The following is a guest post from Gregory Pennington.
By following the tips in this short guide, you should be able to save yourself a considerable amount of money,stay out of debt and still have a great time. Going to college can be a particularly expensive time for anyone. The cost of buying your own food and looking after yourself can soon add up if you’ve never done it before.
We have all at one point or another read a list of ways to save money in general. Now it’s time to look at easy ways to save money when you go away for college:
Split the cost of your shopping
If you live with a few people, why not split the cost of your weekly shop? You could collectively create a shopping list and agree to eat the same meals on some nights each week – that way, you don’t have to buy too much while in the store. There really is no best way to save money but by splitting the cost of your shopping you will save yourself a considerable amount of money while at college. Money that could be spent on other things (like books), or put away in a savings account.
Nights in are just as good as nights out
Again, if you live with a few people, you should try having nights in as well as nights out. By this I mean throw your own parties and movie nights. For example, if you wanted to throw a party, you could invite all your friends and ask each of them to each bring something when they come (that can cover their ‘entry fee’) – so, one friend could bring some popcorn, someone could bring the music, while another could bring some drinks. This is arguably one of the best ways to save money because you won’t have to go out and buy everything yourself.
Snap up all those second-hand items
While away at college, second-hand items should be top of your shopping list. If you need textbooks, workbooks or anything else for that matter (other than food!), go out of your way to find them second-hand. Save money by ordering cheap college textbooks from an online used textbook distributor. Another example, when I was at college, I needed a textbook that was priced at $48 new – but I managed to pick it up second-hand for just $5! Students at your college may post their old books and possessions on the ‘for sale’ notice board, so it’s a good idea to check the board every day to find the latest bargain – but only buy it if you need it. Remember that it can’t be one of the best ways to save money if you simply don’t even need the book for the course. Before you begin to save money on college textbooks you should ensure that you save money on your college tuition.
Travel to college? Share the ride
If you don’t live on campus and have to travel in every day, it may be worthwhile to find someone to share the ride with. There should be someone who drives past (or at least near) where you live, so if you can find out who it is, offer them some money to pick you up on the way to college. This will save you money in bus fares, cab fares and gas.
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College by definition means saving money on life expenses, cheap food, beer, social life, rides. Everything is easy. Wait till the real world and then you will notice the difference in one week.
I agree with Craig. Save as much as you can in college – you’ll appreciate it once you graduate.
If you can throw a great party and charge for it then a night in can actually be a night of making money!
@CCC I wouldn’t get into the habit of throwing college parties personally. I know friends that have made money. Well made money until the fines came in. Depending on your school and the area you live in you can get yourself in some trouble.
@Sarah Biking is definitely a great workout. Biking to save money something you should be proud of. Most college students would have taken the easy route and ordered food or bought whatever was convenient.
As a former college student, I have another note on the shopping end of things. As I didn’t have a car in college, I had a bike and took that shopping with a big backpack and front basket. I’d buy several half-gallons of milk when they were on sale, as well as multiple packages of cheese and butter. If you do milk, make sure you let some out before freezing it since it expands! It was a good workout getting all that home too
College is tough on the expenses. Definitely go with the used books and you almost have completely cut out any excess spending. First time on my own i was little overwhelmed by the bills i looked for any way to save money. One way that has saved me around 40 to 50 bucks a month was getting rid of the cell phone contract that cost me like 80 a month. Now my net10 plan, just 10 cents a minute 3 cents for text, i pay for the only what i need. And any money you can save is important.
Hmmm……share in the shopping? Sounds good on paper, but in reality, I don’t think so. Sorry, but young adults are selfish. They suffer from ‘That is mine!’ syndrome. Ask anyone who has had a roommate between the ages of 18 and 25, and they will tell you that what your roommate purchases is absolutely off-limits to you. Things purchased together? Yeah right. You’d be amazed at how roommates tend to forget that ‘our’ purchase turns into ‘their’ purchase. Or, lets say you go in halves on a bag of chips. Your roommate eats half, but will somehow magically accuse you of eating that half.
Roommates are great for keeping the costs of housing down, but other than that, you are on your own. Don’t even get me started on ’sharing’ utilities.