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How To Save Money In College

How To Save Money In College

This blog was written by our guest blogger, Jared!

Most people think that the only way to save money in college is to skimp on food and housing. But there are plenty of other ways to save as well! Making smart decisions with your money will make or break your college experience. In this post, we'll share some tips on how to reduce your expenses without making any big compromises. When you’re informed, saving money isn’t so hard. So read on and start saving today!

 

  1. Avoid brand new textbooks! College students often spend lots of money on textbooks that they will not use after they complete the semester. Before breaking the bank at the campus’ bookstore, do your best to borrow textbooks from the school library. Textbooks can sometimes be rented on Chegg and other educational services. If you must purchase a textbook, try to buy them used, as you will not use them after the course is completed.
  2. Utilize your student ID! Educational institutions normally have partnerships with multiple companies. These partnerships allow you to claim discounts as long as you’re enrolled in a college or university. Student IDs give you leeway at restaurants, grocery stores, clothing stores, electronic companies and other establishments that are essential to student progress. Always be sure to inquire about the discounts before you pull out your wallet!
  3. Focus on your studies! Every extra semester spent in a post-secondary institution is an additional lump sum of money that you will have to loan or pay out of pocket. Stay motivated and organized in order to excel in your classes.
  4. Apply for scholarships! A lot of scholarships may be offered to students regardless of GPA. Depending on your situation you might even be entitled to a bursary. Earning scholarships and grants will assist you in the long run, any addition to your current financial situation would be a positive.
  5. It’s never too early to start investing! Any money that you have no plans for can be used to invest. Discuss with family or close friends about opening a high interest savings account or a Tax Free Savings Account (TFSA). Making residual income while in college will make things easier for you once you graduate.
  6. Be mindful of your data usage! Going over your data allowance could have you paying way more than you’re used to. There are over usage fees that a lot of companies charge their users. Constantly going over your allowed usage will add up in the long run.

 

Do your best to work and save money in between school years. This will lower your blood pressure as we know school is stressful enough and even worse when you don’t have money. Although there’s not one specific formula to save the most money. These are general ways to help you glide through college without breaking the bank.

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