5 Ways to Save Money At School Next Year

This fall, thousands of eager freshman will step onto their new college campus for the first time. The newfound independence and social opportunity that going to college provides students can be exciting, but can very quickly become troublesome.

With college tuition costs going up every year, students are becoming overwhelmed by historic debt levels, and high day to day expenses. Some students just can’t keep up with the rising costs, and others think that they need to live on a Ramen only diet just to get by. Though these costs are not going away anytime soon, if a student manages their money correctly, they can drastically reduce their overhead.

Due to the intellectual capacity of the average Benzinga reader, this article will omit the basic tips such as buy used books and live with roommates, because they seem quite obvious. Here are seven tips on how to save money in college:

1. Set a budget:
The first mistake that many students make is not knowing exactly how much money they have. After obligatory costs (tuition, mandatory fees, etc.), how much will be left for personal spending?

Budgeting is even more important for students that do not have a regular income. Not only does having a regular budget help students plan for expected costs (food, leisure activities, etc.), but also allows students to prepare for the unexpected challenges.

Budgeting tools like Mint.com and PNC Virtual Wallet provide students with an easy-to-use platform to visualize exactly where their money goes, making it easy to spot problem spending areas, and have a broad overview of their financial health.

2. Put money in the bank
There are many banks that offer free bank accounts for students. Traditional checking account fees may seem small, but they really rack up over the 4 (or maybe more) years that students spend on campus. Having a checking account helps track your spending, set up online bill pay, and gives you liquid access to available funds.

Also, open a savings account. Putting away ten bucks a month while in school gives you $480+ for when you graduate. No matter how you spend that money (downpayment for a new car, moving expenses, or a great grad party), you will be happy to have it.

3. Decide on a meal plan
Depending on the school, a university meal plan offers students a somewhat affordable, but very convenient, option for putting on the freshman fifteen. But, there is no point in paying for something that will go unused.

Many students pay for meal plans, while still eating out most of the time. In dorms with kitchen or in off-campus housing, cooking is a very cheap alternative to eating out or having a meal plan (typically healthier as well). Again though, there is no point in buying groceries that will end up rotting in the fridge, so setting realistic expectations on eating patterns is incredibly important.

Also, when eating out (or doing anything in a college town) be sure to ask if there is a student discount. Students can save tons money every year using their exclusive discount, and many major companies give students a break at checkout.

4. Get a job
Many students will look at this tip and think “duh! Having a job means you have more money,” but having a job while in college also helps save money. The time spent working is time that is not spent with friends thinking up awesome (yet expensive) things to do.

Students that have jobs while in school also learn the importance of time management, considering the limited time left after studying and work.

Applying to be a Resident Assistant is a great job for students interesting in working on campus. Typically, RA’s are compensated with free housing, a meal plan, and sometimes are sometimes provided additional income.

5. Take summer classes
Taking summer classes can help students graduate faster (less tuition money), plus they are typically less expensive. Jobs in college towns also open up during the summer while many students are away, so it makes it easier to make money on the side.

Of course, just like the rest of the year, student should strive to be the best they can be. Scholarships open up to top students, and can easily make school more affordable.