5 Money-Saving Tips for College Students

No matter your college living situation — in a dorm, off campus or at home — expenses can add up fast. While there are some costs that can’t be avoided, there are a bunch of ways you can save simply because of your student status. Here are five money-saving tips to help guide you through your college spending life.

Harness the power of your student ID. Your student ID can cut costs on medical care, Internet service, public transportation and lifestyle purchases. Plus, many retailers and computer hardware and software makers offer discounts and rebates to students. Look for ID-related deals during back to school sales and throughout the year to rack up savings every month.
Be book smart. Spend less time stressing about the cost of textbooks and more time learning from them by renting instead of buying. “This may be difficult for freshmen who don’t have their schedules set ahead of time, but it’s perfect for people who can order in advance,” says graduate Shannon Reimers. Most universities have online forums where students sell or lend hard-to-find volumes.
Don’t buy more than you need. “My biggest challenge when it comes to not spending too much money on school supplies is deciphering whether or not I truly need the supplies,” says David Merten, a BFA acting major. “If I had a dollar for every set of felt-tip markers I bought and never used, I would have a much happier bank account. Take the time to sit down and figure out what you will realistically need for the course. Cut out the unnecessary and only purchase the essentials and supplies you truly need.”
Compare prices. Major retailers offer back to school deals in the weeks before classes start, so research specials and other discounts. Don’t be afraid to shop around for the best prices and use a price-match guarantee to save additional money. For instance, Staples® stores offer a 110 percent price match during the back to school season. This is especially helpful when purchasing high-priced items like laptops for school. Another great way to stay on budget is to purchase store brands that offer high quality at a more affordable price.
Use apps to your advantage. . Download your favorite businesses’ mobile apps to snag great deals on back to school supplies, meals, haircuts and recreational activities. Apps can send notifications of upcoming bills and payments and total up monthly costs to help you keep tabs on your bank balance. And of course, there are apps that allow friends to easily transfer money to each other. “It’s great to use whether it’s rent money or reimbursement for a beer and pizza, or spotting someone some funds for anything, anytime,” Reimers says.