College students have to learn how to budget their money quickly. Most students have never had to deal with money before, apart from their allowance, and often find themselves on a tight budget when they finally do head off on their own. There are many ways in which new students can save money or spend money in a way in which they aren’t constantly broke though. It is just a matter of knowing where you need to spend your money and prioritizing what you do with the spare cash. Whether you’re a senior and about to head off to your freshmen year of college or are awaiting you acceptance letter to grad school, these ten tips will put a little extra cash in your pocket and little more food in your belly.
1.Textbooks
Textbooks can be a huge burden to carry while you’re at school. Whether you’re paying out of pocket or using your financial aid to pay for you books, a new book can run around $400! If you’re taking more than a few classes your entire financial aid check can be devoured by book charges alone. Luckily enough, most college book stores offer a wide selection of used books that typically range around $50. If this is still a bit too steep for your budget then try shopping alone for textbooks. There are many sites that offer great deals on used books and many will even allow you send in your old text books in trade for credit to get new ones. Many schools have also started up a rental service that will allow you to rent the books you need for a few months. Shopping around is half the battle when it comes to renting though. Sometimes schools can charge a bit more for their rentals opposed to online programs that can save you over $100. The best thing to do is head to class on the first time without the textbook and find out if you can use an older edition. Most libraries have the textbooks in stock so you can do your homework there until you can get your textbook.
2. Utilize Your Campus
Many students can go through their entire program and not utilize the services a campus provides. Every college campus, no matter how big or small, offers its students many services that often go ignored by most of the student body. If you have a low entertainment budget try catching a free show at the student lounge. Many colleges will allow local bands to perform for the students and some will even do showings of movies or plays. There are often many clubs you can join. Each club will provide you with plenty to do for a low cost and most of the time they offer free food during meetings. Some schools even will allow you to get a free massage as part of their mental health package that is typically included in your tuition cost. It doesn’t matter what interests you, more than likely your campus will have something exciting for you to do that won’t break your budget.
3. Student Work Life
Although it might seem impossible to add a job to your busy schedule there are many ways you can work it in. For instance, most campuses offer a work study program. This program is designed to work around your classes and will help you earn a little extra cash without ruining your study schedule. Most work study programs will put you in a job for an hour or two a day, which typically will take up one class slot. If you’re interested in work study act fast though because it often fills up quickly and is based upon your financial aid. Another great way to earn some money is a part time job. Most areas near colleges will look for students to work on the weekends, and many will even schedule you to work around your class times. If you’re honest with future employers about your needs then you might open yourself up to a world of opportunities that will put some money in your pocket and provide you with work experience.
4. Keep Your I.D. On You
You will be amazed at to how much your school I.D. can help you. If you love catching movies at the theater then you will love the great discounts you can get when you flash your student I.D. at the admissions booth. Most theaters offer a student discount that is about the same price as a child’s ticket, so you can still keep your entertainment budget in check. When it comes to shopping for clothes and food your I.D. can get you a certain percentage taken off of your total bill. This is a great way to save while getting the things you need. If you’re a coffee lover, or just need it to get through that early morning history class, then try to find a shop that caters to the students needs. Many will offer you a discount and some even have a card that will allow you to get a free cup after so many purchases.
5. Toss the Credit Card Applications
It seems like as soon as the 18th birthday hits credit card companies begin to hound you for your business. Although it may be tempting to fill out the form, its rarely ever a good idea to get a credit card when you’re a student. Credit cards sent out to young people often are designed to suit your needs and you will find yourself drowning in interest rates in no time. Most students tend to have to take out student loans anyway, so you want to make sure to consider what your debt level is going to be like when you leave college. You don’t want to have pay your entire monthly salary towards debt, so stepping away from the credit cards is usually a great idea. You also have to consider the payments if you do decide to get one. Most students live on part time jobs or the leftover cash from their financial aid, scholarship or loan checks. If you don’t have a lot of money to live in the first place, then don’t add onto the problem with a monthly bill that is totally avoidable.
6. Consider Roommates
It may not always seem ideal to have a complete stranger living with you, but in the long run you will definitely enjoy the financial benefits. If you live on campus you usually get a choice as to how many roommates you are willing to have. The best option, especially for freshmen, is to sign on with as many roommates as you can. This will actually take a huge burden off of your shoulders when it comes to managing your money. Roommates can be stressful, yes, but most students are bust exploring the campus, hanging with friends or studying in the library. This leaves a few hours of sleep time to be spend in the dorm area. If you don’t like your roommate there are ways in which you can switch rooms, but many people often find their roommates to close friends and stay in touch even when college is over.
7. Budgeting is Key
Although there are many great discounts available to students, one of the best ways to keep money in your pocket is to make sure you budget wisely. A great budget can stretch a limited amount of money far. Before you head off to college sit down with your parents and work out a plan that can take your set budget all the way through the end of the year. If you stick to the plan you might find that you will end up with a lot more money in your pocket than you expected. Budgeting in college is a great way to help you prepare for your future expenses as well. So in a way, learning to live on next to nothing will increase how far your paychecks stretch when college life is over.
8. The Scholarship Board is Your Best Friend
Every school has one, that is, the scholarship that can often be described as one of the most isolated areas on campus. For some reason this board often tends to be ignored, which actually works out great in your favor. Every year, new scholarships get posted up and many of them rarely get applicants because they don’t offer a large sum of money. During your time at college you will find that every little bit helps, so apply to as many scholarships as you can. Most of them have simple applications and a select few actually require an essay. There are also many scholarships available that can send you on trips abroad for various different workshops. This will not only look amazing on a resume, but it will also give you a chance to check out a foreign country without costing you a penny!
9. Transit Cards are a Must
In the world of transportation a transit card is like a golden ticket. For most students purchasing a car, paying for insurance and buy gas is almost impossible, so buying a transit card is the most logical thing to do. Most schools have a discount for students when it comes to buying a transit pass and many will even allow you to buy for the entire semester, which can save you up to a month’s worth of travel. A transit card can typically get you just about anywhere you need to go off campus and most forms of public transportation tend to run more frequently around college areas. Make sure to grab a transit map when you purchase your pass and will be on your way to discovering the city in which you live at no extra cost.
10. Cheap Printers
Most college students tend to do a lot of printing while they are in school. Depending on your major and level you may be printing hundreds of pages each term. Although many colleges offer print cards to use in the library there is one that is much cheaper. Buying a printer can save you nearly a hundred dollars each term. Some printers cost as low as $20 and will give you hundreds of pages of good quality printing before you need to replace the ink. It may not seem a huge deal in the long run, but after you try a semester with your own printer you will immediately fall in love with the savings and the convenience. If you get desperate for extra money you can always charge your roommates a small fee to use the printer each month!
Although college can be a time of great stress and struggle with money, these ten tips can help you save while teaching you how to stretch your budget. With these tips by your side you will be prepared to take the college life by storm and enjoy this amazing transitional period in your life.
