College is an expensive investment, and unless your parents are incredibly well off and can pay for everything, you’re bound to rack up a certain amount of debt. In fact, many graduates are now paying for the extravagant lifestyles they had led while still in school. It’s possible to keep debt at a minimum if you manage your finances responsibly. By learning to budget as early as possible, you’re preparing for real life, which we all know is much more unpredictable.
Here are some no-nonsense tips to save as much money as possible while still a student:
1. Manage the Money You Have
Shop around for a bank that caters to students, and sign up for a free checking and savings account. Make sure it’s really free—no fund transfer fees, no charges for too many withdrawals and definitely no charges for paying bills online. You should be able to manage your meager finances without getting nickel and dimed. Keep track of the EXACT amount of money you have in your checking account. Your card won’t be declined for insufficient funds, which is awesome—except for the ridiculous overdraft fees. Knowing what your bank charges for mistakes like these should help you avoid them.
2. Don’t Use a Credit Card
You should be using cash 99% of the time. If that’s impossible, get a student credit card with no annual fees, low interest rates and a tiny credit limit. Learn to use credit cards for emergencies only and pay your bills on time.
3. Keep Track of Every Expense
If you’re really broke and serious about saving, write down all your expenses in a notebook or use something like Quicken. Save every receipt in a shoebox, including ATM withdrawal receipts and grocery receipts. At the end of the month, add up all the expenses and see where most of your money is going. Is it on apartment rental? Gas? Cellphone bill? Textbooks? Alcohol? Games? You’d be surprised how much money you spend on non-necessities. Cut back accordingly and continue to record everything until you don’t have to. Get a big jar or piggy bank and put all your spare change in it. If you don’t have any, turn your room or apartment upside down: look under couches, electronics, inside backpacks, pants pockets, etc.
4. Be a Smart Shopper
Make lists of necessities first and wants later. Put your wants in a wish list on Amazon to defer spending money until you really can’t live without that extra pair of heels or Xbox. What’s really worth buying is still worth buying two months later, so make procrastination work for you. For necessities, shop at cheapo places that offer student discounts. Your student ID is like a senior citizen card, so use it as much as you can. Join Groupon, use coupons and look out for clearance sales. If you share an apartment with friends, buy as a group at Costco for bulk discounts. Make handmade presents for other people instead of buying stuff, or give your time instead. Shop online but only at stores that offer free shipping. Never shop hungry, and make shopping lists before heading out. Check the fridge, pantry and cupboard to see what’s still in there when making your list. For clothes and accessories, hit the consignment shops and garage sales. Never buy new textbooks; always buy used (softcover and international edition) on Amazon or from other starving students. Better yet, just borrow books.
5. DIY Grooming
Skip the salon for hair and nails. You can do pedicures and manicures at home and trim your own hair. If you need a professional haircut, go to the cosmetology institute nearby. If you can share expensive personal grooming equipment with others (blow dryer, curling iron, hair straightener), do so. Designer makeup is pricey; just get the quality “store brand” products at cheaper prices. Do your own laundry: buy discounted detergent and always do a full load.
6. Cheap Transportation
Lose the car. Ride in your friend’s car if you have to go to parties. Walk as much as possible and use public transport, or get a bicycle instead. Occasional road trips are fun, but expensive. If you must travel this way, split the costs with friends. Skip spring break and do something fun closer to campus. If home is on the other side of the country, save on air fare by using Priceline or similar services. Or just use your student discount on Greyhound or Amtrak.
7. Computers and Electronics
Instead of getting a standalone account, join your parent’s cell phone plan. Cut down on text messaging fees and use Twitter, Facebook, IM, Skype or email instead. Everyone has an Apple device these days, but don’t follow the herd if you can’t afford it. Go computer shopping during back-to-school sale season or tax-free shopping week. Always take advantage of student discounts. Get a cheaper desktop instead of a laptop if you really don’t need to carry it around with you. To save even more, get a refurbished model. Extend its life with free antivirus and firewall, and make sure to keep it under lock and key when you’re away from the dorm or apartment. DIY the ink refill and skip expensive cartridges. There are many how-to guides online.
8. Entertainment and Leisure
When I was growing up we didn’t have a TV, and I still don’t have a TV to this day. A computer connected to the internet is enough. I never pay for music, TV shows, movies, games or software if I don’t have to either. There are plenty of sites that offer them for free or for a few cents. Online radio is free too. If you’re looking for that particular art-house film, sign up for Netflix DVD rental. Or hit your campus for free screenings. Instead of staying in for the weekend getting wasted, volunteer at soup kitchens or habitat for humanity or work on your portfolio. Dating doesn’t have to get you in debt either. Impress the girl/boy with your character and not with your closet or game collection. Go for long walks around campus and enjoy movie nights at home.
9. Fitness
Walking around campus, eating ramen noodles and constant stress kept me thin while I was in college. You don’t need a gym membership to keep fit, just be active. Walk to class, go for a morning run, enroll in a kick-boxing class, walk people’s dogs for a fee, use the stairs and join those marathons some club is always sponsoring.
10. Make Money
Getting a part-time job as a server is the most common route for college students, but you can get better pay and more fulfilling jobs if you’re creative. Set up a blog and write about the things you are passionate about (it’s important to be a subject matter expert) and collect ad revenue. Studying to be a graphic designer? Showcase your works and sell prints online. Tutor kids, offer music lessons, troubleshoot computer problems for a fee, help with dissertations by proofreading, typing or editing. Spend your summers at a solid internship or working at a part-time job related to your major. Find a discount broker and get into the habit of investing.
Easy Frugal Living 
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