Show notes
Our top 10 tips for saving money while in college:
- Control your housing expenses
- Get roommates!
- It’s fun to meet new people, or live with your friends
- Can decrease costs for shared expenses
- Choose housing wisely
- Buy used textbooks
- A lot of school bookstores have the option to buy used books instead of new.
- Amazon also has options to buy books used
- Buy an older version of the book
- Saving money on food
- Think/plan ahead – make a list before you go to the store
- Think about where you shop - e.g. explore lower-priced stores like Aldi or Lidl
- Take advantage of free food on campus
- Learn how to cook, even just easy stuff. PETA college cookbook. Use pinterest for recipe ideas.
- Purchase your own coffeemaker
- Save money by not having to purchase coffee every morning
- Buy a reusable coffee mug
- Student discounts!
- Tons of places have student discounts, from restaurants to technology products
- Find them and use them!
- Stay on your parents’ insurance
- Take care of yourself - minimize health expenses
- Brush + floss your teeth.
- Go to student university facilities
- Make money where you can - e.g. Sell items you don’t need
- Sell old clothes (Poshmark, eBay, Facebook Marketplace, Plato’s closet)
- Side Hustles
- Tutor for subjects or standardized tests
- Limit spending on alcohol
- Drink and eat before you go out
- Order the drink specials
- Take advantage of campus amenities!
- Your fees include gym access. Use the school gym, don’t buy a membership to another.
- If you have to pay for “swipes” to a dining hall, use those to get food instead of going out to eat.
- Learn about other campus amenities and leverage them to avoid other expenses as much as possible. Free coffee in the library? Drink it!
- Finish in 4 years or less
- All of these savings opportunities above are pennies compared to the cost of tuition, expenses, etc. but also the opportunity cost of not-yet-working. Once you start working, you will quickly be able to get into a better financial position.
- All that being said, if you can take some time off before you start working to travel do it now!
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Show References
Creative ways to save money in college
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Other Links
Maggie’s Blog: Mostly Minimal Life
Mike’s Book: Your New Relationship with Money