Are you struggling to save money in college?! Saving money at college is challenging but not impossible! We all have been there…
College is the time when most of us go away from our families to different cities or even to different countries for higher education. Different cities mean we live in hostels or rented houses which adds up to the spending.
When I was in my first year of college, I used to spend most of the money on food from the college canteen and was wondering where all my pocket money was going! Canteen foods are a bit expensive though!
Well, I controlled myself and restricted myself to some rules. That’s how I controlled my habit of spending money in college. So, in this article, I am going to write about how to save money in college. There are actually plenty of ways to save money in college.
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How to save money in college
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1. Rent Text Books:
Textbooks are very costly. Before purchasing the new ones, try to get used textbooks from your seniors or even borrow from your library. You can also buy or rent used textbooks from Amazon or Chegg.
Textbooks will be at least used after your final exams. So it is always better to rent or buy used textbooks. This will save a lot of your money during your college days. You can also read some pages of a book for free on Google Scholar.
2. Sell Your Textbooks (If Already Purchased):
Already purchased the textbook? What will you do with it at the end of the year? You can sell your old textbooks on BookScouter for the best price.
It has more than 30 buyback vendors. All you need to do is to enter the ISBN number of the book and it will find the right price for your book.
3. Invest your spare change with Acorns:
Acorns round up the spare change from everyday purchases to the nearest dollar and move the difference from a checking account into an Acorns investment account. That money is automatically invested into a diversified portfolio.
Acorns make it easier to invest on a regular basis with tools like round-ups and recurring deposits.
Acorns portfolios are made up of several exchange-traded funds (ETFs), that include a diverse mix of investments with the goal of providing a smoother and stable ride for your portfolio.
Each Acorns portfolio is made up of six different ETFs ( an ETF is a collection of stocks or bonds ).
Start investing from your college days as this will help you to set aside cash for retirement automatically.
Start saving money with Acorns.
4. Work as a college student:
While being in college, you can explore your hobbies and interests. If you love writing, you can start working as a freelance writer.
If you love teaching, you can teach students on Chegg to make some extra income. If you have a grip on a particular subject (Maths, English, etc.), you can also work as a private tutor by teaching your juniors in school.
5. Sell Your Notes:
Thousands of people are looking to buy things that you already have! One of them is your class notes. You can sell your class notes on Nexus Notes and Stuvia.
Create your seller account and start uploading the notes. Every time someone makes a purchase, you will receive a commission.
6. Apply For Scholarships:
Based on your merit, you can apply for different scholarships. So, check out which scholarship are you eligible for. This will save a lot of your tuition fees.
7. Start a Side hustle:
In your free time, you can start a side hustle of your choice like blogging, vlogging, business startup, etc. It can be any of your hobbies. What if you can convert your hobby into a full-time profession?
College is the best time to get out of your comfort zone, take risks, and do something that you always wanted to do!
You can start your own startup business. Take risks. If you fail, you can continue with your job preparation. If you succeed, you don’t have to sit for job interviews further! Here is a list of side hustles that you can do in your spare time.
The founder of Save The Student, Owen Burek was in the first year of his college when he started his blog. Today he makes a full-time living from the blog! Take this as an inspiration. College is the best time to try something new since we don’t any responsibilities during that period of life.
8. Shop With Student Id:
Don’t forget to carry your student id outside the campus. There are so many places that offer special discounts to students on clothing or food. Many restaurants give discounts on meals. So, don’t forget to ask before you order food.
9. Split Membership:
You can always split membership of Hulu or Amazon Prime with your friends in college.
My friend and I used to share one Netflix account during our college days.
10. Save Money On Shopping:
Rakuten is a website that offers cashback on shopping. You will get 1% to 10% cashback on your favorite retailers like Amazon, Sephora, Nike, and many more!
Open your free Rakuten account. Shop like usual and when you spend $25, you will get a free $10 bonus deposited in your account.
11. Use Survey Junkie For Extra Cash:
Survey Junkie is a reputable website where you get paid for answering surveys. It pays $1-$3 per survey. You will get paid through PayPal or gift cards. You might not earn a lot of money through this method, but you can definitely get your morning coffee for free or get discounts from shopping by using the gift cards.
You can sign up on Survey Junkie for FREE. You won’t make a lot of money but you can definitely offer yourself free Starbucks coffee during the weekends!
12. Cook Your Own Food:
Instead of relying on the canteen food of college, learn to prepare your own food. Home-cooked food is more healthy and of course, it saves money!
For example, if you live in a hostel with your friends, you might get up late ( 10 minutes before your class), and run to the college canteen for a cup of morning tea or coffee! If you are one of them, try to avoid it in order to save a few bucks. Instead, get up early and make your own coffee!
13. Share Your Room:
If you are moving to a new state or new country for a college education, it becomes very expensive to live alone in rent. Try to share your room with two or three of your college mates.
14. Say “No” To Alcohol
Admit it or not, beer parties with friends during college events or weekends are a part of college life. But it can really add up to your expenses.
So, here were my thoughts on how to save money in college.
The Bottom Line
College life is one of the best times of our lives. It is the time when most of us go away from our families, to different countries for higher education.
It is the first time that we live away from our families and sometimes end up spending carelessly on unnecessary items. With time you will eventually get more disciplined and more responsible.
Last but not the least, don’t forget to enjoy your college life in order to save money in college!
College life gifts us with some unforgettable moments that we cherish forever.
It is okay to break the rules sometimes and go out to a movie with friends or have coffee from Starbucks with friends once in a while.
What do you do to save money in college? Share it in the comment section below!
