10 Ways to Save Money in College
Posted on Saturday, December 5, 2009 by Erica DeVal in Features
With the economy in decline, college students are exploring different ways to save money and cut back on expenses. Most students don’t have problems with cutting back on tuition, with loans, grants, financial aid and scholarships, but most college students are having difficulties paying for the smaller things that come with college life.
1. Student and Employee Discounts
2. Buy in Bulk
3. College Meal Plans
4. Used Textbooks
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Used textbooks can be borrowed from friends or ordered from various Web sites and are much less expensive than new books. Photo by Erica DeVal.
Used textbooks can be borrowed from friends or ordered from various Web sites and are much less expensive than new books. Photo by Erica DeVal.
Perhaps one of the most simple ways to save the most money during your college career is to buy used textbooks. According the National Association of College Stores (NACS), college students spent an average of $488 per year on their textbooks for the 2008 school year. The NACS also reports that the majority of students (64 percent) purchased their books in campus bookstores compared to the 18 percent who went online to purchase their textbooks. More and more students are turning to used textbooks for their college education instead of purchasing brand-new ones. Web sites such as www.amazon.com and www.campusbooks.com are among the most popular for students searching for used book bargains. The campus book store site even allows students to sell their books back to the Web site. Another site, ISBN.nu, allows students to compare prices of books on various Web sites. Don’t feel like purchasing online? Ask around! Chances are you have friends and relatives who have recently been in college, so take advantage of borrowing books for free! You’ll appreciate that extra $488 in your pocket after each school year.
5. Avoid Daily Expenses
Feel like you can’t live without that daily mocha cappuccino from your favorite coffee shop? Do you absolutely need your vending machine fix in between classes? All of these little daily expenses can add up. Purchasing a coffee averaging in price between $2.50 and $3.50 each day can add up to $2,000 after four years of college life. Instead, buy your own coffee maker to keep in your dorm. For around 40 dollars, the cost of roughly 13 days of a $3 cup of coffee, you can purchase a nice coffee maker (even one with a program option for those early morning classes). Please, spare the paper and plastic cups. Do yourself a favor and buy an insulated mug (or just “borrow” one from your parents) that can be reused. If you buy your coffee grounds and creamers in bulk, you’re also saving money. As for the vending machines, Sam’s Club, Costco and even regular grocery stores sell many of the classic vending machine foods in bulk.
6. Bottle it Yourself
Water bottles that are able to be refilled like the one above can be bought for under $20 and are a much cheaper alternative to bottled water. Photo by Erica DeVal.
Cutting back on bottled water is probably one of the easiest ways to save money while in college. I’m not advocating dehydration or drinking less water at all, but by purchasing a reusable water bottle you save a ton of money just by refilling it yourself. Most of these environmentally friendly reusable water bottles cost less than $20 and can pay for themselves in less than a month of purchasing bottled water. And studies show that tap water is actually safer than bottled water because it is regulated.
7. Bank Smart
As a college student it’s extremely important to set up a good financial basis for the future. Make sure that your bank doesn’t have hidden fees attached with checking accounts or the use of online banking. Bank of America probably has the best set-up for college students. Their checking account charges an initial deposit of $25; once that is paid there is no minimum balance. By opening a checking account Bank of America also will enroll you in their “Keep the Change” program for no additional charge. With this program, each purchase is rounded up to the nearest dollar and the difference in change between what you paid and the rounded price goes from your checking account into a separate saving account.
8. Clip Your Coupons
Clipping coupons isn’t just something you’re parents and grandparents do. With the declining economy the practice of cutting out and using coupons has become more popular among college students. The best part is, you don’t have to go absolutely coupon-crazy to enjoy the savings. Stores like Bed Bath and Beyond and Bath and Body Works are consistently sending out coupons to those on their mailing list and most coupons of retail stores have codes that allow customers to take advantage of the promotions when ordering online. Think it’s extremely annoying when the cashier asks you for your phone number or email address at check-out? You might want to think again… by giving this information you become a part of the company’s mailing list and receive coupons. The number of colleges who have an actual coupon book filled with discounts for local retail stores and attractions is also on the rise. Some universities give these to students free of charge while others require students to pay a fee for their coupon book. Before buying the book, browse through it to make sure you’re actually going to use what is in it. If you’re not going to save more than you spend on it, it’s not worth buying. The Student Advantage Discount Card is also becoming popular. For a fee of $20 per year, the card allows you to save up to 50 percent on top brands and retail stores across the country.
9. Embrace the College Diet
Safeway brand Raisin Bran cereal, Food Lion's brand of macaroni and cheese, and Superfresh's oatmeal are cheaper alternatives to brands like Kellogg's, Kraft and Quaker. Photo by Erica DeVal.
Yes, there is a way to battle the “Freshmen 15″ and do it on a budget. As for breakfast, stick to oatmeal. It’s one of the cheapest breakfast foods and the most nutritional. Not only does it help lower your cholesterol and reduce the risk of heart disease, it also comes in a variety of flavors and is quick to prepare. Cereal is also fairly reasonable in price but when purchasing look for sales, store brands and coupons to save extra money. Ramen Noodles, macaroni and cheese, and frozen pizza are perfect low cost foods for those late night study sessions. Limit eating out, ordering takeout or buying fast food to once a week if it’s not on your college meal plan. You can easily save at least $10 a week by simply cutting back. Do Mom and Dad love sending you care packages every month? Put in some requests for the food you need: they can’t buy the food you need if they don’t know what it is!
10. Entertain on a Budget
Going out with friends or family doesn’t have to be expensive. Want to go see a movie? Try going during the day for a cheaper ticket and stay away from purchasing popcorn, sodas and candy from the theaters. A less expensive alternative than going out for a movie is renting a movie from a Redbox kiosk. For just one dollar you can chose a DVD to rent from one of the 600 movies housed in each kiosk. If you’re going out to eat, try buying big entrees to share! Most restaurants give a larger proportion than one can eat so you’re bound to have plenty for two. Want your own dinner? That’s okay too, just be sure to take home the leftovers to store in your dorm’s mini-fridge. If your throwing away perfectly good food that you bought, you’re throwing away your money.
A good, practical post to help our students. Some of these habits will help them develop habits to meet the financial challenges facing them when they leave school.