your days hunched over textbooks. But all that junk food will take a toll on your bank balance, as well as your health.
Plan your meals, buy more groceries, and cook more. By the same token, if you’re hosting a get-together, consider some low-cost but fun party ideas, such as board games, video games, movie marathons, and potlucks.
2. Use Public Transportation
Need to get across town? Take the bus, train, or subway. It’s cheaper than booking a rideshare or hailing a taxi. If you drive, taking public transport will also save on fuel, maintenance, repairs, and all those other costs that come with owning and running a vehicle.
1. Don’t Get Into Debt
College is when most of us are introduced to the joy of owning a credit card, and it’s a joy that quickly turns into despair once the interest payments start. Don’t be tempted to spend money that you don’t have. If you already have a credit card, keep it for emergencies only, and clear the balance when you can.
US credit card debt recently hit a record $1.21 trillion—try to avoid becoming part of that statistic.
Conclusion: Saving Money at College
On average, college costs US students over $38,000 a year, and that price is growing by 4% every year. It’s a phenomenal amount of money to spend for students just kick-starting their adult life, but with some smart planning, they can shave thousands off that total.
