"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!

  1.  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.

  1. 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.

  1. Pick up part-time work:
    • Look for flexible part-time jobs or freelance gigs that fit into your schedule to help boost your income.
  1. 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.

  1. 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.
  1. Student Discounts:
    • Always ask about student discounts at restaurants, retail stores, and services. Many places offer discounts when you show your student ID.
  1. 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.
  1. Utilize Campus Resources:
    • Take advantage of free resources on campus like the gym, libraries, campus food pantry, workshops, and counseling services.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. Use Cashback Apps:
    • Use apps that offer cashback for grocery shopping or online purchases, such as Ibotta or Rakuten.
  1. Thrift Shopping:
    • Thrift stores can be treasure troves for clothing, furniture, and household items at a fraction of the retail price.
  1. Buy in Bulk:
    • If you live with roommates, consider buying staple items like toilet paper, snacks, and cleaning supplies in bulk to save money.
  1. Negotiate Bills:
    • For monthly expenses (like internet or phone bills), see if you can negotiate lower rates or find promotional deals.