Save Money As a Student

With modern students racking up loan debt and paying rent along with any other bills, it's important to save money any way possible. There are a number of small and often exciting changes you can make in life to keep your pockets full. Spending and saving money wisely is possible no matter who you are.

Steps

Cutting Out Inessentials

1. Avoid eating out. Whether it's at fast food chains or upper-class restaurants, the cost of eating out is greater than that of cooking at home.
   • Limit eating out to special occasions like birthdays and anniversaries.
   • When you're eating out on a small budget, fast food is your best bet. Although it is less healthy than other options, you will get a lot more calories for each dollar you spend.
2. Turn off lights and unplug electronics. You will always be using less energy (and less money) turning lights off and keeping them off.
   • Walk through rooms before leaving your house and turn off all the lights. Unplug minor appliances that don't need to stay wired (coffee makers, toasters, phone chargers).
3. Use freeware. Freeware is free software. Many commonplace (and expensive) apps that students depend on or use regularly, have free versions online. Before investing in any software, be sure to look for available freeware versions.
   • Open Office is a popular and effective freeware take on Microsoft Office. Office also offers Office Online.
   • ClamWin is a quality antivirus program available free of charge.
   • Bit torrent programs give you access to endless movies, shows, music artists, and programs.
   • Audacity is a free program for simple sound editing. Any students involved in media in any way would benefit from this.
   • PDFCreator is a freeware version of Adobe Acrobat.
   • TurboCASH 5, and GnuCash are both free substitutes for Quicken and other accounting software.
4. Use video chat apps or email instead of calling. To lower your phone bills, you can cut long phone calls out of your routine. Replace them with video chatting and emails.
   • Software are available such as Skype, CamFrog, Facetime, and ooVoo that enable video/audio chatting as well as text chatting.
   • Web-based clients for video chatting are also freely available. Check out Skype Web, Google Hangouts, Facebook video chat, AnyMeeting, and TinyChat.
   • Video chatting gives another element of communication: body language. Enjoy seeing the smiles on your friends' and families' faces.
5. Don't use ATMs with a surcharge. ATMs in convenience stores, and generally any bank that is not your own, will charge anywhere from $1 - $4 for using their machine. Plan wisely; if you need cash and don't have any, take time to find a branch or ATM of your bank.
6. Quit the gym. Physical exercise is an important and healthy part of everyone's lives. However, gym fees are not. Spend time running, biking, swimming, and doing floor exercises like push-ups and curls. Invite your friends to join. This way you still get your exercise and don't have to spend $100/month to use weight lifting equipment.
   • Some gyms and yoga studios offer work-study positions. You can work a small amount of time each week in exchange for free access to classes and space use.
   • Look on Youtube and other video streaming sites for yoga, qi gong, tai chi, and full workout routines to follow along with at home.
7. Cut cable subscription. The average monthly bill for an expanded basic cable plan is $64. That is a cost you can cut out entirely and put right back into your savings account.
   • Streaming services like Netflix, HBO Go, and Hulu offer a wide variety of TV shows and movies at a considerably lower price.
   • Spend more time reading as a replacement for watching TV and movies. You can get a library card and read at zero cost.
8. Change your phone plan. Sometimes phone plans have hidden fees and extra features that we don't truly need. Consider cutting out features that you don't use, or could live without.
   • A number of single-line and prepaid phone plans are available to save money.
   • Join or stay in your family's phone plan. Often times it's less expensive to join in a family account. It's possible that your parents will pay the bill. But even if not, you will have saved some money by chipping in your share to them.
9. Cut out impulse purchases. Walking inside stores or down avenues full of shops can drive you to buy last second treats. These impulse purchases, if they become a habit, can slowly chip away at your savings. Stop before you buy anything and consider how many hours you would have to work to pay for it.
   • Always consider the money you have and what you really need to be able to pay for, before going through with any impulse purchases.
   • When you see something you like and want, make yourself wait at least one hour, then one day, then one week. Putting distance between yourself and your urges will often lead you away from impulse buying.
   • Don't buy nonreturnable items.
   • Leave your debit and credit cards at home so you don't have access to money.
   • Don't buy things just because they're on sale. It might end up being unused in just a few months if it's not really something you need and/or want.

Changing Habits

1. Cook your own food. The cost of eating out or ordering in piles up quickly. Cooking your own meals will keep food costs lower. It will also teach you a valuable skill and create opportunities for connection with your friends and family.
   • For breakfast, try cooking hash browns, scrambled eggs, breakfast burritos, and quiche.
   • For lunch, try your hand at tomato soup, sausage with cream of mushroom soup, grilled chicken and apple sandwich, or caesar salad.
   • Simple dinner meals include stir fry, crockpot lemon chicken, meatloaf, and vegetarian chili.
   • There are many websites online with thousands of cheap, healthy recipes just for students. Use the recipes you learn as a basis to cook other kinds of food.
2. Don't shop on an empty stomach. If you go into a grocery store hungry, you may be more liberal with what you buy. "His eyes were bigger than his stomach...or his wallet," is a phrase that comes to mind.
   • Eat a small snack if you haven't had a meal recently. This will make you less likely to buy everything that looks tasty.
3. Take advantage of events with free meals. Many universities have regular academic events that offer an included breakfast, lunch, or dinner. These could be anything like poetry readings, career fairs, and alumni advisory meetings.
   • FreeFoodFinder helps students find free food around college campuses across the US. Check to see if there are any associations/websites that do the same thing for your school/town.
   • Don't be afraid to eat your fill. It will most likely by inappropriate to fill your pockets with baby carrots and broccoli, but it's acceptable to eat a full plate.
4. Drink at home. For those students who want to drink alcohol, the same rule of thumb applies. What you could do at home will be cheaper than what you do outside. So before you go out (or in place of partying at clubs/bars at all) pre-game at a friend's or your apartment.
   • Bars often charge high prices for all of their beverages. Grocery and liquor stores can sell you alcohol in larger quantities and lower prices.
   • If you do go to a bar, follow these rules: drink at happy hour, order beer, eat before you go, use deals (e.g. Groupon), and only bring a certain amount of cash as a limit.
   • Cutting alcohol out entirely will save you even more money. In addition, detoxing from alcohol increases your overall health and saves you from a number of negative health effects.
5. Stay at home. Many students may want to go to bars, movies, concerts, and any number of paid events to have fun. While these experiences may be enticing, they are also a drain on your wallet. Spend your free time at home or with friends instead and save money.
   • Instead of going to paid events, practice any creative passions or hobbies you may have.
   • Read your favorite authors and the archives of blogs or websites you really enjoy.
   • Take care of small responsibilities like clothes that need mending, organizing, writing letters, clean your house, look over your finances, and determine your most important goals.
   • Host potlucks with your friends to save money and enjoy friendship and community.
   • Go to open mic events for free entertainment.
   • Write a gratitude list, go for a walk/hike/bike ride, volunteer, make gifts, play around with your look (hairstyle, clothes, etc.).
6. Ride a bike. This will cut your transportation fees and improve your health at the same time.
   • The average cost of owning a car in 2012 was $8,946. Maintaining a bike cost $308.
7. Use public transportation. Many cities have a subway system and public buses that you can ride for a small fee. This will save you money on gas and the costs of car up-keep.
   • Get a commuter pass if you know you'll be riding the buses and trains often.
8. Save on gasoline. If you drive a car regularly, use the lowest octane gas that is recommended for your car. Also, make sure the tires are always at proper pressure, and keep your engine tuned. This can save you $100 on average every year.

Spending Smart

1. Buy textbooks online. Students throughout the US complain that high textbook costs are a major burden on their finances. This can be avoided to some extent by hunting for better prices online.
   • Sites like Amazon, Chegg, BigWords, AbeBooks, and DealOz can help you with book price comparison and purchasing discounted or used books.
2. Buy clothing from thrift stores. Thrift stores sell used and donated items at prices far below retail stores. Going here to add anything to your wardrobe is an easy way to save money.
   • It can take time to find the right clothes in thrift stores among all of the donations. Take time to peruse what's available until you find something you really like.
   • Make an activity of it and go thrifting with friends so it is even more fun.
   • Ask other students about which thrift stores in your city or town have the best clothes. Often different thrift stores have a reputation for having more of certain kinds of items (clothes vs. electronics, etc.).
3. Buy groceries from low-income stores. Wholefoods and the like have a number of wonderful products, but simply aren't affordable for people on a budget. Search for any low-income stores in your city or town (i.e. Aldi) and shop there.
   • As organic and non-GMO products are becoming the norm, even low-income stores can offer high quality foods.
4. Buy groceries in bulk. There are a number of bulk product stores around the US. Consider investing in a membership to save on buying food in large quantities.
   • Even if you don't join a bulk store, you can still buy food communally. If you have roommates or live with family, pool your resources and buy food for everyone in single purchases to save money.
   • For foods with long shelf-life (pasta, grains, canned goods, etc.) you can save a lot of money by buying them online. A number of online food stores exist with prices below retail like Thrive Market.
   • Likewise, any vitamins you may need can be found at discount online.
   • With any online purchases, be sure to look for digital coupons with a simple search engine query.
5. Buy frozen foods. Frozen food can keep for a long time and can also save you money. Research shows that you can save up to $600 a month buy choosing frozen meats, fruit, and other foods over fresh.
   • Snacks, vegetables, fruits, breakfast foods, entrées, deserts, and drinks are all available in frozen form.
6. Buy generic brands. This applies to groceries and medicine. Stores and pharmacies often have generic or store brand versions of anything made by brand name companies.
   • Studies show that experts often buy generic brands more often than your average shopper. That is to say, Pharmacists bought generic medication more often, and chefs bought generic brand foods more often.
   • Ask your pharmacist if they have generic version of your prescriptions before making any purchases.
7. Live in house shares or apartments with roommates. Renting studio apartments as a student can be a huge expense. Look for people you would be comfortable living with and search for cheap apartments together. Splitting the cost of rent between two to four or even five people can save you a lot of money each month.
   • Make sure that you choose responsible, trustworthy roommates.
   • Talk to the landlord of any building you're considering living in and read over the lease. Look for any additional costs like security deposits or paying first and last month's rent.
8. Take advantage of student discounts. Many businesses in and around colleges offer discounts to students. Be on the lookout for these and use any opportunity to benefit from your status as a student.
   • Movie theaters, bars, restaurants, and exercise centers among many other businesses offer student discounts.
9. Reserve travel plans long in advance. The longer in advance your buy plane, train, or boat tickets, the more likely they will be at a lower price. Also be sure to run comparisons between all different companies offering tickets. There are a number of websites online like Kayak and Skyscanner that do this for you.

Providing for Yourself

1. Grow your own food. One study showed that you can save $308 annually by growing your own food. On top of that, you can grow organic produce for less than it costs to buy it regularly from stores.
   • Since growing your own food takes more time than the average student has, consider joining a community garden. It's possible to put in hours on a local food farms and reap the benefits yourself.
   • Less time passes between when food is harvested and when it's eaten with home gardens. This mean higher nutritional value for your food.
   • Growing your own food is good for the environment as it reduces the number of trucks driving long distances from farm to store.
2. Sell back old textbooks and clothes. If you're no longer reading or planning on teaching or learning from your books, they can be a nice addition to your savings. Likewise, if you have grown out of clothes, or don't need them anymore, consider selling them to bulk up your savings account.
   • Amazon will buy back many different books. If it's most likely to sit unused, consider making profit; textbooks are surprisingly valuable.
   • Ebay is an easy market to post clothes for sale. Stores like ASOS and refurbished clothing stores (higher grade thrift) will buy back clothing they think is worth it.
3. Get a job. Although being a student entails a lot of studying, it's possible you will have enough time for a part-time job. Consider your interests and current studies when looking for work. This could be an opportunity for savings as well as advancing your future.
   • Food industry jobs offer the potential of free food depending on your employer.
   • As a student you likely have a unique knowledge set. Consider tutoring or teaching those younger and less experienced than you.
4. Get paid for part time gigs. Outside of the traditional realm of employment are one-off jobs. This is anything in the realm of online surveys, paid medical experiments, and manual labor. Look through craigslist for gigs in your area to see if you can pick up some extra cash.
   • Donating plasma, blood, and semen are other ways to make extra money.
5. Trade skills, goods, or services with others. Do you know someone who can do something or makes something you want? Consider what valuable skills you have. Start a conversation with them and see if they would be open to trading skills or goods.
   • Remember to consider the things you're learning or have learned as a student. Freelance tutoring websites offer you a platform to advertise yourself to potential students of your own.

Balancing Your Funds

1. Open a checking and savings account. If you haven't already opened one of these, it will be an important step in beginning to save money. Research different banks in your city and the types of accounts they offer. Ask for complete details about any fees or costs that are associated with each account.
   • Oftentimes banks have student checking account options that have zero account minimum.
   • Put money earned into your savings account first so it is not immediately useable on your debit card.
2. Pay yourself first. Each time you receive income from jobs, put a portion in your savings account. It may not be more than $10 or $20, but over time it will add up.
   • When it is time to pay monthly bills, rent, utilities, etc. consider writing a check to yourself as well, deposited in your savings account.
   • Employer's can set payroll up to deposit a portion of your check into an account every pay period. Making your savings automatic will help you stay committed to building up available money.
3. Make a budget. Calculate how much income you make each month after taxes, and how much money you receive from other sources (scholarships, loans, parents, etc.). Now calculate your fixed expenses (rent, utilities, bills, etc.) and your flexible expenses (food, clothes, experiences, etc.). If your expenses are greater than your net income, you need to consider what purchases are less important, and what you could cut out, or spend less on in the course of a month. In this case you may also want to consider how else you could bring in more money.
   • Once you've written a budget and understand how much you can afford to spend in a month, stick to it. Challenge yourself to stay within those lines for at least one month and look at how much you were able to save.
   • If your parents or anyone else are providing you with money, involve them in the process. Make sure it is clear how much each person will be providing and where the money will go.
4. Make a needs vs wants list. This will help with your budget. Wants are things you enjoy but that aren't necessary for your health or safety. So things like movies, eating out, nice cell phones. Needs are life essentials: food, clothing, shelter. Write out a list in two columns or wants and needs. Honestly breaking it down this way will give you a better appreciation of what you spend your money on.
   • Before you buy anything ask yourself "Do I need this, or do I want this?"
5. Use credit cards only when you can pay the bills. Credit cards can be a quick way to stack up debt and send you away from the goal of saving. Avoid this by making sure you can afford everything you use it to buy. Pay off your bill at the end of each month.
   • Starting to do this earlier on will help you establish good credit.
6. Talk to your school career and/or financial advisor. Many universities have individual advisors that can talk to you about budgeting, saving, and establishing yourself financially. Check out your school's resources and schedule an appointment to start learning about how to save money.

Related Articles

• Save Money as a Kid
• Save a Lot of Money As a Kid, on Your Own, Without Using a Bank Account
• Earn and Save Money
• Get Children to Save Money
• Save Up a Lot of Money for a Holiday (for Teens)

Sources and Citations

See also

• Save Money as a Kid
• Budget Your Money As a Teen
• Save a Lot of Money As a Kid, on Your Own, Without Using a Bank Account
• Save Money for Teenagers
• Save Money for Something Big As a Teen
• Earn Pocket Money