Heading off to college is an exciting start to a new chapter in life, full of promise and optimism for the future. But while there is so much to look forward to, there’s also the reality that college can be financially challenging. The costs of textbooks, supplies, housing, and more can feel overwhelming as they add up for young adults who are often out on their own for the very first time. Understanding how to save money as a student is crucial for navigating these years without accumulating excessive debt that can follow you long after graduating.

Managing money while trying to enjoy your college experience is not always easy, but it is doable by being practical and planning ahead. You just need to adopt smart spending habits and take advantage of available resources

How to Save Money as a Student

1. Make a Monthly Budget
2. Buy Secondhand
3. Find a Part-Time Job
4. Make a Meal Plan
5. Look for Student Discounts
6. Be Careful Using Credit Cards
7. Look for Free Entertainment
8. Use Public Transportation
9. Use Your School’s Amenities
10. Shop With Coupons
11. Become a Resident Advisor (RA)
12. Make Your Own Coffee
13. Live With Roommates
14. Buy in Bulk

1. Make a Monthly Budget

The first step in smarter money management is almost always to make a budget, and making a student budget is no exception. Don’t fall victim to the budgeting myth that they’re overly complicated or time-consuming; a simple spreadsheet is perfectly effective in keeping your financial goals on track.

Start by identifying all sources of income and landing on a monthly total. Next, list all of your monthly expenses, accounting for both fixed and variable costs, and allocate the appropriate dollar amounts to each one. After this, you should have an idea of how much money you’ll have left over each month to put toward things like discretionary spending, savings, or debt repayment. It’s really that simple.

Every few months, you should review your budget to make sure it’s still in line with your current circumstances, adjusting it as needed. This is a habit that can serve you well far into adulthood and keep you on the right financial path.

2. Buy Secondhand

Knowing how to save money as a student means shopping strategically; not everything you buy needs to be brand new. Textbooks are a particular financial pain point, with hardcover copies going for as much as $400 and costs rising by an average 6% every year.

You can search for used textbooks through your campus bookstore, local bookstores, or online marketplaces (like eBay, Craigslist, or Facebook Marketplace). There are also dedicated websites that have used books available for sale or rent, like Chegg, CampusBooks, AbeBooks, or BookFinder.com. When you’re done with your textbooks, consider selling them back to recoup some of the cost, promote sustainable shopping, and help other students find budget-friendly books.

And, textbooks aren’t the only thing worth buying used. Clothes, appliances, and home decor can all be found at your local secondhand store, potentially saving you hundreds of dollars. 

3. Find a Part-Time Job

Getting a part-time job while in school can be a smart way to get ahead financially while also gaining valuable real-world work experience. The retail and food service industries frequently have part-time jobs available, but you could also consider tutoring, babysitting, dog walking, lifeguarding, or delivering food for some extra money. Many of these gigs translate into great summer jobs for teens, too.

On-campus jobs may be another option, saving you from the trouble of commuting or finding work that fits into your class schedule. Roles like administrative support, library assistant, fitness center attendant, event staff, and so on may all be available to you directly through your school’s career services.

Note that if you’re an international student, there may be visa regulations surrounding employment. You’ll want to double-check these stipulations before applying and fully understand what’s required in order to work.

4. Make a Meal Plan

Meal planning is always a smart strategy for better budgeting, and it can be especially helpful for students living off-campus. The temptation to grab takeout can be a strong pull, especially when you have little free time or energy to cook for yourself. But planning ahead can save you on all of these fronts.

Start out by taking inventory of what’s currently in your fridge or pantry, then plan a few simple recipes around those ingredients for breakfast, lunch, dinner, and snacks. Make a list of what additional things you’ll need, and brainstorm ways to stretch foods across multiple meals. For example, a grocery store rotisserie chicken can be repurposed for salads, wraps, grain bowls, tacos, pasta dishes, and so on. Set aside a dedicated hour or two each week to prep and make your meals so that you’re set for the next few days. 

Meal planning requires a little work upfront so that you can free up more time later. Apart from staving off impulse buys on takeout and fast food, it’s also a great way to stick to a balanced diet and focus on nutrition over convenience.

5. Look for Student Discounts

As a college student, you’ll have access to discounts at various stores, restaurants, and online retailers selling everything from books to home goods to electronics to clothing. Typically, these savings are somewhere between 10-15% off, depending on the retailer.

Even if an outlet doesn’t publicly or prominently advertise a student discount, it never hurts to ask about one. You’ll likely need to show your student ID as proof of enrollment in order to get the discount.

6. Be Careful Using Credit Cards

Once you reach age 18, you can legally open your own credit card account—though you’ll be required to show proof of independent income or obtain a cosigner until you’re at least 21. While starting to build your credit profile isn’t a bad thing, using a credit card can quickly turn messy for those who are financially unprepared to hold one. Having credit available at the swipe of a card or tap of a phone can be tempting, and it can encourage impulse buying that can lead to a dangerous cycle of debt.

If you’re going to use a credit card, it’s crucial to set boundaries for yourself. Don’t spend more than you can afford to pay off at the end of every month; otherwise, your remaining balance will accrue interest, ballooning over time. If you can’t pay the card off in full, you need to make at least the minimum required monthly payment in order to avoid late fees and protect your credit score. You should also keep your overall spending under your credit limit, or else you’ll face additional over-the-limit penalties. 

Credit cards can be a useful financial tool in building credit, but they have to be handled with care. Being extra mindful of your credit card usage will help you avoid the pitfalls of overspending.

7. Look for Free Entertainment

A tenet of learning how to save money as a student is finding ways to entertain yourself for little to no cost. While going out and having fun is part of the college experience, it can also quickly become an expensive experience. The good news is that there are plenty of ways to have fun and be social that don’t come with a price tag (or, at least, a large price tag).

Need some inspiration? Consider exploring a nearby public park, joining a book club through your school library, volunteering with a local charity or nonprofit, or throwing a game night with your friends. You should also keep an eye on your school’s event calendar to see if any interesting or exciting events are coming down the pipeline.

8. Use Public Transportation

Another smart money-saving tip for students is to use public transportation. If you don’t own a car, and you’re considering getting one, it’s worth noting all of the expenses that go beyond the standard car payment: insurance, parking, maintenance, and gas, to name a few. Some estimates claim that public transit could save you as much as $13,000 a year. 

Additionally, don’t forget about carpooling. If you have a friend or classmate with a car, you may be able to plan a rideshare arrangement where you can help contribute money toward gas and parking without taking on the entire financial responsibility of owning a car.

9. Use Your School’s Amenities

While you have access to them, you may as well make use of your school’s on-site amenities for potentially significant cost savings. For example, the campus fitness center can save you money on a gym membership, which can normally range from $10 to $100 a month. The health center can provide you with medical services, counseling, and other wellness programs at no additional charge. The library has countless resources available for reading, studying, and personal development.

There may also be cultural events held on campus, such as art exhibits, sporting events, theater performances, and lectures that provide both free entertainment and a fun way to connect with your collegiate community.

10. Shop With Coupons

Before you head to the store, check to see if there are any coupons available for some of your regular everyday purchases, like toiletries, canned goods, or medicine. These little savings can add up and help you stretch a dollar over time. 

You can find physical coupons to clip from newspapers and weekly circulars, but there are also plenty of options online. You can check websites like Coupons.com, where you can search for coupons to print, or check brand websites directly to see if a manufacturer’s coupon is available. It’s also worthwhile to sign up for any loyalty program your grocery store may provide; many stores now have apps where you can not only organize your shopping list, but view weekly ads and clip digital coupons to apply to your account. You may also receive exclusive member discounts, promotions, and cash-back offers.

11. Become a Resident Advisor (RA)

Becoming a resident advisor (RA) can offer significant savings for college students living on campus. In the 2024 academic year, the average cost of room and board at a public, four-year institution reached a whopping $12,302 per year—and it reaches even higher for private schools. Many colleges compensate their resident advisors with a free single-occupancy room.

Becoming an RA is a process; you’ll have to apply and undergo training, and there may be a prerequisite for you to have a certain number of credit hours already under your belt. Once you’ve gotten the position, you’ll also be responsible for enforcing campus housing rules and safety, which may require that you’re comfortable with some degree of confrontation among your peers. That said, apart from the free housing, being an RA offers you the benefit of adding the role to your resume, demonstrating excellent communication, time management, and conflict-resolution skills. 

12. Make Your Own Coffee

Popping by the local coffee shop can easily turn into an expensive habit. It may not seem like much harm done, but some surveys suggest that students are spending upwards of $20 per week—or $300 per semester—at Starbucks.

You don’t have to cut your coffee shop trips out entirely, especially if it’s something you enjoy. But scaling back and making your own coffee at home most days of the week can keep more dollars in your pocket, which adds up over the long run. This doesn’t require any pricey equipment or fancy tools. An inexpensive coffeemaker and a travel mug are all you need to enjoy fresh coffee each morning on your way out the door.

Besides cost savings, consider there may be some health benefits to making your coffee at home, too. Doing so better allows you to control the ingredients, sugar, and calories, which are other things that can add up over time.

13. Live With Roommates

Living with roommates during your college years offers a number of benefits, many of which are financial. As rents continue to increase nationwide, shared accommodations can help you afford living arrangements that may have been otherwise out of reach; especially if you’re attending school in a high-cost area. In New York City, for example, a roommate could save you as much as $1,865 per month. Apart from rent in and of itself, utilities, groceries, and other household expenses (like streaming services) can all be made more affordable by living with roommates.

The cost savings aren’t the only benefit here: Having roommates gives you the experience of communal living, which can foster an environment of support, friendship, and social engagement. All of these are equally important experiences in your early adulthood.

14. Buy in Bulk

Do you have a Costco, Sam’s Club, or BJ’s Wholesale Club nearby? If so, buying your household essentials in bulk can be an easy way to save some money as a student. Most bulk items come with lower per-unit prices, which makes them more cost-effective in the long run. Some estimates say you could save up to 25% by buying necessities like batteries, trash bags, coffee, toothpaste, and dishwasher pods in bulk. If you live with roommates, you could even consider divvying up the cost of common household items so everyone saves.

That said, bulk buying isn’t cost-effective by default, and you’ll want to do a little bit of planning beforehand. Most warehouse clubs have a yearly membership fee (Costco’s is $65 per year for a basic membership, as of this writing). While that membership isn’t likely to break the bank over the course of a year, if you don’t use it, it’s money wasted. You should also take care not to buy more perishable goods than you can reasonably use up before they expire. Otherwise, you’re just throwing money away.

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