Looking for simple, proven ways to save money in college? Here are 17 smart tips to help you save money while in college.
Are you a college student looking for tips on how to save money while in college? Look no further. When I was paying off over $150,000 in student loans, I learned practical ways to save a lot of money without much sacrifice.
If there's anything I know, it's how to cut expenses. These are my tried-and-tested money saving tips for college students to help you stop worrying about your finances and get back to partying studying.
This post is all about money saving tips for college students.
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📚 Table of Contents
Click to jump to a section:
- Make coffee at home
- Use cash-back apps
- Watch your alcohol spending
- Get good grades
- Don’t take out the maximum student loans
- Save on insurance
- Use student discounts
- Delete food delivery apps
- Cook at home
- Consider the interest
- Choose your hobbies
- Create a budget
- Use campus resources
- Apply for scholarships
- Shop at thrift stores
- Buy used textbooks
- Pack snacks and lunches
- Frequently Asked Questions
1. Make Coffee at Home
Espresso, if it's good enough for Sabrina Carpenter to name a song after, it's good enough for you to make at home. That logic checks out, right?
But seriously, don't be that person that regularly spends a week's-worth of groceries on Starbucks mocha frappuccinos. There was a girl like that at my college, and it was embarrassing (she was me).
Invest in a Keurig or Nespresso machine, and make your coffee at home. I love to make delicious homemade syrups (it's shockingly easy), and I even use coffee art stencils to make it more fun. I am still learning, so the art tends to look a bit, uh, abstract, but it's still cute. Things like these make my coffee routine *almost* as fun as getting coffee out.
Simply making your coffee at home will literally save you THOUSANDS of dollars a year! This is one of the best money saving tips around.
2. Use Cash Back Apps
The second best money saving tip for college students: use cash-back apps. My all-time favorite is Ibotta.
Ibotta let's you cash out at as little as $20. They offer a lot of fun incentives and savings programs you can participate in. Ibotta is a free app that gives you cash back on purchases for groceries and every day items. I first discovered Ibotta when I was paying off my student loans, and I couldn't believe everyone didn't use it! I have gotten over $900 in cash back with Ibotta since I downloaded the app.
The app is free to download, and then all that's left to do is get shoppin'. Make sure that you use a grocery list though. The key to saving money with Ibotta is not buying items you don't really need. Although the app mainly has groceries, you can buy tons of other every day items, too.
3. Blame It on the Alcohol
My next money saving tip- watch the alcohol consumption! Alcohol can be a shockingly big expense when you're in college, especially if you're drinking frequently. If you're going to drink, there are ways to be smart about it so that you can save money.
Instead of going out to bars and buying a bunch of beers or overpriced fruity cocktails, pregame! Hang out with friends before you go out and drink your own alcohol at home. Check out these 20 easy and cheap mixed drinks anyone can make at home. The more alcohol you drink at home instead of out at the bars or the clurb, the more you save. Drinks are marked up a diabolical amount, so this strategy saves you a pretty penny.
Better yet, drink at home and then don't get any drinks out! Order a non-alcoholic club soda with lime and enjoy the buzz of money well-saved.
Even better yet- don't drink! There are some really amazing mocktail recipes out there. My favorite is this one!
Try setting limits for your alcohol use, like 2 days a week. Your body, mind, and wallet will thank you!
4. Get Good Grades
If you're spending the money to go to college, you need to actually go to college. That means attending all your classes and taking them seriously.
Don't sign up for that 8 AM class unless you're really, truly a morning person. And if you're thinking that signing up for that 8 AM will force you to become that morning person you always wished you were- don't! It won't work. Instead you'll end up still being a night owl, only now with the added guilt of having slept through your morning class again. I'm speaking from experience.
Missed classes = money lost. This is what you are paying for- access to your experienced and knowledgeable professors that you won't get again. Missing class also results in lower grades and increases the likelihood you'll need to retake the course. That's a big money no-no! College is stressful, and courses move at a very fast pace. It's extremely easy to fall behind, way easier than you'd think. So take your money seriously, and leave the days off to Ferris Bueller.
5. Game of Loans
Pro tip - Don't take out the maximum amount of loans! If you are taking out student loans for college, you've got to play it smart. I wish I had known this when I was a student! Graduating with over $155,000 of student debt was soooo painful, and I had to work extremely hard to pay it off.
Although it is tempting to take out the maximum amount of loans, don't fall into this trap! It might seem like a good idea, but it's anything but. You are robbing your future self of that money.
It might feel good to have the extra cash, but it will actually cause you more stress. You WILL end up spending all that money, whether you need to or not. If you need more margin in your budget, get a part-time job! Avoid borrowing more to pad your budget - earn more instead.
Check out my 6 favorite side-hustles for college students that pay big!
Do yourself the biggest favor and only take out what you need.
6. Save on Insurance
Are you paying for car insurance, health insurance, or renter's insurance? These are the most common insurance expenses for college students, and they can eat away at your wallet. Make sure you're saving as much as you can.
For health insurance, if your parents have insurance and you're under the age of 26, you are likely eligible to be on their plan. Another alternative is health insurance offered through your university. Compare the prices and make sure you're not paying more than you need.
Assuming you are healthy, a high-deductible plan with a lower monthly premium is your best bet. High deductible plans cover you for any large and unexpected health expenses while keeping your monthly premium low. These types of plans are perfect for young people who don't need much regular medical care. Also, make sure you have health insurance. One accident can bankrupt you faster than you can say "ouch".
Renter's and car insurance are other great places to look for savings. If you're renting an apartment in college, you need renter's insurance! Check out 8 reasons why you're at major risk without renter's insurance. Renter's insurance is only about the cost of a burrito a month, and it's well worth it. Check out my favorite, cheap renter's insurance companies here to help save you hundreds (#1 is what I used!).
If you already have renter's or car insurance, call up the companies and ask if you're eligible for a lower monthly rate. If you haven't had any claims yet, you probably are. One 15-minute phone call can save you hundreds of dollars. I was able to call my car insurance company and knock $15 a month off my payment, just with a quick phone call! Now that's easy money.
7. Student Discounts
Don't leave free money on the table! If you're not taking advantage of student discounts, you need to be.
There are tons of companies that offer really amazing discounts for students. Spotify, for example, is only $5 a month if you're a student. And verification is super fast and simple.
Showtime and Hulu also offer awesome student discounts. What's better than streaming Modern Family reruns while saving money? As Cam would say, that's divine!
Amazon offers a great discount on Prime for students- 6 months free and then half price from there. Apple offers attractive discounts on computers and iPads, too.
Check out this article on 52 places that offer student discounts!
8. Delete DoorDash, Uber Eats, and Grubhub
Don't ask questions, just do it. After housing, food is the biggest expense in many people's budgets, and delivery apps might just make it even bigger than housing!
With the fast pace of college life, ordering delivery is extremely tempting, but that convenience comes at a major cost! Do your wallet a favor, and delete these apps! Or, if you must use them, set a limit for how often you're going to get takeout. And if you find yourself exceeding the limit, delete the apps! Get your butt off the couch and go pick up the food yourself, it's always cheaper. Those delivery fees are practically extortion!
9. Cook at Home
Expanding on #8, learn to cook at home. There are actually a lot of delicious meals you can make with a simple stovetop or even a microwave oven! Like I said, food is the second biggest expense in most budgets, which means it's one of the easiest places to save money with relatively minimal effort.
When you're a student, you're always on the go. That's why so many students end up spending way too much eating out! Don't eat your savings away, learn to cook at home.
Plan to do a quick grocery shop and some simple meal prep before the week begins, you'll quite literally save yourself thousands of dollars.
10. Consider the Interest
If you're using student loans, you need to be thinking about this at all times-interest.
Before you go to make any purchase, think about the interest. The true cost of the item you're about to buy isn't on the label, because you're paying for it on a loan. That means that the actual cost is what's on the label plus interest, aka it's much more expensive. This is one of the key reasons that smart spending is so important as a college student. When you're livin' on a loan, everything is much more expensive.
Taking interest into consideration will help you curtail impulse spending and think twice before you go wild on Amazon Prime day.
11. Get Some Cheap Hobbies
Pass the time with affordable hobbies, and there are tons!
Join a book club, learn to knit and use thrifted yarn, learn a new skill at YouTube University, sign up for Duolingo... the possibilities are endless.
Check out 50 cheap hobbies you can start right now!
And don't forget you don't need a gym membership to stay healthy! If your university offers a student gym, fantastic, but if not, no worries. Instead, there are tons of free workouts on Youtube and free apps. I like the Nike Training Club, Blogilates, and Yoga with Adriene, and have been using them for years. I also love the 30 Day Shred DVD. Jillian still makes me cry on the reg.
12. I Like Big Budgets and I Cannot Lie
If you're in college, you need a budget! Budgets are not about restriction, they are permission to spend, guilt-free!
The easiest way to do this is to get a budgeting app, but an Excel sheet also works great if you're more of a do-it-yourselfer. My favorite budgeting app is YNAB (Get your free trial here!) but I have also tried EveryDollar. I like YNAB much more because it's far easier to use with credit cards and is more customizeable.
If you don't want to splurge on an app, no fear. This is my favorite budgeting Excel sheet, and many other options are available on Etsy! Simply use the search function.
Sit down for an hour and create a detailed, written budget. You can adjust it slightly over time as you nail down your spending habits in each category, but having a budget in place is absolutely key to saving money. Not to mention it allows you spend guilt-free on items you love!
13. Check Out Campus Resources
Taking advantage of free campus resources is a fantastic money saving tip. You'd be shocked at how many free services are lurking out there that few students are even aware of.
For example, my college offered free tutoring services and 6 free therapy sessions at the counseling center. These were available to all students at no-charge as they were included with tuition. Make sure you're finding out what free resources are available to you and taking advantage of them while you're a student!
Don't forget free on-campus events that offer free food! If you're extra, you can even bring a Tupperware for to take some leftovers home.
14. Apply for Scholarships
Every year, there are thousands of dollars of unclaimed scholarships. That means no one even applied, and the money just doesn't get used! This is gold laying in the streets waiting for you to come pick it up.
Scholarships are one of the best ways to save money in college. Set aside a couple hours a week to apply to a handful of scholarships. Consider applying to ones where you don't quite meet all the criteria, oftentimes they are willing to still give the scholarship out if no one else applied.
Scholarships are a numbers game, so plan to apply to a lot of them if you really want results. It really is a great investment of your time and energy though, as they pay quite well.
15. Hey Macklemore
It's time to go thrift shopping. If you're a college student, changes are you are broke. And broke people shop at thrift stores. I am no longer broke, and I still shop at thrift stores because it's fun!
Invest in high quality socks and underwear, and for everything else, it's time to hit the thrift shop. Thrift shops are also a great place to get items for one-time wear, think themed parties or Halloween costumes. You definitely don't want to be buying new for those items.
Look up reviews for thrift shops in your area, and see the ones that have good reviews. Don't waste time on the ones with bad reviews. There are so many thrift shops and consignment stores that have really high-quality items.
Pro Tip- Is there a more affluent area nearby? Try the thrift shops in those neighborhoods to find some real treasure!
16. Used Textbooks
Don't waste money buying new textbooks. They are literally a waste of money. You do NOT need the newest edition.
Frankly, the new editions are a racket promoted by what I call "Big Textbook" as a part of a money-making ploy. I mean really, how often do the basic concepts of organic chemistry and statistics change? Unless I'm living under a rock, I don't think there have been any major revolutions in these areas warranting a whole new textbook. At most you're looking at minor tweaks in page numbers from edition to edition. It's not worth the sticker-shock! Buy used textbooks, and crosscheck with a friend in class. It's well worth it.
Another alternative- rent the textbook on Amazon! Just make sure you mark the return due date in your calendar to avoid late fees.
17. Pack Snacks
If you're like me, I left my dorm in the morning and didn't return until late afternoon or evening. This calls for some prep in the form of pre-packed snacks and lunches!
Get a lunchbox that fits in your schoolbag and prep ahead. Take some quick and healthy snacks with you on the go, and always have a snack, like a granola bar, in your bag for emergencies. If you have a long day of class, pack a sandwich. I, for one, am a big fan of the classic PB&J (pear, brie, and jambon!).
Don't get caught hungry and off-guard, or soon you'll hear the siren song of overpriced takeaway! Save majorly on food by packing ahead and avoiding eating out when you're in a pinch.
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FAQs about Saving Money in College:
Some of the easiest ways to save money in college include making coffee at home, using cash-back apps, cooking instead of getting takeout, using student discounts, buying used textbooks, and packing snacks. Small habits like these add up fast and can save students thousands per year.
You can save a lot of money on food by cooking at home, deleting food-delivery apps, meal prepping simple meals, and packing snacks for long days on campus. Grocery shopping with a plan and sticking to inexpensive staple meals helps keep food spending under control.
The best way to save money on student loans is to borrow only what you truly need. Avoid taking the maximum amount, be mindful of interest, and find ways to reduce expenses so you don’t rely on extra loan money. Scholarships, grants, and part-time work can also reduce how much you borrow.
College students can save by buying used textbooks, renting from Amazon, borrowing from the library, checking older editions, or splitting the cost with a friend. New editions rarely change much, so used or rented books are almost always the cheapest option.
Start by listing your monthly income (loans, job income, allowance) and expenses. Use a budgeting app like EveryDollar or a simple spreadsheet to track your spending. Adjust your budget each month and give every dollar a purpose so you avoid overspending and save more.
Some of the best ways to cut everyday expenses include using student discounts, reducing alcohol spending, cutting back on takeout, using cheap or free hobbies, saving on insurance, taking advantage of campus resources, and thrifting instead of buying new.
