5 Money-Saving Tips for College Students on a Budget

5 Money-Saving Tips for College Students on a Budget

With the costs of tuition going up yearly, financial concerns grow more and more for college students. Even if student loans prevent you from living from paycheck to paycheck, irresponsible spending will land you in financial trouble eventually, whether it will be while you’re still in college or after your graduation. And tuition is far from the only financial concern college students face monthly. Between transportation, textbooks, rent, party expenses, and entertainment, college students tend to exceed their budget more often than not.

Spending more money than you have is an essential part of being young and stupid. When you are in your early 20s, you have the freedom and the opportunity to be irresponsible. You have no family to support, and if things go really sideways, you can always move back in with your parents for a semester off. But there are other factors to consider when planning out your spending. If you can save money now, you actually may have a chance to stay afloat after graduation before you get your first job. Whether you go to Ohio university or Ohio State university, you can save money while in college by following these 5 tips.

  1. Cook at Home

If you are trying to cook without experience, the cost of groceries can get pretty high. But if you know what you are doing, and know how to make a healthy meal while keeping it simple, you can save tons of money by cooking instead of eating out. Even students still in their dorm can have a healthy diet mainly from microwave meals and hot plate cuisine.

  1. Spend Less on Alcohol

Whether you are a week into college or a year into college, you have probably figured out by now that your college alcohol budget is higher than you initially planned. Drinking is a big part of the social experience, and you don’t need to go cold turkey for your bank account’s sake. Just drink other people’s alcohol more.

  1. Take the Bus

It can be tough to have your own car while in college, whether it be for financial reasons or practical reasons. Some people can’t afford a car, some people have nowhere to park it. If you go car-less, take the bus or ride a bike instead of using Lyft or Uber as much as possible.

  1. Get Creative with Entertainment

Music festivals are probably the most popular event among the college demographic currently. They are fun, massive social gatherings, that are also absurdly expensive. Instead of shelling out for festivals, concerts, and even movies on a regular basis, find free, creative methods of entertainment with your friends.

  1. Be Annoyingly Frugal

If you really want to save money, you should pinch pennies so hard you get on your friends’ nerves. Don’t settle for splitting a check evenly if it shouldn’t be even. If your friend says they are going to Venmo you for the coffee you got them, make sure they do it, and make sure they include tax and tip.

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