How to Properly Pinch Your Pennies While in College

Stuff for your new dorm room or apartment: $200

Textbooks: $600

Tuition: $20,000

Student Loans: $10,000

Saving money while in college: IMPOSSIBLE?

As college students we are constantly shelling out the dough—be it for tuition, textbooks, a new futon since your roommate contaminated your last one or another round of drinks at the bar. We are the credit card company’s favorite demographic to target, and they constantly come calling, offering a free footlong when you sign up for one of their credit cards. That same credit card that is mysteriously maxed out by graduation day.

In fact, according to the National Center for Education Statistics and the Nellie Mae research firm the average student finishes college with a credit card balance of $2,748 tacked on to an average $10,000 in student loan debt! Credit cards, skyrocketing tuition rates, mounting student loans and the constant need for money, coupled with little time to hold any kind of well-paying job, can lead college students down the road toward a lifetime of debt. So, what kind of steps can we college students take to actually *gasp* save money while in college?

Check Yo’self!

The key to keeping your spending in check is to draw up a budget. First, list your sources of income. Next, factor in your monthly bills, i.e. cell phone, utilities, car payment etc. These are the priority bills that you can’t go without paying. While taking your bill total into consideration, allow yourself an amount for other necessities such as groceries and other daily expenses. Lastly, draw up an amount to spend on less necessary things like manicures, shopping or nights out with your friends.

Make the cut!

Take a look at where your money really goes during the week. Sure you pay bills and feed yourself , but what other incidentals could you nix from your burgeoning budget? Think about how much money you spend on Starbucks per week. Consider this: six lattes per week at $3.05 a piece. That’s $18.30 that could have easily been slipped into a high-interest savings account. According to Debbie Fowles, author or 1000 Best Smart Money Secrets for Students, smoking comes in as the most expensive habit. In fact, at $3.50 a pack, a pack-a-day habit can total well over $400 a semester! Is it really worth it?

Get Used!

College is a great time where no one will judge you for having a couch from the Goodwill (covered in stylish pillows, no doubt!) and a kitchen table from the Salvation Army. Simple touches like a good coat of paint or a fabric slipcover can turn furniture from second hand scary to super chic in minutes.

Also, go for used books! Used books often have important passages highlighted or useful notes scribbles in the margins and can run for less than half the price of new books. Try searching sites like www.craigslist.com, www.collegeclassifieds.com or www.half.com for bargains. Step to the other side of the counter and post items for sale online or try selling stylish clothes and accessories to consignment shops. Taking a class with a friend? Try sharing an expensive textbook.

Also, make a point to sell your used textbooks back to the bookstore at the end of the semester. You won’t get back the full cost but in college, but something is better than nothing right? Commit to putting your buyback money toward the next semester’s books or into a savings account. Book prices still stressing you out? Check your school’s library for the books you need and continue renewing the book until the semester is over. Many schools allow this so long as no one else is requesting the book. If you can’t find them at your school, you may be able to order them from another library…for FREE!

Studying + work = money???

Fowles suggests looking into work-study programs at your school. Often times departments are in major need of behind-the-scenes help and will even pay your for your time. Work study hours are often more flexible than those of an off-campus job. Signing up as a tutor can also offer flexible hours and great pay. Check your school’s learning assistance center for openings. Still worried about working during school? Consider upping your summer work hours. Seek out a job that allows for overtime or tips and start stacking up the cash before the school year even begins.

Embrace a part-time position

Taking a part-time job on campus can be the perfect solution to a measly bank account. Check with your campus employment office or website as soon as your arrive on campus. Consider applying in person if listings are scarce—not all are posted, Fowles says. Prime part-times to look out for? The campus bookstore for great textbook discounts or the library for quiet study time during your work hours.

Cut coupons…and cost!

Sure, your grandmother does it, but clipping coupons can save you a ton of money at the grocery or drug store. Pick up a Sunday paper and clip coupons for products you already use or need. Clipping coupons for unneeded products will just leave you with a mess at the register. Keep them together in a baggie, or for the super organized, a mini accordion folder. For added savings, buy store brands and if possible, sign up for the store’s savings rewards card at the customer service desk and save each time you shop! Or, check our sites like www.studentadvantage.com
where for $20 per year, students can sign up for a savings card good on things like bus tickets or that Urban Outfitters sweater that you just couldn’t live without. It’s okay, we understand. Check it out and save!

Chow down on the cheap!

Instead of noshing on vending machine food between classes stock up on bulk goodies at stores like Sam’s or Costco and bring bagged snacks to class. Carry your own refillable water bottle and avoid buying overpriced bottled water when it’s FREE from the water fountain. Stock up on inexpensive, store-brand powdered juice singles for a cheap alternative to that $3 Sobe. Also, consider taking a part-time job in food service at your school. Sure, it may not be glamorous, but perks often include free meals during your shift or a discounted meal plan.

Make your ID do all the work!

Try presenting your student ID at movies theaters and restaurants for discounts. Many entertainment and travel outlets offer discounted pricing for students.

Set some aside and save!

You may feel like you have hardly any extra money but that may only be because it seems to eat a hole right through your pocket. Consider opening a savings account with your bank. Many banks offer savings accounts specifically for college students with low minimum balances and automatic monthly deposits by way of your checking account. For example, say your job pays you on the 20th of every month. You could set up a checking account which will automatically deduct $25 (budget permitting) from your checking account on the 21th and then deposit it into your savings account. Before you know it you’ve saved $300 in one year—while earning interest!

Attempting to save money while still in college can seem like a daunting task—but it doesn’t have to be. Take small steps toward a boost in your bank account now will only help to secure your own financial stability in the long run. You know it’s worth it.

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