College Hack$: How to Save Money in College
11.15.23
By: Shariah James
In 2022, almost three in four college students reported experiencing financial difficulties. So, if you feel like it’s hard to manage your finances while in college - you’re not alone. Read these four tips on how to save money while in college, so you can be less stressed and more prepared in your finances!
Pro-Tip 1: Budget
A good budget makes sure you don’t run out of money and helps you save for goals and emergencies. When developing your budget make sure to include everything that comes to mind - needs and wants, so you can effectively plan and not overspend.
Difference between needs and wants - needs include food, shelter, recurring bills, work clothes, insurance, transportation cost, etc… wants are all of the things that you would like to have but do not necessarily need for survival.
Here are 2 popular budget rules:
50/30/20 rule.
50% of income is spent on bills (needs).
30% of income is spent on wants.
20% of income is saved.
60/20/20 rule.
60% of income is spent on wants and needs.
20% of income is saved.
20% of income is given.
Do what’s best for you. If you start with one of these money rules now, you will thank yourself later!
Pro-Tip 2: Meal plan
Make sure to include breakfast, lunch, snacks and dinner when formulating your plan. Get food that you know you will eat and if you want to try new things, buy them in smaller portions to see if you will actually eat those items. Also, remember to never grocery shop while hungry!
If you need a weekly grocery list, check this one out:
Fruit
Vegetables
Butter
Eggs
Popcorn
Cheese
Lunchmeat
Bread
Peanut butter
Jelly
Chips
Salsa
Choice of protein
Cooking oil
Rice
Noodles
Seasonings
Yogurt
Water
Take what you need! These items alone can be made and stretched into so many meals!
Bonus tip! If you are carrying loads of groceries inside your home and do not like taking multiple trips to and from the car, or have to walk upstairs, use this foldable cart! It’s super easy to use, you just put your groceries from the car into the cart and roll the cart to your kitchen. You can also fold down the cart and place it in your trunk for when it’s not in use.
Pro-Tip 3: Use Student Discounts & Groupon
Taking advantage of student discounts is going to be one of the best ways for you to stretch your money. Here are some popular student discounts that help you save your money!
Amazon: 6 month free trial, then 50% off prime membership after that
Groupon: 25% off local deals for six months, then 15% off after that
Target: free to join, they have different offers and discounts exclusively for students throughout the year
FedEx: Enjoy 20-30% savings with your student ID card
Door dash: Student dash pass plan for $4.99/month
Apple: 10% off Apple products starting at $50
Apple Music: $5.99 a month + free access to Apple TV+ for a limited time
Pandora: $4.99 a month includes unlimited skips, podcasts, personal playlist, etc.
Tidal: 50% off HiFi or HiFi + subscriptions
Spotify: Free first month, $5.99 after
Peacock: $1.99 for 12 months
Hulu: $1.99 a month
Nike: 10% off purchases
New Balance: 15% off + free shipping
Adidas: Special discounts and free shipping on all orders
Microsoft Office: Microsoft 365 Personal for $2.99 a month
Peloton App: First 30 days free, then $6.99 a month
Also, don’t forget to take advantage of the student discounts your school offers. Most schools offer free gym memberships, free tutoring sessions, discounted therapy services, discounted nutritional counseling and discounted healthcare services!
Pro-Tip 4: Buy or Rent Used Textbooks
Buying used textbooks can save you hundreds of dollars. You can also rent a textbook for a semester, which is a huge money saver. The university I went to allowed us to rent our class textbooks from the library for two hours at a time for free. Check to see if your campus library has a similar option!
Here are some popular sites for buying or renting a used textbook:
Check the local college bookstores in your area as well. They are always looking forward to buying, selling or trading used textbooks!
Happy savings!
XO,
The Kléi
