scholarships

9 Money Saving Tips for College Students on a Budget

By: Kayla Gowan

Let’s face it: college is expensive. Between tuition, housing, student fees, transportation, and textbooks – the costs add up quickly. For many college students, this is the first time you have to budget and manage money on your own. 

Managing money and setting budgetary goals may seem like the last things you want to do at the end of a busy day filled with classes and exams, but developing good habits is worth the effort. Managing in-college spending is a learning experience. Fortunately, there are many ways you can save money while in college. 

Here are the nine best money-saving tips for college students:

1. Rent Your Textbooks

Buying textbooks can be one of the biggest expenses every semester. One huge way to save money in college is to rent textbooks instead of buying them! With eCampus.com – you can save up to 90% off the regular price of a new textbook. eCampus.com also has three rental term lengths (short term, quarter term, and semester) to fit every student’s schedule and the ability to extend or purchase the rental at the end of the rental term.

If you’ve already purchased your textbooks, when the semester is over – you can sell your books back to eCampus.com for cash!

2. Apply for Grants and Scholarships

Start by filling out the FAFSA before each new school year, regardless of your family’s financial status, to tap into federal, state and institutional grants and scholarships. 

You can apply for scholarships and grants every year throughout college! It’s a misconception that scholarships are only for first-year students. In fact, many colleges have systems in place that reward students financially for good grades, volunteering, being an active part of the college town community, and many other things. Given that many scholarships go unclaimed (or have very few entries), if you dedicate some time to applying, you could find yourself saving on tuition costs! 

If you’re not sure where to find scholarships, the Federal Student Aid has compiled a list of places to look that you can view here. For more information about how financial aid works, you can read our eCampus blog post here.

3. Create a Budget

If you don’t know where your money is going every month, you’ll never know the true potential of your saving power! Start off small by giving yourself a weekly budget and see how close you come to accurately estimating expenses. Work on creating a realistic budget that you can stick to, incorporating all regular bills or payments. A budget isn’t set in stone and often takes several tries to get right – so keep working on it until you find the right balance!

A lack of structure can keep you from being on top of managing your spending and can mean disaster for your budget. Fortunately, there are a number of free budgeting apps to help.

3 Apps to Help with Budgeting for College Students

  • Mint: This money management and financial planning app lets you see all of your accounts in one place. You can swipe to check your balances or get reminders to pay your bills on time! 
  • Pocketguard: This app lets you see all of your mobile banking, including credit cards, checking and savings, loans, and investments in one place. After you’ve paid the bills, the app tells you how much you have left over, so you can save the rest! 
  • Personal Capital: Like Mint and Pocketguard, this app allows you to see all of your accounts on one platform. On this app, you can see separate graphs of your cash flow (income vs. expenses), your budget (what you’re spending your money on), and your investments.

4. Split the Cost of Rent with Roommates

Living with roommates is the quintessential college experience. This is helpful for many students as you can split the cost of rent and utilities with one or more roommates.

Make a point to know what’s already provided in your future dorm or apartment. Some dorm rooms come equipped with a microwave or small fridge or an ironing board in the laundry facilities. An apartment might already come with appliances or even basic furniture. Coordinate with your roommates before shopping so you’re not double-buying items or buying things you don’t need.

Take good care of your apartment so you don’t forfeit your security deposit at the end of the semester!

5. Cook Your Own Food

Eating at restaurants can be one of the most expensive items in your budget. It’s almost always cheaper to cook than it is to go out to eat. While a dinner for $5-10 may sound cheap, it really does add up over time.

How Much do College Students Spend on Food?

The cost of a meal plan has doubled in the last 10 years. The average college and university charges about $4,500, or $18.75 per day, for a three-meal-a-day dining contract that covers the eight months or so of a typical academic year.

You can probably cook the same meal (and prep for future meals) for about half the price. If you do eat out, go for lunch or happy hour when restaurants are most likely to be offering discounts.

That goes for coffee, too! Let’s say you spend $5 on a daily cup of coffee – this can equal up to $375 per semester. Save the bank by investing in a coffee machine and making your morning brew from home! 

6. Use Public Transportation

Parking, gas, and insurance for your car can quickly add up. Many college campuses have free buses and shuttles that help students get around campus and even to nearby apartments. Some schools even have rentable bikes or scooters for the semester!

If you need public transportation to get around, see if you can get a student pass. Many colleges partner with their local transit authorities and offer student discounts and student passes for busses, subways, trolleys, and more.

7. Use Student Discounts

Don’t leave home without your student ID! Most places offer a student discount – this can include restaurants, shops, movie theaters, theme parks, and more!

Another big expense for college students is technology. Many students want (or need) to get a new laptop. Plus, some classes require their own specific software that you need to install. Often, technology companies offer significant discounts to students – from Apple and Microsoft, to Adobe and more. If you’re getting any type of new computer or software, make sure to buy it through the education store and get your student discount.

Click here is a list of the top 60 discounts available to students right now! If you’re not sure whether a company offers a student discount, there’s no harm in asking. Better “save” than sorry!

8. Utilize Campus Resources

Check out the amenities that are free for students to use on campus. Campus resources are designed to make college easier, but that’s only the case if you use them!

  • Student Gym: working out and staying fit is important in college. Instead of spending money on a gym membership, see if your campus offers the use of the student gym for free. Most campuses have great athletic and gym facilities available to students. Take full advantage!
  • On-Campus Printing: printing is another area that can be costly, with papers eating up ink cartridges at home. Oftentimes, the cost of printing is included in your student facility fees. Check the school library to see if they offer free or discounted printing.
  • Campus Library: one of the most under-used, but best free tools on a college campus is the library. College libraries have everything, including books, computer stations, software, and more. Libraries also offer free spaces to study, meet with group members, or use the computer. 

Other commonly provided resources include tutoring, counseling, childcare, and career services. Check what your college offers before you pay extra for the same service elsewhere.

9. Take Advantage of Campus Activities

Going out every weekend can drain your entertainment budget very quickly. Instead, keep up with what’s happening on campus. Most colleges organize plenty of events throughout the semester, ranging from museum visits, to movie nights, and more for free or discounted rates.

Check the events page on your school website to see what’s up and coming. You can also look for signs and promotions around your campus. These signs often promote free food in an attempt to get students to come. If you do this regularly, you can probably get your lunch taken care of most days! And maybe even learn something! 

Bonus: Attending campus events is a great way to make new friends, too!

While saving money as a college student is not always easy, it is possible with plenty of hard work and a commitment to your financial security and wellbeing. Meeting your budgetary goals will not only help your college experience, but prepare you for a bright financial future!

Be sure to connect with us @ecampusdotcom on Twitter, Instagram, & Facebook for more resources, tips, and some great giveaways! And when it’s time for textbooks, eCampus.com has you covered for all your course material needs at savings up to 90%!

References:

  1. https://turbo.intuit.com/blog/real-money-talk/how-to-save-money-in-college-1539/ 
  2. https://www.debt.org/students/college-budgeting-101/ 
  3. https://www.affordablecollegesonline.org/college-resource-center/student-guide-to-budgeting/ 
  4. https://thecollegeinvestor.com/22453/save-money-in-college/ 
  5. https://www.thesimpledollar.com/financial-wellness/63-quick-tips-to-save-money-in-college/ 

How Will You Pay For School?

Paying for school is just flat out tough. Decisions need to be made by not only you, but your parents or guardians as well. Most high school students do not have the kind of money needed to pay for college so there are a few other options.

Financial Aid

Filling out financial aid is extremely beneficial and an absolute must if you are given the opportunity. Financial aid is determined by household income and a bunch of other various categories. It is then determined how much you will receive. This will help you along with your family to pay for college.

Scholarships

Unlike financial aid in which there is a process to determine if you will receive any of it, scholarships are just flat out earned. It could either be straight out of high school in which you may have excelled in, or it may be in smaller forms maybe from an essay contest you applied to. There are various ways to receive scholarships either coming out of high school or even when you are in college. Maintain a certain GPA, earn an athletic scholarship. This will certainly help you pay for college, but you must earn it first.

Loans

Loans are a tough thing to go about. The reason I say this is because paying off student loans for the rest of your life and during your career is just an absolute challenge and it can last all of your life. But of course loans are usually needed when it comes to college, and just because you have to repay these, it is definitely the way to go for most families.

Parents/Guardians

Having your parents and or guardians help you pay for college is another option but again a tough decision. The first thing you need is the permission from your family, or just to know that they will be helping you pay off your college payments.

Work

Working a full 9-5 job during college is nearly impossible but some people do actually manage to pull it off. It is truly and honestly tough to even have a part time job during school but it is an absolute necessity. Sure you won’t be able to pay off tuition and room and board with just a part time job, but having this part time job will keep your wallet a little more filled so you can survive throughout college!

Creative College Scholarships For Just About Anyone

There are many benefits of applying for scholarships and financial aid for school. First, and probably most important is the fact that college is expensive. Costs are on the rise and it is becoming more and more difficult to be able to finance schooling on your own. Scholarships can be a great way to shed some of the fee burden off of your higher education tab.

While I was researching this topic, I came across a few scholarships that I wish I had seen back in my final high school days. Looking back on it, with a little “googling” I could have potentially saved hundreds, even thousands, of dollars with creative scholarships.

Just a few years ago, scholarships were awarded primarily for academics, test scores and athletic ability. However, times have changed. You can now save the big bucks based on more than just your GPA and transcript—you are now encouraged to showcase your activities, hobbies and personality. There are scholarships out there just waiting to be awarded to those looking outside the beaten path! If something makes you unique, or you have a longtime hobby that is a little out of the ordinary, try searching for scholarships based around it. You will be surprised with what might pop up!

Don’t believe me? Let’s look at a few examples to kick that hamster wheel into gear.

There are scholarships awarded to students who have a bit of a “green thumb”. By paying close attention to the growing gains of going “Green”, students have the potential to win scholarships based on their initiative to get students involved. DoSomething.org will enter students into a drawing for a $500 scholarship just for referring their friends to their service programs and starting a club at their school. If you have the passion to give back to your community and it’s already apparent in your extracurricular activities—this scholarship could be perfect for you!

Now being a short girl, this next one wouldn’t quite apply to me, but it’s still fascinating and worth looking into! The Tall Clubs International Student Scholarship is awarded to students who are gifted in the height department. Students can win up to $1000 in scholarship money just for being “heads above the rest”!  For the ladies who are over 5”10, and the gentlemen who surpass 6”2, this one could be calling your name!

Avid fashion lovers and prom dress shoppers unite! This next scholarship stopped me dead in my tracks. In high school, prom was the event of the season. It didn’t matter who you were or what group you fit into—everyone went to prom. I spent weeks looking for the “perfect dress”. Ironically enough, I now look back at it and cringe. How in the world did I pick that?! I should have had fun and gotten creative. Maybe if I had seen this scholarship I would have! The Duck Brand Duct Tape Stuck on Prom Contest awards over $5000 each to a couple who makes amazing Duck Tape prom outfits!

These are just a few of the hundreds and hundreds of scholarships opportunities that exist in the depths of cyber space! Spend time searching for scholarships whether you’re in high school or already in college—there are scholarships made for anyone and everyone, you just have to find them! From surveys, to sprinkler safety, to vegetarian awareness, there are countless numbers of untapped scholarship resources just waiting to be uncovered! Scholarships help you save money during school and make it more affordable in the long run!

-Ring Queen