Tips for saving more
"Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.” – Will Rogers
Money-Saving Strategies for College Students
By implementing these strategies, college students can effectively save money and manage their budgets more efficiently!
- Apply for Scholarships:
o Scholarships and grants (aka the kind of funding that doesn't need to be repaid) aren't just for incoming first-year students. Your school and even private scholarship-granting organizations often reserve some of their cash for returning students.
- Fill Out the FAFSA Each Year:
o The Free Application for Federal Student Aid (FAFSA) determines what need-based scholarships, grants, and federal student loans you're eligible for.
- Pick up part-time work:
- Look for flexible part-time jobs or freelance gigs that fit into your schedule to help boost your income.
- Set Up A Budget:
o Budgeting can seem pointless when you don't have much to spend. But establishing a budget early on means it'll be a habit later when you have more money to put toward financial goals. If you've never created a spending plan before, check out our guide on how to budget to find simple ways to make a budget work for you.
- Utilize Coupons:
- Mailers: Don’t throw away those mailers! Check them for coupons on local services like car washes, dry cleaners, and restaurants.
- Grocery Coupons: Look for store coupons and manufacturer coupons for your favorite products. Clip them or use digital versions on your phone for extra savings during grocery trips.
- Student Discounts:
- Always ask about student discounts at restaurants, retail stores, and services. Many places offer discounts when you show your student ID.
- Minimize Textbook Costs:
- Instead of purchasing new textbooks, check online marketplaces for used books or rent them when possible. Websites like Chegg, Amazon, and local Facebook groups are great resources.
- Utilize Campus Resources:
- Take advantage of free resources on campus like the gym, libraries, campus food pantry, workshops, and counseling services.
- Meal Prep:
- Plan your meals for the week and prepare them at home. This not only saves money compared to eating out but is also healthier.
- Use Public Transportation:
- MSU campus has a public transport system (Streamline Bus), use it instead of keeping a car to save on gas, parking fees, and maintenance.
- Find Cheap Entertainment/Free Events:
- Search for discounted movie nights, happy hours, or free museum days in your area to enjoy entertainment without breaking the bank.
- Look for free events around campus and in the local community. These can include sports event, concerts, workshops, and festivals.
- Join Loyalty Programs:
- Many stores and restaurants have loyalty programs that can give you discounts, points, or exclusive offers, so sign up for those you frequently go to.
- Use Cashback Apps:
- Use apps that offer cashback for grocery shopping or online purchases, such as Ibotta or Rakuten.
- Thrift Shopping:
- Thrift stores can be treasure troves for clothing, furniture, and household items at a fraction of the retail price.
- Buy in Bulk:
- If you live with roommates, consider buying staple items like toilet paper, snacks, and cleaning supplies in bulk to save money.
- Negotiate Bills:
- For monthly expenses (like internet or phone bills), see if you can negotiate lower rates or find promotional deals.