The Student’s Financial Toolbox: 70 Ways To Save Money At College

When you’re at college, it becomes more important than ever to find ways to save money. Here are 70 different ways that you can cut costs.

Course Books

Text books can be very expensive, but whether you like it not they are something you’ll just have to find the money for. However, the smart student won’t fork out for the full price! Here are some ideas on how to save a ton of money.

1. Buy them used - Check out your college bookstore for used books. You can also find used bookstores online.
2. Get them on eBay - Numerous books can be found on nearly every course imaginable.
3. Get them online - There are tons of stores that offer course books for a lot less money than the local stores.
4. Start comparing prices - There are numerous utilities available online that will help you compare prices from stores across the web.
5. Start networking - Campus Books currently has more than 8 million titles in stock.
6. Sell your old books - Don’t let this opportunity pass you buy. You can recoup a lot of money simply by selling the books you no longer need.

Accommodation

Living off campus is fun, but it can be a costly affair. Here are some tips to help you get a better deal.

1. Find a roommate - You may need to share an apartment for a while.
2. Search for a better deal - There are a lot of apartment complexes that cater to students, particularly in college towns.
3. Look for a furnished apartment - This is one great way to save a lot of money because all you have to do is move in.
4. Furnish on the cheap - If you can’t find a furnished apartment, go bargain hunting for furnishings. Ikea is a good place to start for new furniture. Local charity stores are also worth a look in.
5. Don’t let your bills slide - It can be tough to get your bills paid on time when cashflow is constrained, but it’s worse trying to study without lights.
6. Winterise your apartment - Heating costs can really get to you in the winter. Take the time to prepare your windows and doors for the cooler months with draught protectors and insulation where possible.
7. Turn off lights - It’s simple and it’s worth it. Just remember to turn off your lights and save big on your electricity bills.
8. Use VoIP - Long distance charges for calls back home can add up quickly. Use a service such as Skype or iChat to cut back on your phone bill.

Personal Finances

You may not have much to manage, but you need to pay attention to your personal finances. If you count the pennies, then you’ll be taking care of the pounds. Neglecting your personal finances during college years can also negatively impact your credit rating in later life, making it more challenging to get a mortgage, insurance or loans if needed.

1. Open your own checking account - This is an important step towards becoming financially self-aware and independent.
2. Put away that spare change - Every night, make it a habit to put your change in a jar. You will be surprised at how much you can gather up over the course of a few months.
3. Get a prepaid credit card - You’ll be less likely to overspend when you have a prepaid credit card because they work like a prepaid mobile phone, ie. you only have access to the amount you pay onto it up front. This means you are much less likely to become dependent on cheap credit and slide into debt.
4. Don’t let overdrafts take over your life - Keep a close eye on what you spend. Manage your bank accounts so you don’t get stuck with costly overdraft fees.
5. Go with a free checking plan - Little checks add up to big fees when you’re writing cheques all over town. Get a free account so you don’t have to worry about it.
6. Budget - Set up a budget and stick to it. There are lots of freely available financial spreadsheets available online where you can track your spending. Even better, use a personal budgeting application to manage your finances.

Debt Management

Once you’re in debt, it’s difficult to get out of it. Unfortunately students are extremely prone to taking on debt because of expensive tuition fees, a rising cost of living, frequent socialising and comparatively small income. Here are some tips on managing your debt before it gets out of control.

1. Only get one credit card - It may not be convenient, but you’ll be less likely to rack up a bunch of debt when you only have access to a single credit card.
2. Low interest rate cards - It’s critical that you look for a card that has a low interest rate on new purchases. Make sure it’s a fixed rate card so your rates can’t go up. Also stay away from cards that have interest penalties if you make a late payment.
3. Stay away from loans - Avoid applying for any loans unless you absolutely must! If you need a loan to make ends meet then either compare the market online or ask for help from an independent financial adviser who can recommend a suitably low cost bank loan.
4. Don’t be scared of credit counseling - If you’re already in trouble, get credit counseling before it gets even worse. Just make sure it’s with a non-profit organization who will not charge you for their services.
5. Be prepared & start saving - Start saving for your student loan payments now. Getting into the habit of saving early in life is very important.

Employment

In order to save money, you’re going to need to make money. Here are some tips on how to find a great job.

1. Become an entrepreneur - Find ways to make money on your own around campus. Set up a tech support shop or find little odd jobs to do around campus. Set up your own social network, like facebook. http://www.entrepreneur.com
2. Write Resumes - This is a great way to make extra cash if you have a flair for writing.
3. Look at your local opportunities - Lots of jobs are also available in college towns.
4. Food service jobs - They’re not the greatest, but you do get free food.
5. Give blood or plasma - This is a real extreme measure, but it works.

Travel

Everyone loves to travel – here’s how to save money doing it.

1. Look online for great deals - You can save a ton of money by shopping for the best deal online.
2. Start a carpool - Carpool with other students going to the same place. Plus, you get the benefits of a real road trip.
3. Travel in groups - Bunk in with other students on a trip.
4. Avoid the crowds and save - Visit during the off season. It’s not as much fun, but it is cheaper.
5. Go by bus - It’s not glamorous, but it’s cheap.
6. Skip spring break - Not much fun, but you’ll save a lot of money.
7. Go by train - It’s a step up from a bus and a lot more environmentally friendly!
8. Get a student discount card - Most companies offer discounts to students. With a discount card, you’ll always be able to take advantage of them.
9. Drive instead of fly - It will take longer, but it may be a lot cheaper.
10. Use frequent flyer miles - If your parents have a lot of miles, make use of them the next time you need to go home.

Socialising

Who doesn’t need to kick up their heels a little? Here’s how to do it and save money.

1. Avoid going out every night - It’s just too costly.
2. Find things to do that are free - Get some sleep, spend time chatting with friends or enjoying a sport.
3. Stay in for a game night - There’s no shortage of board games that can provide a great night of entertainment!
4. Look for clubs with special savings nights - Some stores near universities will have evenings especially for students with steep discounts.
5. Go to a matinee instead of the main feature - Cinema tickets are much cheaper during the day and you’ll get better seats.
6. Hold a movie night in instead of out - Get your friends round with their DVD collection.
7. Set up a drama club and make your own movies - Sounds like fun, gets you out and about with friends.
8. Hold a YouTube night - There’s all sorts of things to view and discuss on there.
9. Listen to free music on MySpace - Lots of up and coming bands use social networks to seed their music to the masses.
10. Start a book club.

Food

Everyone’s gotta eat, here’s how to do it cheap.

1. Brew your own coffee - Starbucks really adds up. Actually, most chain coffee shops are quite expensive.
2. Try a generic brand - They’re a lot cheaper and are quite often exactly the same as their branded brothers.
3. Shop at bargain stores for cheap food - Wait until you have some money before splashing out at the local deli!
4. Ramen noodles - They’re a staple, they’re cheap and reasonably healthy.
5. Cook your own food - Skip fast food and eat in, it’s a lot cheaper and you actually learn something.
6. Hold a dorm potluck - They may be corny, but they’re good fun with friends.
7. Clip coupons - Tried, true and effective. Coupons are a great way to save money on food all year round.

Computers, Software and Other Tech Gadgets

You’ve gotta have them, but here’s how to save money.

1. Buy at auction - eBay is the best place to get computers and everything else that you need cheap.
2. Compare prices from multiple stores - Shop around town to see which store has the lowest price. Use one of the many online price comparison sites.
3. Try lay-a-way - It takes a little longer, but you’ll get what you need.
4. Set up a communal laptop - If you’ve got roommates, you can share the cost on a nicer laptop.
5. Take advantage of student discounts - Numerous companies offer educational discounts on expensive software packages especially for students. Microsft offer big savings on Office and Apple even have an online education store.

Everything Else

Anyway you look at it, there are ways to save money on nearly everything you do.

1. Online gas price comparison - Find the best gas prices in town.
2. Craft your own gifts - Make your own holiday gifts instead of spending money on them. People will appreciate the effort!
3. Shop online for your school supplies - It’s usually a lot cheaper and the service is typically fast.
4. Hold off on a car - Use public transportation as much as you can. Not as cool, but a lot cheaper.
5. Bike or skate - Save even more money by biking or skating to your destination.
6. Shop for clothes online - You can usually find some incredible deals on end of line items.
7. Getting sporting equipment online - If you have to buy your own equipment, you may want to skip the local stores and go online where you’ll find lots of specialty sports stores offering cut price deals.
8. Make your own beer - Beer is a part of college life for most students, why not make your own?