Tuition, books, room and board, and life in general cost more than they should. But you work hard for your money, so don’t let the cost of college break the bank. All you need to do is become a savvy spender. Here are 5 ways to save money in college:
The best way to save money in college is to think about spending before you do it. Start by putting a limit on your monthly expenditures. Avoid exceeding that limit at all costs! To choose a number, consider the following: conservative estimates are better and no budget should exceed the income that funds it. In other words, don’t dip into your savings if you don’t have to.
2. Make use of your student ID.
You know what’s awesome about being a student? Student Discounts! You’d be surprised how often and how much you’ll save on food, entertainment, transportation, museums, and more. As a student, you even qualify for an International Student Identity Card, which can save you boatloads on travel! A rule of thumb to maximize your savings: every time you spend money, get in the habit of asking if there’s a student discount.
3. Buy in bulk.
Don’t resort to sample-sized bottles of toothpaste, deodorant, shampoo, or food items that don’t spoil. Go big and save money. Better yet, go big during a sale and stock up when all your essentials are cheap. You’ll spend a bit more at the register, but over time you’ll save money.
4. Enjoy free fun.
Eating out at restaurants or going into the city can cost a pretty penny, so why not enjoy free campus activities instead? Most campuses host screenings, lectures, dances, parties, concerts, and more—all free of charge. Check your school’s events calendar for leads.
5. Use cash instead of credit.
The nice thing about cash is that you can’t spend more than you have. If you spend more than you have with a credit card, and don’t pay your bill at the end of the month, you’ll get stuck with late fees or interest payments. That’s wasted money! Plus, according to psychologists, people tend to spend less when they’re using cash. Apparently the physical act of handing someone money—and actually seeing your wallet get thinner—isn’t as enjoyable as you thought.