8 Ways College Students Can Save Money

They say a dollar saved is a dollar earned. 

But at uThrive, we believe a dollar saved is more than a dollar earned. This is especially true for college students who have limited options to earn while they’re in school. 

Whether you are paying for your degree from your own savings (kudos there!), taking out student loans, or your parents are pitching in, money woes are a constant companion in college days. 

When you're living on a shoestring budget, each dollar counts. So, in case you are wondering how you can save hundreds of dollars every month as a college student, read on. 

Here are the 8 ways you can save money while you are still in college. 

1. Explore all scholarships and grant options

First of all, scholarships and grants are THE two types of funding that can drastically cut the cost of attending college.  And, unlike student loans, they don’t need to be repaid. It’s free money!!

This might be obvious to you, but here’s the thing. Over $100 million in scholarships and $2 billion in student grants go unclaimed each year!  If that’s not mind blowing enough, what’s more shocking is that it’s due to a lack of applicants!

So if you think you’ve exhausted all scholarship and grant options, keep searching. 

There’s a large number of scholarships and grants based on merit, financial need, sports performance, volunteer work, professional interest, and even ethnic background. 

So no, you don’t have to be a star athlete with a 4.0 GPA to be competitive, but you do have to seek them out. 

Since the number of available scholarships is high, it’s a bit daunting to find and apply for the right scholarships. Visit sites like Scholarships.com, CareerOneStop, and College Board to look for scholarships and grant opportunities. 

Moreover, every year the US government gives billions of dollars in educational grants and aid for students who demonstrate significant financial need. There are different types of grants such as federal (Pell Grants), state grants, institutional grants, and private grants. 

To receive any financial aid or grants, one of the first steps you need to take is to fill out the Free Application for Federal Student Aid (FAFSA®) form on the US Department of Education’s website. 

The idea is to explore and apply for scholarships as much as you can to cover a significant portion of your college costs. 

2. Look for cheaper off-campus housing options with roommates

If you are not mandated to live on campus, consider whether it's cheaper to live off-campus with roommates to potentially save quite a bit of money. 

Depending on the type of school, room and board on-campus costs more than $15,000 between lodging and food per academic year. Yikes! But is it always cheaper to live off campus? 

The answer is: it depends primarily on the type of school you’re attending (public vs. private institution), the school’s location, and what kind of lifestyle you have. Make sure you’re comparing apples to apples when looking at total costs.

For example, room and board often includes all lodging costs (utilities, internet, furnishings) and meals, while renting an apartment will require you to pay separately for these things. If the apartment is not within walking distance, you’ll also need to calculate gas and parking fees, which can add up. 

But here’s the thing, living off-campus gives you more flexibility, and if you live with a roommate, you can at least HALVE those costs! You can also cook your own meals, which will be cheaper and probably better for the waistline. (Freshmen 15 get anyone?!) 

And here’s the reality - you don’t need the nicest, most expensive place in the whole world. This is a temporary residence that’s helping you get from point A to point B. But make sure it’s safe, close, and maybe not cockroach infected (like mine was)!

The bottom line: Strategically choosing an off-campus accommodation and sharing rent, utilities, and other expenses with roommates can help you save hundreds of dollars every month.  

3. Buy or rent used textbooks

On average, students spend over $1,200 on textbooks in their first year of college. And, the prices of college textbooks are not getting any cheaper. 

According to a Bureau of Labor Statistics report, between 2020 and 2023 prices for college textbooks increased by 7%. 

The good news is that you can cut your textbook expenses by 50-90% simply by purchasing used ones or renting them. Use sites like AbeBooks, CampusBooks, and Chegg to buy or rent old textbooks. 

Additionally, you can check with your college campus bookstore if they are offering rental options.  

If you already bought new books for the current semester, you can sell them once the semester is over to get some extra cash, which can pay for your next semester's book rentals. (If you think you’ll refer to them after the semester ends, I’m here to tell you you probably won’t.)

4. Shop from thrift and dollar stores

When you are on a mission to save money as a college student, thrift stores and websites are your go-to places for everything you need - from clothes to shoes and accessories.  

Stop by leading thrift stores like Plato's Closet and Buffalo Exchange for trendy clothes, shoes, and much more at deep discounts. 

Then there are online thrift retailers like thredUP, Poshmark, and Swap that can revamp your wardrobe without emptying your wallet. 

Additionally, look for nearby dollar stores like Dollar Tree, 99-cent Only, and Family Dollar for a variety of goods - from stationery to snacks - at very low prices.  

5. Hunt for student discounts 

Did you know your student ID card or your college email ID are the keys to a whole range of discounts on products and services like laptops, computer accessories, online courses, textbooks, and even Amazon Prime subscriptions? 

For instance, Target offers 20% discounts on select items for students, teachers, and school staff members. To receive this offer, all you need is your student ID card. Um, yes please!

Many clothing retailers, electronic shops, travel companies, and even restaurants offer special discounts for students. For instance, companies like Apple, HP, Verizon, Sprint, AT&T, and Lenovo - all offer discounts for students.

Even clothing stores like J. Crew, Banana Republic, and Club Monaco offer up to a 15% student discount.

So, why pay the full price? 

You can also check student discount offers from your favorite brands on sites like UNiDAYS. 

6. Hit the unsubscribe button

Subscribed to Amazon Audible, Amazon Prime, or Disney+ and then forgot to use them? Wait, do you even know what you’re currently subscribed to? 

Yes, it happens to the best of us. 

Look into all your subscriptions - from online courses and prime delivery services to music/video streaming apps.

How many of them do you use regularly? Hit the unsubscribe button for everything you never used in the last 2-4 weeks. You are probably not going to use them anytime soon. 

Also consider using a budgeting app that generates alerts when you haven’t used a subscription service for weeks. 

7. Look for free or cheaper entertainment options 

Of course, no one wants their college experience to be all work and no play! I have a feeling y’all already knew that though lol. However, it’s quite easy to go overboard on entertainment (and partying) and completely screw up your monthly budget. 

To be entertained, you don’t need to go out to watch movies, eat out, and attend live concerts or sports games every weekend. 

Explore entertainment options that are free or don't cost much. For instance, join an activity-based club, visit a public park, play outdoor sports, or go workout. Or my personal favorite - go to someone’s house and have a free dance party! 

Plus explore sites like Eventbrite or Meetup to keep track of many free events happening around the city. 

8. Go food shopping later in the day

Many grocery stores mark down perishable items like bread, meat, and fresh produce towards the end of the day to avoid waste. 

Plus, some stores run daily clearance sales towards the end of the business hours. For example, bakeries often sell many items at deep discounts a couple of hours before closing to clear the unsold stock. 

By planning your food shopping for the evening, you can save a couple of hundreds of dollars every month. 

Need more help getting a financial plan for your college expenses or with figuring out what degree will give you the biggest return on your investment? Check out our comprehensive 6-module course that will help you get on the right career path, get a job, and manage the money you do make so you can get ahead financially!