Does the thought of saving money in college sound like a mission impossible? Tuition costs and living expenses are on the rise. That said, it is challenging for students to maintain their budgets. In this article, you will discover simple ways to save money in college with no hassle!

These are some of the most beneficial ideas on how to handle your finances while in college. Thus, without further ado, let’s hop into the main subject!

The basics of money management

The unwritten rule states that you must follow the basics of money management. Money management may seem like an entirely new subject. Yet, it is something vital for monetary success. Keeping track of more bills, accounts, and taxes won’t be easy. Thus, you should have the means to track your spending.

For instance, you can check out the following tools that keep track of your expenditure. With them, you will be able to manage your finances hassle-free.

  • Mint. Mint keeps you well-informed about money matters by using an individual tracking tool. You can simply create your budgets. Also, you can get opinions based on your spending. Paying your bills on time gives you a headache? Mint also tracks your bills. With this tool, you can also check your credit score. All this without having to expose credit card information.
  • MoneyStrands. Linking your credit and bank accounts to MoneyStrands comes with many benefits. By using tags, you automatically track all your transactions and classify them. MoneyStrands is a tool for university students who don’t follow their expenses. This app is free to use and works perfectly on both iOS and Android.
  • Wally. This tool is in charge of personal finance management. It has a pure, seamless, and intuitive design. This app makes savings, debt, cards, and cash much less complex. Wally is available on iPhone and Android devices. Students can easily compare their pay to their expenses.

There is more to this list

  • Simplifi by Quicken. Simplifi by Quicken receives high impressions for many reasons. It offers an individual spending program with real-time updates. These updates consist of how much you have left to consume during one month. The app syncs your bank accounts to help you manage your progress on financial aims. Simplifi by Quicken also traces your recurrent bills and subscriptions. It also traces the ones you don’t use.
  • PocketGuard. PocketGuard is another app in line that helps restrict fiddling away. This tool employs an algorithm that tracks your income, payments, and savings. It gives you information on how much you can spend each day and when to stop. Those spending limits make it more manageable to quit overspending. They also take charge of your financial aims.

Useful tip: Did you know that you can make a recurring income with an online course, from the comfort of your home? Online classes are abundant and come with many benefits!

#1 Drawing up a university budget

It may sound silly and long-drawn-out. Yet, drawing up a university budget is beneficial in many ways. The majority of scholars dread examining where they spent their funds. So, in order to rise, start by drawing up a university budget. This is the best decision you can make to save money.

Handling your finances

Think about the big things first. Your program expenses will be top of that list. Don’t forget about the rent and books. Think carefully about your monthly fees. Those fees may include but not be limited to the following:

  • paying for rent,
  • household bills
  • your mobile bill
  • internet connection
  • driving pass
  • new apparel

Think of writing down what could be the cost of all these things. By doing so, it will be much easier to decide where that money should be firstly spent. 

#2 Split memberships where possible

While studying, Netflix and Hulu are your biggest enemies. Split the memberships for such services with someone. That is also one of the great ways to save money in college. True to the fact is that everyone gets to enjoy their favorite shows. Yet, consider not paying the full price with all other expenses.

For instance, some services, like Spotify, offer student-specific rates. That comes with a lot of benefits to afford the content you want. Use free versions of memberships whenever possible.

#3 Let’s talk about investments

Yes, money doesn’t grow on trees. However, it can grow when you decide to save and invest your money wisely. If you have any leftover cash, consider opening a high-yield savings account. Are you tech-savvy and know all things cryptocurrency and digital development? Start with that! Make your money work for you!

These money-saving tips for students will help you save even more while in college. Knowing how to acquire your economic well-being is one of the most powerful things you’ll ever need in life. This isn’t rocket science!

You can even make some money online and invest it afterward. It will surely pay off. You simply need to grasp a few basics, form a strategy, and be prepared to stick to it.

#4 The use of cashback programs

There is a variety of cashback programs that can help you earn cash for items you need to buy. Some of the most popular programs are Rakuten, Ibotta, and Paycelike. Whenever you buy fresh food, meals, and soap, you make money doing it. Other rewards programs can also help you save cash or earn money back when you shop.

Are you a cryptocurrency enthusiast? There are many crypto-based cashback apps and programs. One of them is the popular Lolli. Lolli has a partnership with a number of various digital shops. Each shop is striving to advance its level of cashback on purchases.

#5 Application deadlines do matter

The unwritten rule is that some scholarships renew every year. Are you taking the time to reapply? If so, make sure to get your reports and words of recommendation in on the dot.

Earning scholarships and awards contribute to some good money-saving tips for college students. Bear in mind, that the truth is that incorporates the biggest part of your education and living costs.

Are you interested in furthering your career but not by going to college? You’re asking yourself how is that possible? Look no further! There are plenty of valuable online courses worth checking out.

#6 Do not purchase new textbooks

There is yet another thing to bear in mind! Textbooks can be unexpectedly costly. Do not just hit the campus bookstore. Yet see if you can borrow books from a buddy. Even think about forming the university library. If you are not able to do so, buy or rent old textbooks on Amazon. You can also rent books from other services.

There are websites that offer pay-as-you-go patterns. For instance, places like iFlipd, and many more. There is an option of selling books as well. There is a website like Book Scouter. It will tell you what other websites will currently pay for a specific book you want to sell.

Yet, be cautious when selling used books. Always be honest about their condition. Also, you want to invest in some shipping boxes and other packing materials when it comes to shipping.

#7 Think about your assets sources

Whether you are a student, your income will come from many different sources. Also, be it at several different periods of the year. Normally, it will include a mix of investments for fees and living costs. The famous maintenance loan. Also, a means-tested grant from the government, a grant from the school or university.

What’s more, don’t forget to add money from any jobs you might do part-time or during holidays. Be it remotely or not. Another point to add to that list is the financial help you receive from your parents.

Tip: Are you interested in increasing your income? Try looking for freelance projects. By freelancing you can have a flexible schedule. You can supplement your income with Upwork and find an excellent gig.

#8 Always carry your student ID

There is an abundance of various discounts. On everything from apparel to notebook computers. Yet, this only applies to individuals with a valid student ID. For instance, Apple offers reduced costs on tech.

On the other hand, a number of great brands such as Forever 21 give money off on attire. Don’t forget about local restaurants. They regularly give money off on snacks, so make sure to ask before you place an order!

#9 Try not to drive a vehicle

Driving a car requires having to spend more money. You need everything! Be it parking tickets, gas, and insurance. Try adding all this up to a substantial number.

You can regularly use public transportation, or land a friend’s vehicle. You might even use a Uber or Lyft if you need to travel a long way. As you may imagine, all these options are more affordable!

#10 Monitoring phone usage

Last but not least, you should monitor your cell phone usage! There are services like My Data Manager or WhistleOut.com. They can examine your cell phone charges to make sure you have the most beneficial strategy in place. They’ll also alert you if you pass your recurrent data limit.

Make sure you reflect on your cell phone settings. Minimized Wi-Fi can make your phone switch over to data when you’re not paying attention!