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25 Money Saving Tips for Students

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Become smarter about the way you spend your money. Keep in mind that the key to financial success is being aware of how you’re spending your money.

There’s a difference between being cheap and having spending savvy. There’s nothing wrong with living within your means, rather than beyond.

Stretch your dollar further with the following money-saving tips:

1.      Buy or rent used textbooks and sell last semester’s books back. Also consider checking books out from the library, if available, instead.

2.      Don’t make impulse purchases. 

3.      Never go grocery shopping when you’re hungry.

4.      Limit the number of times you eat out monthly.

5.      Cut out vices – smoking is terrible for you and expensive.

6.      Always pay bills on time to avoid late fees.

7.      If you have a credit card, pay it off as quickly as possible. (It’s good to establish credit, but a bad credit score follows you everywhere.) 

8.      Walk, use public transportation or ride a bike instead of having a car.

9.      Live with others so you can split rent and utilities.

10.  Cut out expensive cable packages you don’t need.

11.  Consider more basic phone packages and plans or plans that include unlimited texting with free incoming calls.

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12.  Shop where they offer student discounts. There are so many places that offer discounts to students with a school ID. 

13.  When planning meals, make dinner with friends and split the cost of groceries. Often times, you’ll be cooking too much for one person anyway!

14.  Sell what you no longer use or need. There are plenty of stores and web sites, like Poshmark and Craigslist, where you can sell your used clothing, furniture or tech items.

15.  Don’t buy unnecessary school supplies.

16.  Skip expensive Spring Break trips – look into alternatives, like volunteering, instead.

17.  Wait to get a pet until after college – a pet can become very expensive. Not only do you have another mouth to feed, but veterinary bills are costly. If you love animals, there are plenty of shelters that need volunteers.

18.  Go to class. You’re paying for it and skipping is like throwing money out the window!

19.  Drink water. It’s free and better for you, anyway.

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20.  Make your own coffee. While coffee shops are convenient, they charge hefty prices that really add up over time.

21.  Open a savings account that earns interest. Credit unions have fewer fees and are great for students.

22.  Use a free tool, like FinAid’s Student Budget Calculator or the one offered by Mint.com, to keep track of your finances. It’s harder to be frivolous when you see where your money is going.

23.  Never take out a loan for anything that’s unrelated to your education. 

24.  Don’t buy music. Use free services like Spotify or Pandora.

25.  If you can fit it into your busy class schedule, a part-time job is a great way to bring in some extra income and give y­ou some more flexibility with your spending

 

Read more:

http://www.fastweb.com/financial-aid/articles/3968-30-money-saving-tips-for-students

Hoyt, Elizabeth. "30 Money Saving Tips for Students." Fastweb.com. Fastweb, LLC, n.d. Web. 03 Dec. 2013. < articles="" financial-aid="" www="">.< />