5 Proven Money Saving Tips for Students

by Ian Nuttall

Ask any student what the main downside to getting a quality education is and you know what the answer will be? Student debt. Here are a few reasons why students end up with huge pile of debt (the average debt for the class of 2010 was $25,250):

  • For many students it is their first time away from home and managing all of their finances on their own.
  • The lure of a big student loan makes it very easy to spend money you don't really have.
  • Credit card companies pitching to you on campus with the old "you need credit to get credit" pitch can be very convincing.

It's not all doom and gloom though! First of all, a quality education can bring a much higher income. Second, you get to build better connections to secure more lucrative and prestigious jobs.

Still, it sucks to waste your entire budget on textbooks (which you might be able to rent from Chegg) and there are things that don't take much effort but will save you tons of money.

Here are 5 proven ways that students can save money, starting right now:

  1. Go to community college first. Chad makes a very good point when asked if it's better to go to community college first. His friend spent $80k going to a Tier 1 business school, but if he had done two years at community college first he would have graduated with the same degree for half the price. Thinking strategically can save you a fortune!
  2. Avoid/minimize need for student loan. You can significantly reduce the need for a student loan in a few ways. Community college is one, but there are others - like going to a nearby school, for example. State residents often get a lower tuition fee and it's also cheaper to then travel home to see your friends and family. Added bonus: your mom can still do your laundry! 😉
  3. Budget like a student! Part of the student experience is to be frugal and save wherever possible. People I know would live on a basic diet of rice and tuna/chicken to save money. Admittedly they spent it on booze, but you're smarter than that and will put the money to good use. Right?
  4. Take advantage of cheap entertainment. Another great thing about college is that there is always something going on. There are plenty of free or cheap parties, lectures, concerts, movie screenings etc. Before you pay for expensive entertainment, check the campus calendar to see what cool stuff you can get up to for free!
  5. Take your student ID with you - everywhere! There are dozens of stores, restaurants and local traders that will offer you a nice discount for being a college student. The trick is to actually remember to carry it with you. Believe it or not, most stores won't accept your word for it!

If you need more money saving tips for students, I found this list of 50 quick tips on MoneySavingStudent.com that you might be interested in.

Got any more ideas? Leave your comments below and share them with other college kids looking to save a few bucks. 🙂

This post was written by Ian Nuttall

Ian Nuttall is a small business owner and personal finance blogger with a passion for helping others make and save money. He recently published this free guide to debt consolidation loans.

{ 4 comments… read them below or add one }

Mel Reifer June 17, 2012 at 10:41 am

I not to mention my friends were reading the good solutions on your web site while quickly I had an awful feeling I never expressed respect to the website owner for those techniques. My boys were definitely very interested to read all of them and have now pretty much been using them. I appreciate you for indeed being really thoughtful and also for choosing these kinds of outstanding subject matter most people are really wanting to learn about. My personal honest apologies for not saying thanks to you earlier.


Christine October 25, 2012 at 11:22 am

Tremendous issues here. I’m very glad to look your post. Thank you so much and I’m looking
ahead to contact you. Will you please drop me a mail?


Chad Agrawal October 25, 2012 at 8:38 pm

Sure! Email sent 🙂


Carlos February 10, 2013 at 1:27 pm

Alright then I probably should congratulate that you articulated some nice points there. I did a search on the topic and found nearly all folks will agree with your thoughts.


Leave a Comment

Previous post:

Next post: