Saving Money In College

The years spent in college are frequently portrayed as money guzzling, not abundant savings opportunities. However, with the proper mindset and strict discipline students can start substantial savings before they walk the graduation stage and be one step closer to financial independence.

Below are a few areas of college life that can be used to a student's advantage instead of a massive financial drain.

Room And Board

Living in a dorm can vary price wise from building to building and might be based on seniority. Additionally, it can save money for some students or even be free for students who decide to be RAs, while it could rack up a substantial bill that would be significantly less if students live off campus.

It is important to look at the options before making decisions and determine where savings will be most significant. If living off campus, consider the benefits of sharing rent with a roommate or two – maintaining the social aspect of dorm living without the communal showers and bathrooms or unfamiliar roommate assignments.

Textbooks And School Supplies

New textbooks are known for costing hundreds of dollars a pop and depleting in resale value by massive percentages. Avoid the initial sticker shock by buying used and regain some of the losses by selling the texts at the end of the term. Remember that used prices are often determined based on the amount of wear and tear, so take pristine care of the property. Think of buying used texts as library books – treat them with the same respect given to someone else's property.

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Also, look for alternatives to purchasing texts on campus.

Many larger campus libraries will have texts available to check out for free, or allow photocopies to be made of chapters. Consider sharing texts with classmates, splitting the expense and copying the material.

Sometimes, pdfs of textbooks are available online to download onto e-readers or to print. Additionally, many websites sell new or used texts at greatly reduced prices. In addition to Amazon, eCampus, Chegg and CollegeBook Renter all provide options to help students receive class material at a lower price than campus bookstores.

Reconsider Meal Plans

Look closely at what meal plans are available and how much they run as compared to how much money would be spent to grocery shop and prepare meals. And, if a meal plan is used, make sure to make the most of it by not frequently eating out. Meal plans are often purchased far in advance, so the tendency becomes to not accurately assess the true cost of eating out or ordering in.

Take Advantage Of School Offerings

From on-campus entertainment to gym memberships, free meals to lecture series, those pesky activity fees that come around each year go to many "free" offerings throughout the semesters. They've already been paid for, so take advantage of them – particularly if you would be spending money on movie rentals that you could get for free from the library or paying extra for a gym membership off campus.

Budget

More important than any other helpful hint or trick to save money in college is just knowing how to budget. Learning the proper way to draft a financial plan, reevaluate it frequently and establish sound money habits will save more cash than anything else.

Monitor how much, if any, money is coming in versus how much is being spent erroneously. Watch out for unnecessary purchases and seize control over spending and saving.

If working during college is an option, aggressively save while at school – particularly when living in the dorm where additional bills are rare. Establish routines before leaving school so the harshness of life outside college does not leave you lost, debt-ridden and financially illiterate.