College tuition is getting more expensive every year. With enlarged administrations and increased regulatory requirements to ensure accessibility, colleges are consistently increasing the amount that they’re charging students. Additionally, inflation and the current economic climate keep raising prices on many of the school supplies that students need to succeed in the classroom.
Nevertheless, for students, college remains an opportunity to improve their job prospects and open up new opportunities to careers that will help their dreams come true. If you’re in college or going back to finish a degree, the question isn’t “Should I?” but rather “How will I afford this?” Fortunately, there are several ways that you can save money or cut costs and minimize the amount that you spend on college.
The 26 Best Budgeting Tips
These tips are designed to save you money during college, but many apply to any situation in life, so follow this advice to make the most of your dollars.
- Track Your Expenses – The hardest money to save is that which you can easily forget about after you spend it. Use an app or spreadsheet to track your expenses.
- Make a Budget – Likewise, plan what you’ll spend so that it’s always less than your income.
- Consolidate Debt – Student loans often have lower interest rates than credit cards, so if you get financial aid in college, you may be able to save money on interest payments by paying with a tuition refund.
- Pay the Interest – Make sure that you are paying down the interest on any student loans you have. The financial providers will not require this, but it can save you thousands of dollars in the long term.
- Prioritize High Interest – You should target your highest-interest debts first and clear them away. Make a bit more than minimum payments across the board, but pay down any credit card or unsecured debt to minimize your interest payments each month.
- Use Cash – Cash is harder to track than digital currency, so withdraw the money you’re comfortable spending as cash and let that be your “fun money” budget.
- Live at Home – Whether you own or rent your own home, student accommodations are generally more expensive (and less private), so don’t consider using student housing.
- Avoid the Meal Plan – It’s better to handle your own food needs, even if there are convenient cafeterias and snack shops on campus.
- Cook at Home – Instead of going to restaurants and fast food, cook your own meals at home and visit the grocery store to get the tasty snacks you want.
- Get Student Discounts – You’ll unlock many discounts at random places, such as movie theaters and Amazon, so make sure to use your student credentials.
- Take Community College Classes – Many credits that you’ll need for your degree can be taken at less expensive community colleges. Your college will likely accept these credits, so consult your college to see if they’ll transfer the credits and help you save thousands.
- Study Well – Good grades can earn you discounts on private student loans, open up scholarships, and potentially earn you other credits.
- Work Around School – You’ll likely need to keep a job, so fill what time you can with working and schedule your classes accordingly.
- Avoid Cable – You can get most of your TV needs met online these days, so cut out the cable bill.
- Switch to Just a Cell Phone – If you haven’t already, ditch the landline and use only your cell phone.
- Coupons – Browse the coupon clippers to see what savings you can get at local stores.
- Clearance Buys – Different stores will run clearances on items, and this extends to all your needs, such as clothing, groceries, and supplies.
- Use Rewards Cards – When you need to use a credit card, make sure to use a card that will get you points or cash back.
- Know How Rewards Work – If you have multiple points cards, you’ll find that some will give you more points at certain places, such as gas stations, so use the right card for each purchase.
- Share with Friends – Many big purchases are used infrequently (such as lawnmowers and specialty tools), so you and some friends can share and maintain a single set to save a lot.
- Meal Exchange – Another area that many individuals and families encounter is food going bad. If you have a habit of tossing leftovers, exchange meals with friends or neighbors to avoid waste and save money.
- Search for Free Events – Entertainment expenses grow fast, so search for free entertainment, both on and off campus.
- Yard Sales – If you have a bunch of clutter around your house that works but doesn’t add to your life, run a yard sale a few times over the spring and summer to make a little extra money.
- Cut Down Subscriptions – Most people have picked up a few recurring expenses over the years. Check your emails to see what you might be paying for.
- Track Your Credit – Even if you’re not a victim of identity theft, keeping track of each expense can help you discover things that are dragging down your finances.
- Say “No” to Impulse Buys – A surprising amount of money gets spent on splurges or quick shopping without consideration. Tell yourself “no” when you feel the urge to buy something, then see if you can come up with an argument stronger than “I want it” to justify the purchase.
If you follow all these tips, you will plant the seeds of savings that will help your financial situation for many years to come, both during and after college.