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Saving

Saving Money while in College

  • Set a budget and stick to it
    • There are several free budgeting online tools available to help you get started or you can create your own spreadsheet to help you keep track of your purchases. To help you set a budget, there are also additional resources available for that.
    • 50/30/20: Divide your income into these three categories appropriately. 50% needs, 30% wants, 20% savings.
  • Live like a college student/live within your means.
  • Focus on your studies and get the assistance when you need it. When you have to repeat a course – or courses – it actually costs you more in the long run when you have to pay for the course all over again. Federal financial aid has a limit and will run out so be sure to put your studies first!
  • Complete your FAFSA application each year.
  • Continue applying for scholarships, even after starting school.
  • Use your meal plan instead of eating out and incurring extra expenses. 
  • Use the campus amenities that are available to you (you are already paying for these with your tuition!) – fitness center, game room, sporting events, conservatory performances, club and organization events, etc. There are oftentimes day trips that are being offered that you can take advantage of and get off of campus for the day with travel being provided!
  • When applicable, buy used textbooks or choose to rent them. When buying, you can also choose to sell them back so other students can buy them used next and you can get some of your money back to use towards your next semester’s book purchases.
  • Reusable items vs Disposable: If you typically buy bottled water, consider getting a reusable water bottle and refilling it instead. Consider dish towels and inexpensive dishes instead of paper plates and silverware.
  • Consider being a Resident Assistant with Resident Life – these positions often come with a discounted housing and food option and/or a stipend. 
  • If your schedule allows you to, take up a part time job so that you have available spending money when needed or it can also help you to pay towards your tuition.
  • Look for discounts and money saving options instead of paying full price.
    • Use your student id for discounts where applicable – Amazon, movie theaters, museums, clothing and shoe retailers, and DoorDash are just a few examples of companies that provide a student discount. There are several offers out there for students so please take the time to look into these money saving options.
  • When free promotional goodies are available, take them – including pens, dinner invitations/vouchers, notepads, etc – this will help you to cut down on some of your additional expenses and stick to your budget.
  • Don’t use your credit card for purchases unless you absolutely have to or unless you have the means to pay those purchases off in a timely manner. Credit cards incur additional interest charges and typically will double the amount that you have purchased the item for. If you do use your credit card, try to have that card paid in full each month so that you do not incur those additional interest charges. Paying your credit card on time and in full will also boost your credit rating overall.
  • If you are able to, consider paying the interest on your student loans while in school.

Another great resource for working on your budget and preparing for those unexpected expenses can be found on the Student Aid website. https://studentaid.gov/resources/prepare-for-college/students/budgeting/budgeting-tips.