News & Tips
10 Easy Ways to Save Money in College
It’s no secret that college isn’t cheap. Tuition, textbooks, and groceries alone make it hard to fathom scraping together enough cash to see a movie with friends on the weekend. Yes, college does come with plenty of costs, but don’t let them bring down what should be some of your most exciting years.
Here are 10 ways to save money while in college, allowing you to spend less time staring at an empty bank account and more time living the fun college life.
1. Build a Budget (and stick to that budget)
In order to save money in college, you need to know how much money you have in the first place – then you need to know how much of it needs to go towards necessities like food and bills. Building a good budget helps keep your arms around your funds and gives you a better idea of exactly how much spending money you may or may not have left over. Learn more about how to budget here.
2. Earn Money from a Job or Side Hustle
It’s hard to save money when you don’t have a steady flow of it coming in, which is why a part-time job is generally a good thing to have in college. Is transportation an issue? No worries, some of the most valuable and easy-to-land jobs are available right on campus. Colleges have several student worker positions to help keep the university running, meaning odds are that you’ll find at least one job that relates to your degree in some way.
Otherwise, consider signing up to be a delivery driver (for food, packages, or groceries), a pet sitter or babysitter, a rideshare driver, a tutor, etc. that allow some flexibility with your college course schedule. Or, maybe you have some special skill that you could put to work, such as DJ’ing, photography, woodworking, jewelry, designing, tech repairs, etc.
3. Take Advantage of Campus Facilities
How much does your membership for the gym across town cost? What about that computer or smartphone you’re eyeing? The truth is that most universities offer many discounts for entertainment, electronics, healthcare services, gyms, and more as part of the tuition that many college students don’t take advantage of. In addition, many public transit systems are free for students to use with their college ID card.
A good rule of thumb is this: if it’s available on campus to use for free, don’t bother paying for it somewhere else. Lots of retailers and insurance companies also provide student discounts, so always be on the lookout for any that are available or just ask them if they can give you a price reduction! See more creative ways to save here.
4. Get Better at Buying Books
According to The College Board, the yearly books-and-supplies estimate for the average student at a four-year public college is about $1,240. But do you really need to buy all those books? Not always. In many cases, you can check out the books you need in person or online at your campus library (or even your hometown’s local library). Many professors also keep a personal copy or two specifically for lending out to students if necessary. Be sure to shop around online for the best deals, often eBooks are far more affordable or available to rent.
5. Use a Free Checking Account
You have enough bills and fees to worry about while you’re in college. Don’t let your bank account be a toll booth. While free checking accounts may be harder to come by these days, they are by no means extinct. SCCU (Space Coast Credit Union) Free Checking promises no minimum balance fees, no transaction fees, and no monthly maintenance fees.
To help you put your savings on autopilot, you can link your SCCU Free Checking account to an SCCU Saving Cents account, a round-up savings program where every transaction’s change gets rounded up to the nearest dollar and deposited into the account.
| Balance | Interest Rate | APY^ |
|---|---|---|
| $0 - $25,000 | 2.25% | 2.27% |
| $25,000.01 and over | 1.25% | 1.26% |
No minimum average daily balance required. Rates are accurate as of the effective date displayed, and they are subject to change. The APY (Annual Percentage Yield) is a percentage rate that reflects the total amount of interest paid on the account, based on the interest rate and the frequency of compounding for a 365-day period. Fees may reduce earnings on the account.
6. Don’t Go All In With Student Loans
It’s hard to think about now, but you will be paying off your student loans one day—all of them—plus interest. So while that day still might be a ways off, you can help yourself now by limiting the amount you borrow. Accept only what you absolutely need and maybe even a little less if you think you’ll have enough leftover dollars to contribute to your tuition now.
Keep an eye out for scholarships or grants that you could apply for, even if the funds would be for next year’s tuition because any amount helps. Not sure where to start? Head to your college’s financial aid office online or in person and see what’s available. Your academic department’s coordinator may know of some funding opportunities too.
7. Avoid Credit Card Sharks
You’ve probably already seen these guys preying around popular areas of your campus – vendors offering free merchandise to students who apply for high interest credit cards with high annual fees. Sure, that new t-shirt may be pretty cool, but you know what’s not cool? Paying off that credit card debt for the next couple years because they trapped you in the fine print.
8. …But Don’t Be Afraid to Build Good Credit Now
That being said, building good credit at an early age is still very import – it just has to be done the right way. Teens between the ages of 15 and 18 can apply for a Visa® Student credit card at SCCU.
If you’re 18 or older and haven’t opened a credit card yet, a Visa® Secured credit card can help you start building credit—start with buying small, regular purchases like groceries and practicing immediately paying off the balance. This simple but effective strategy can go a long way in building good credit and establishing healthy financial habits.
Plus, a good credit score can help you get a lower interest rate on future loans and a lower deposit on an apartment. Learn more about building credit here.
9. Consider Dorm Life vs. Off-Campus Life
If you’re not lucky enough to enjoy the savings of living at home with your parents, then you’ll need to sleep somewhere. Many schools require first year students to live on-campus, so you don’t have much wiggle room as a freshman. On another note, if being a resident advisor interests you, apply for it because many universities offer them room and board for free or at a lower cost!
You should, however, be weighing the option of moving off campus as soon as it’s an option for you. Plus, you could save much more money by cooking your own food. Psst, secondhand stores, yard sales, and online marketplaces are good go-to places for first apartment items. Reach out to friends and family members for any secondhand supplies or furniture they’d like to get off their hands and donate to you for your first place.
If you find it will be cheaper to live off-campus, keep in mind things like how far you’ll be from school, how secure you feel the neighborhood is, Wi-Fi and streaming bills, and utility costs.
10. Protect Your Personal Info
No one is ever 100% safe from fraud. Yes, that even includes a tech-savvy college student like you. In fact, high levels of social media and online shopping usage means a college kid’s personal information is being transferred around the internet at a pretty frequent rate, making them prime targets for different types of fraudsters.
So be sure to take precautions with your information, such as setting up account alerts for transactions and monitoring usage with Card Controls. Also, consider making purchases with digital wallet too. Arm yourself with knowledge against fraud with our quick tips, handy infographics, and more on our Fraud Prevention Center page.
Start Saving More with SCCU
We offer checking accounts and savings accounts at competitive rates, so you can save more! Plus, we offer credit cards at low variable rates as well. Our savings calculators can also help you estimate how much funds you’ll have for your future by putting away money.
As a credit union and not-for-profit financial institution, we put our members’ financial interests first. We serve members who live or work in these 34 counties in Florida both online and in 60+ branches—a $5 deposit into a Regular Savings account establishes membership. Get in touch with us here.
Visit our Financial Wellness page for more tips, calculators, and recommendations!
