June 6, 2024
By Sena Fidan
Staff Writer
This article is part of a four-part in-depth reporting project about college.
Graduating high school and enrolling in college allows young adults to have increased freedom, but with that comes added responsibility. College students may find themselves struggling to cover expenses and save money.
However, with these 10 tips, college students can set themselves up for financial success.
1. Create a budget.
Track your spending to get an accurate idea of how you use your money. Then, considering your income and necessary expenses, determine how much you plan to spend and how much you intend to save.
2. Take advantage of student discounts.
Whether it be a music streaming service, theater tickets or electronics, college students can save a significant amount of money by showing their student ID or using their school email address when making a purchase.
3. Use apps to monitor your spending.
Keep track of your spending with apps like Goodbudget, SoFi Insights and WeBull. Basic budgeting apps generally allow users to categorize expenses, link their financial accounts and track their purchases.
4. Save on food.
Going out to eat adds up, so use your prepaid college meal plan or cook a meal for yourself. Cooking is also an important life skill to develop.
5. Consider alternative forms of transportation.
Students can save money on their daily commutes by using public transportation and carpooling with friends. Students can even buy monthly passes for public transportation, which are often available at discounted rates.
6. Maximize scholarships, grants and financial aid opportunities.
Financial aid can significantly lower the cost of college. By applying for scholarships and grants as well as filling out the Free Application for Federal Student Aid, better known as the FAFSA, students can dramatically reduce their financial strain.
7. Apply for a job.
Part-time employment equips students with spending money and provides them with an opportunity to network professionally and socialize with their peers. On-campus jobs also offer flexible work schedules, so students can keep academics a top priority.
8. Save on textbooks.
According to the research organization Education Data Initiative, during the 2021-2022 school year, the average postsecondary school student spent between $628-$1,200 on books and supplies. To reduce this financial burden, students can buy or rent used textbooks or even use online libraries. Students who befriend upperclassmen may be able to borrow their old textbooks as well.
9. Practice financial
responsibility.
Avoid the urge to buy nonessential items. Before making a purchase, take a moment to reflect on whether you truly want or need the item, and consider if it aligns with your financial goals.
10. Set long-term goals.
Prioritize long-term objectives alongside immediate needs. By considering future goals, such as career advancement, investing or post-graduation expenses, students can make more informed financial decisions.
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