There is an enduring stereotype of college students perennially poor, always screaming by and having to make do with whatever is at hand. Actually, this isn't too far off the mark as college is notoriously expensive and it is very difficult to both attend college full time as well as hold down a full-time job at the same time. With that in mind, here are some tips on how to save money while you are in school.
Learn to Manage Your Money
If you don't really know where your money is going, you are most likely necessarily wasting it. Paying a monthly fee for a checking account when there are plenty of free student options available or buying paper checks when you can easily your account's online bill pay option is simply throwing money into the wind. While some may tell you to avoid getting a credit card, they are actually a great way to build your credit rating. The key is to pay on time and in full every month. Instead of waiting until the end of the month to pay the bill in full, try the pay as you go method. As soon as you charge something to your card, pay the amount when you get home. This way you are never surprised by the bill at the end of the month.
Think About the Future
You need to think about saving money not just currently but in the future as well. Many students take out loans to help pay for their college tuition. However, they tend to simply use their default method of taking loans out from government-backed sources. While there is nothing technically wrong with this, it isn't always the best method. Try applying for a student loan from a private lender. They can offer better interest rates as well as more flexible payment terms as well. Your future self will thank you for it.
Food & Drink
Many college students fall into the trap of ordering pizzas every night and buying expensive coffees every morning before classes. This is an easy way to literally flush your money away. Most tuition plans come with meal plans. You should take full advantage of these as they can save you a ton of money on your food budget since they are pre-paid for. Buy a modest coffee maker to brew your own coffee. If you simply must have espressos and the like, try looking for a used machine and keep it in your living space. Even though they can be a pricey investment upfront, they will still save you money versus buying coffees at the local cafe every day.
Discounts
Many stores these days offer student discounts. All you have to do to take advantage of these savings is show your student id card to the cashier. While each individual purchase may not show whopping savings when you add them up at the end of the year, they can get you hundreds of dollars in money that's left in your pocket.
