7 Best Money Saving Tips For College Students

Saving money is crucial for everybody, but it's even more important for college students who typically have multiple expenses to handle with limited income. Luckily, budgeting is worthwhile if you follow tried-and-true saving strategies designed to cut spending and squeeze the value from every dollar. This article uncovers seven tips and tricks to give you a better chance of racking up cash in your savings account.

Tips For College Students Saving Money

1. Create A Budget

Tracking your income and outgoing is the key to taking control of your finances. By doing this, you'll learn about your standard spending patterns and how to allocate your money more effectively to reach your objectives. Here's a basic step-by-step budgeting procedure:

1. Calculate your income. This includes money from student funding, holiday jobs, and part-time work.
2. Keep track of how much you spend every month.
3. Decide on short-and long-term money goals.
4. Compare your income with your outgoings.
5. Change spending habits depending on your findings.

These days, you don't need to write out complex charts in a notebook. Instead, you can use one of the many free budgeting apps that'll do all the hard work for you. Just make sure you're thorough when monitoring your money to ensure your financial health improves.

2. Buy/Rent Used Textbooks

Don't buy new textbooks, opt to purchase used books instead. The money you can save is immense. For instance, a new physics book could set you back at least $250, but the same title from a second-hand bookstore could be as cheap as $8.00! That's quite a bargain. 

Renting is another option. Companies like Pearson let you rent the textbooks you need at a lower rate than purchasing. You can rent textbooks for $9.99 per month. It tends to be a little more than buying them second-hand, but they aren’t available to purchase used, renting is definitely cheaper than purchasing new.

3. Take Advantage Of Coupons And Student Discounts

As a student, you should be able to save money on almost everything. You just need to do some research before heading to the store.

• Coupons and Vouchers
• Download your local store's app (if they have one) and check for available coupons or vouchers on the things you want. You should also look at your receipts for savings on your next shop.
• Student Discounts
• Stores tend to advertise if they accept student discounts. But even if your favorite store doesn't mention whether they accept them, there's no harm in asking. You could save money on everything from a Starbucks latte to a new shirt to your entire grocery haul.

4. Cook Your Meals

Cooking at home is much cheaper than dining out. As a college student, you should certainly be eating in more than visiting restaurants. Granted, this is trickier when you're living in dorms. However, a simple microwave or hot plate (provided that's allowed) can be enough to make delicious and nutritious meals. 

Stock up on fresh vegetables, yogurt, lunch meat, and fruit to get you through one week at a time. Purchase a coffee pot rather than stopping at the campus cafe every day. Skip the university meal plan if the options are too expensive. These are simple yet effective ways to save money in college.

5. Ride The Bus

Using public transport isn't everybody's go-to option, but riding the bus can save you hundreds of dollars over the course of your education. Whether it's the local commuter or carpooling with friends, you'll be surprised by how much cash stays firmly in your bank. In fact, Metro Magazine estimated that you can save over $10,000 per year by taking the bus over owning a car as a college student.

6. Share Costs With Roommates

Having a roommate is significantly cheaper than living alone. You can split rent, utility bills, and other costs, helping you save money. After all, living expenses tend to be the hardest to reduce.

7. Save For Emergencies

Combine the above with saving for emergencies and you're prepared for every eventuality. Just keep in mind that crises may strike before you have enough cash saved to cover it. In this case, you can turn to Idaho Title Loans, Inc. for a safe, convenient, title loan, payday loan, or signature installment loan. 

Unlike regular banks, we don't necessitate a great credit score, ensuring you can fund your emergency no matter your financial background. The process is simple, too. Our representatives are available during regular office hours to clear up any concerns, answer your questions, or help you through the process. We've simplified proceedings as much as possible, ensuring the loans we offer are easy to get, even when you're going through tough times.

Don't Let Crises Foil Your Saving Money Plan With Idaho Title Loans, Inc.!

By cooking your meals, taking advantage of student discounts, and riding the bus, you'll save hundreds of dollars throughout the semester. And with our loans by your side, you won't ever have to worry about funding emergencies alone.

We're here to guide you through the loan process. Get started by filling out our online inquiry form now and one of our loan representatives will call you soon after.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.