How to save money in college: 7 Tips

College is like a trial period for adulthood. You’re more independent but might have some support, like a meal plan or academic advisors. It's the perfect opportunity to learn adult life skills with relatively low stakes.

Money management is one of the most valuable skills you can work on as a student. If you learn how to save money in college, you'll be better prepared to reach your financial goals after graduation. Work these basic tips into your schedule to get a head start on adulting. 

1. Create a budget and track expenses

A budget is like a roadmap for your money. It’s a detailed list of your income and expenses to help track how much is coming in and going out so you can keep it in balance. Some people use spreadsheets, others use tracking apps or budgeting platforms online. 

To create a budget, enter your total monthly income, including debit card transfers from your parents. Next, list all of your expenses and start tracking them. Look at how much you spend on needs vs. wants. Do you have enough to cover your expenses every month or are you running a deficit? 

If you have money left over, set a savings goal and challenge yourself to reach it. The Greenlight app can help with resources for saving money, spending smart, and using a credit card responsibly. 

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2. Financial aid: Apply for scholarships and grants

Student loans have been all over the news lately, and rightfully so. The average student loan debt is nearly $38,000 per borrower, and 42.8 million people carry student debt. While there are student debt relief options, there are no guarantees.

Many families invest ahead of time in 529 college savings plans – which you can combine with some types of financial aid. 

You can also look for ways to pay for college without loans. Search for scholarships geared to students in your field. Find out if any organizations in your hometown have programs. Your advisor may also have some ideas.

Federal grants are also available. Some require you to fill out the Free Application for Federal Student Aid (FAFSA), so put that on your to-do list just in case.

3. Think outside the textbook

There are many reasons why colleges are so expensive. Beyond tuition, supplies are some of the most significant expenses for college students. The average student spends over $1,200 on books and related supplies every year.

You can reduce those costs by:

• Buying used books: Many college bookstores have "buy-back" programs that purchase and re-sell students' old books. 

• Renting books online: You can rent by the semester or month — a great option if you only need the book for one assignment.

• Using e-books: If your school allows them, the average e-book costs almost 40% less than a physical book.

4. Leverage student discounts

Your student ID can get you discounts at many places where you spend money. Look for student deals like 10% off at movie theaters, buy-one-get-one-free at pizza places, or discounted haircuts at local salons. Businesses near college campuses are especially likely to have student rates.

Big companies are getting on the student-discount bus, too. Sign up for streaming services with your .edu address and you could get the same plan for a lower monthly payment. Hulu, Max, and Apple Music are just a few providers offering deep discounts to students.

Free sites like Unidays offer one-stop discounts, deals, earning, and well-being opportunities specifically for students. 

5. Max out your meal plan or cook for yourself

Every student wants to know how to save money on food in college. If you have a pre-paid meal plan, use it! 

• Reserve eating out for special occasions or when the dining halls are closed. 

• Pack snacks to go. Most cafeterias have fruits, snacks, and other things you can take with you for later. 

If you live off-campus, check your meal plan policy – some schools offer reduced-cost meal packages by the month or semester. If it works with your schedule, you could buy fewer on-campus meals and eat at least one at home. For example, buy a less expensive lunch package (one meal a day at school) and have breakfast and dinner at home. Cooking for yourself is also a great way to learn how to save money on groceries.

Shop the sales, download coupon apps, and sign up for local loyalty programs. You’d be surprised how many apps let you earn cash back or gas points on the food you already buy.

6. Get a part-time job to earn while learning

The more you earn, the more you can save. Apply for a work-study position at school or find out if a local business is hiring. Retail stores, restaurants, and fast food places may offer student-friendly flexible schedules, especially near a college.

Online jobs for students are also on the rise, so you can work from home whenever you’re not studying. And of course, look for summer jobs to bank cash for next semester. 

7. Use campus amenities

You know those fees you pay as part of your tuition? Those go toward campus amenities and services that a non-student would have to pay full price for. 

You know about the library and the student health center, but what else can you get for free on campus? Maybe there's an on-site gym you could join or a student program you can attend instead of paying to go out.

Build money skills to make your college journey richer

Your college years are an opportunity to learn and grow as much as possible, and most of that learning will happen outside the classroom. If you follow these tips for saving money in college, you could graduate with a bigger bank account and better habits for the future.

And remember, as a student, you have many resources to help you build solid habits. Check out Greenlight for a wealth of knowledge and tools that help you budget, save, and even invest — even before you get that diploma.