10 Ways to Save Money This Semester

in college life by Kathy Teel — January 14, 2011 at 11:18 am | 4 comments

Even Starving Students Can Save On Expenses

Chances are you’re on the lookout for that financial aid check to arrive.  Any day now…you tell yourself every day.  It’s very tempting to take that money and go splurge a little with it, but try to use some control.  There’s a reason college students are renowned for being broke—that money doesn’t last very long, though it’s supposed to get you through the whole semester.

Here are a few ways you can make that money stretch further:

1.       Buy your books on ebay or go to BigWords.com. The college bookstore industry no longer has the market cornered on textbooks.  In many cases, you can find the book you need from ebay, Half.com, or another online seller, for a fraction of the cost it’ll take you to get it from the bookstore.

2. Prepare your own food. It is always easier, less expensive and healthier to make your food at home.  Avoid restaurants except for special occasions, and pack a sack lunch so you don’ t have to eat in the cafeteria.

3. Avoid vending machines. Even if you’re going to eat junk food, don’t buy it out of vending machines.  If you have to drink soda, buy a case of it and keep it in your fridge.  Same goes for snack foods—buy a bag of chips or cookies and throw a handful into a Ziploc bag to snack on later.  It’s the difference between .30-.50 and $1.25-$1.50 for a soda.

4. Buy your school supplies at a retail store, not the bookstore. Campus bookstores have shiny folders, pens, and spiral notebook with the college’s name embossed on them in gold.  Pretty.  And expensive.  Buy your school supplies at Walmart, Dollar General, or Office Depot, and you can get 5 spirals for $1, loose leaf paper for $1 or less, and pens are .75 for a 10-pack.  Do they have your school’s name embossed in shiny letters?  No.  Do they write?  Yep.

5. Save the treats for special occasions. You don’t need a latte every day.  You don’t need chocolate cake, a new Mp3 download or a CD every day.  Those are treats.  Save them for special occasions or for rewards:  “If I get an A on this chem test, I’ll buy myself that Justin Bieber CD…”  (just kidding about Justin Bieber, but you get my point)

6. Give up your addictions. Cigarettes are around $4 a pack, depending where you live.  Even a light smoker buys two packs a week—that’s gas money, food money, or a couple of i-tunes downloads.  Same for beer—stocking up for a party  is one thing, but you don’t need beer every day.

7.  Use the library. You don’t have to buy or download books, even fiction.  Just check them out at your school’s library.  Same for movies—your library has a media section, just check out a movie you want to see.  Most academic libraries subscribe to hundreds of magazines and journals, even popular ones.  You can also usually use your school’s subscription to databases and research sites, so you don’t have to pay the access fees yourself.  You might be surprised at just what your university library can offer.

8.  Avoid credit cards! Annual fees, minimum payments, ballooning interest, debt…not worth it.  Just pay cash or use your debit card.

9. Buy unlimited phone plans. It’s not realistic to think that you’re going to keep track of your minutes or the number of texts you’ve sent.  Go ahead and buy the unlimited plans, and save yourself those exorbitant fees and fines you inevitably incur for going over.

10. Buy a bus pass. Big campuses have a bus system; use it.  Even small colleges are on a local public transportation route that will take both to campus and around town.  You’ll save gas and time—and you can study on the bus!

Those aren’t, by far, the only things you can do to save money.  I’d really like to hear from you students. How do you save money and live on just a little?  How do you make those financial aid or part-time job funds last longer than they ever have before?

Tags: budget college reduce costs saving money starving students