Saving money as a student takes effort. I had to make trade-offs, track expenses, and find ways to cut costs. Over time, I found methods that worked. Here are ten of the best ways to save money while in school.
Table of Contents
1. Track Your Expenses
The first step in saving money is knowing where it goes. I kept a record of my expenses for a month. The results surprised me. Small purchases added up fast. A $5 coffee every day cost me $150 a month. I started using a budgeting app to track every dollar. Here’s a simple table to show the impact of small expenses:
| Item | Cost Per Purchase | Frequency | Monthly Cost |
|---|---|---|---|
| Coffee | $5 | Daily | $150 |
| Snacks | $3 | 4 times/week | $48 |
| Streaming Subscriptions | $15 | Monthly | $15 |
| Eating Out | $10 | 3 times/week | $120 |
Cutting these expenses even by half saved me over $150 per month.
2. Take Advantage of Student Discounts
Many businesses offer student discounts. I used my student ID for movie tickets, public transport, and even Amazon Prime. Some stores offered 10-20% discounts on electronics and clothing. Here’s an example of how student discounts saved me money:
| Item | Regular Price | Student Discount Price | Savings |
|---|---|---|---|
| Laptop | $1000 | $900 (10% off) | $100 |
| Public Transport Pass | $50 | $40 (20% off) | $10/month |
| Software (Microsoft Office) | $70 | Free | $70 |
3. Buy Used or Rent Textbooks
New textbooks are expensive. I learned to buy used books or rent them. A new calculus textbook cost $150, but I found a used one for $50. Renting was even cheaper. If I had bought all my books new, I would have spent over $500 per semester. Instead, I spent under $200.
4. Cook Your Own Meals
Eating out was a big drain on my wallet. I started cooking instead. Buying groceries for $50 covered my meals for the week, compared to $10 per meal when eating out. Cooking saved me at least $150 per month. Here’s a cost breakdown:
| Expense | Eating Out (Per Week) | Cooking at Home (Per Week) |
|---|---|---|
| Cost per meal | $10 | $3 |
| Meals per week | 14 | 14 |
| Total cost | $140 | $42 |
| Monthly total | $560 | $168 |
5. Use Public Transport or Bike
Owning a car is expensive. Gas, insurance, and maintenance add up. I used public transport and a bike instead. A monthly bus pass cost me $40, while my friend spent over $200 a month on car expenses. Over a year, I saved $1,920.
6. Live With Roommates
Living alone costs more. Sharing rent and utilities made a huge difference. I split a $1,200 apartment with two roommates, paying $400 instead of $1,200. That saved me $800 per month or $9,600 per year. Here’s a comparison:
| Living Situation | Monthly Rent | Utility Cost | Total |
|---|---|---|---|
| Living Alone | $1,200 | $100 | $1,300 |
| With Roommates (3 people) | $400 | $33 | $433 |
| Savings | – | – | $867 |
7. Avoid Credit Card Debt
Credit card debt can spiral out of control. A $1,000 balance with a 20% interest rate could take years to pay off. I used my debit card instead and only spent what I had.
8. Find a Part-Time Job or Side Hustle
Having extra income helps. I worked part-time at a bookstore for 10 hours a week. At $15 per hour, I earned $600 a month. Freelancing also helped—I made $200 per month writing articles.
9. Use Free Campus Resources
Universities offer free resources. I used the library instead of buying books, the gym instead of a paid membership, and free campus events for entertainment. This saved me hundreds of dollars per year.
10. Plan Purchases and Buy in Bulk
I avoided impulse spending. Instead, I planned purchases and bought essentials in bulk. A single roll of toilet paper cost $1, but a 24-pack cost $15—saving me $9 over time.
Saving money as a student takes planning, but small changes add up. These strategies helped me cut costs, stay out of debt, and build better financial habits.
