Two-thirds of students graduating from American colleges are graduating with some level of debt. Not to mention that finding a job is not always a piece of cake and living on a student income can be challenging at times. In fact, I had trouble finding a decent job after finishing my Masters degree, which led me to start blogging full-time instead. You can read about my story here.
It’s absolutely crucial to have a good repayment plan in place for your student loans. Letting your debt linger can hinder your financial success for years to come in the form of more interest payments and lower credit scores.
To get the best deal possible on your student loans, I recommend using LendKey. LendKey can help you save thousands of dollars by refinancing and consolidating your student loans into one manageable loan with a lower interest rate. Here are some of benefits of using LendKey:
- A quick 2-minute rate check with NO impact on your credit score
- You can reduce monthly payments up to 40% and save an average of $10,000
- Over 275 not-for-profit and community lenders to choose from mean higher chances for approval and LOWER rates
Besides saving money on your student loans, there are LOTS of other smart ways students can make good financial choices in college. Whether you’re looking to adopt more frugal habits or a student looking for new ways to cut back on your monthly spending, here are 100 smart ways to start saving and making money!
Table of Contents
COLLEGE COSTS
Save money on your student loans with LendKey
I mentioned above that LendKey can help you save thousands of dollars by refinancing and consolidating your student loans into one manageable loan with a lower interest rate.
There are 5-easy steps to get started with LendKey. Each step only takes a couple minutes to complete, then you’ll be on your way to saving a TON of money on your student loans.
- Get Your Rate
LendKey will ask you to fill out a quick online form to see personal rates. This will only take a couple minutes to complete. Then LendKey will use a soft-pull of your credit to show you real rates. This WON’T impact your credit score. - Pick Your Loan
LendKey will show you the best rates from over 300+ community leaders. Then with just a simple click, you can select the right loan for you and your budget. - Upload Your Docs
You can easily upload files from your computer or photos from your phone for verification. - E-Sign & Click
You’ll receive an email from LendKey letting you know that your documents have been verified. Then you just need to e-sign your loan agreement with DocuSign. - Loans Paid Off
LendKey will get to work paying off your existing loans immediately so you don’t have to. Click here to learn more about how to get started with LendKey.
Buy used textbooks and sell them at the end of the semester
I recommend buying or renting used textbooks and selling them at the of the term to save money. A great website to rent, buy, and sell your textbooks is eCampus.com. When you sell your textbooks through eCampus shipping is always free and you can get paid by check, direct deposit or in-store credit.
Always ask for student discounts when buying school supplies
While the dollar store is good for stationary supplies, most stores like Apple offer a student discount on computers. Shop where student discounts are available or ask if you are unsure.
Plan your class schedule
It’s important to plan your class schedule ahead of time, whenever possible. That way you’ll know what courses you need to take and when they are being offered.
If you plan on taking a certain course, but it’s not being offered this term, you may have to take a course that doesn’t go towards your degree instead. Proper planning can save you both time and money.
Apply for scholarships
Do you research and apply. It may be easier to get a scholarship than you think.
Consider attending a less expensive school
Depending on your budget and what your future career plans entail, you may want to consider attending a less expensive school. This is a personal choice where you’ll have to consider the pros and cons.
Research jobs available with your degree before starting college
It’s hard to know exactly what you want to do after high school but it’s a good idea to brain storm possible degrees and see what’s available in that field after graduation.
- Is that industry in decline?
- Are there many jobs available in that field?
- Can you make decent money with this degree?
The last thing you want to do is complete a four year degree in something that will be hard to make a return on your investment.
Plan your elective courses strategically
Many colleges require students to take certain elective courses: such as an art student must also take a science and social science elective in order to graduate. Instead of just taking a course because you think it will be easy, try taking something that you might actually benefit you in the future.
Study and do well in your classes
This goes without saying, but it’s important to remember to study and do well in your classes so you don’t have to repeat any. This will also help you if you need to maintain good academic standing to keep your scholarship or you want to attend graduate school in the future.
Take advantage of resources available at your college
This includes resume writing, essay writing, career centers, student financial services, using the college gym, etc. These services are free or included in the cost of your tuition so it’s a good idea to use them and make the most of your college experience.
Opt of out unnecessary college expenses
Sometimes colleges will allow students to opt out of certain expenses included in their tuition. For me, this included health and dental coverage. I was already covered under the insurance my Dad had through his job, so it wasn’t necessary for me to pay extra for it at school.
MAKING SOME EXTRA MONEY
Start an awesome blog!
If you’re passionate about a topic, why not share it with the world by starting a blog. You can sell ad space on your website, collaborate with brands, promote products you love (affiliate marketing).
It’s super cheap to start a blog and it has the potential for you to earn extra income. You can use my free step-by-step guide to help youget started.
Participate in a focus group
Focus groups may require more of your time, maybe a few hours over the course of a week, but it’s an easy way to make some extra cash. See what’s available and sign up for one that interests you.
Work during the summer months
There are many companies hiring seasonal staff during the summer, which makes this the perfect time to get some work experience and make money. Try to apply for jobs related to your degree so it can help build your work experience for when you graduate.
Sell your lightly used stuff
Before moving to campus or an apartment, sell items that you no longer need on Kijiji, Craiglist or eBay. This is an easy way to make some money and get rid of clutter.
Sell your skills
Are you a photography student? Advertise to take photos for a fee. You can do family portraits or engagement photos. Are you a graphic design student? Create website templates or logos and sell them online. The possibilities are endless!
Volunteer for paid research studies
Many experiments and studies are conducted at colleges with students. Check to see if any paid research studies are taking place on campus and sign up if you qualify for what they need. You can make anywhere from $20-$100+ per study.
Related: 9 effective ways to make money online
Sell your crafts
Etsy and craft fairs are a great way to sell your products and make some extra money. This is good for those who are crafty.
Become a tutor
Are you bilingual? Are you good at math? Are you good at writing resumes or proof reading essays? If so, you can make money by becoming a tutor. Advertise online or around campus.
Get an on-campus job
Many jobs are available on campus if you want to make some extra income in between classes.
Get an off-campus job
While I recommend focusing on studying for classes during the school year, some students need to get a part-time job to help with the cost of college and living expenses. If possible, try to get a job which relates to your degree to build work experience while making money.
FOOD & DRINK
Eat at home
I know the dollar menu at the local fast food restaurant sounds tempting, but it’s always cheaper and healthier to eat home cooked meals.Get yourself an Instant Potso your meals can cook while you’re at class. It’s super easy and you’lllove having a hot meal ready to eat within minutes.
Some of my favorite go-to cookbooks include:
- The $5 a Meal College Vegetarian Cookbook
- Student’s Vegetarian Cookbook
- Fresh from the Vegan Slow Cooker
Browse weekly flyers and make a grocery list
Check grocery flyers online to circle weekly sales and make a list. This will help you remember what you need to buy once you arrive at the store and stick to your budget.
Use coupons / price match
To save money and time, check to see if your grocery store offers price matching. Also, always check to see if coupons are available for products you use on a daily (or weekly) basis.
Buy generic / store brand
Most grocery stores offer a generic version of popular staples like beans, sauces, frozen fruit, and vegetables, etc. Sometimes the quality varies, but the price is usually cheaper than its brand name competitor.
Plan affordable meals
When going through the weekly grocery flyer, think of affordable meal options as you create your shopping list. I like using an Instant Pot to quickly make delicious and healthy meals.
Make your own coffee / tea
Spending $2 a day on your morning coffee may not seem like much, but the cost can quickly add to up over $40 per month!
Making your own coffee and tea at home is always cheaper. If you live with a roommate who also drinks coffee or tea regularly, considering splitting the cost of purchasing a coffee machine and supplies.
Strategically buy in bulk
I like to buy the daily essentials in bulk such a toilet paper and paper towels. However, buying perishable food in bulk, or products that you don’t regularly use is not such a good idea. Everyone has different needs, so consider if buying certain items in bulk is right for you.
Opt for lunch deals
If you cannot live without dining out, consider going for lunch instead of dinner. Many restaurants offer daily lunch specials or reduced prices during their lunch hours which makes this a more affordable option.
Make your own drinks
Drinking at a restaurant or bar can be expensive. Instead, chip in with friends and purchase alcohol to make your own co*cktail creations at home. This saves money on both tipping and cab rides home.
Search for happy hours / nightly specials
If you must go out to drink and eat, check for local happy hour or nightly specials. Sometimes places offer cheap beer, mixed drinks or half-priced appetizers.
ENTERTAINMENT
Attend free events on campus
You’ll be surprised how many free (or cheap) events are offered on campus. I’ve gone to concerts, stand-up comedy, movie nights, etc. Sometimes the student center even offers discounted tickets to events happening in the city.
Ditch cable TV
There are SO many great options today to replace cable TV. I highly recommend signing up for Amazon Prime. With Amazon Prime, you get instant access to watch thousands of movies and TV shows. You can also borrow Kindle books, get unlimited FREE two-day shipping, and get special savings exclusively for Prime members. Click here to try Amazon Prime 6-month Free Trial.
Watch movies on Amazon Prime
For a small fee each month, you can enjoy a variety of movies, documentaries and TV shows. If you have a roommate, consider splitting the cost between the two of you.
Go to the movies on discount days
Most cities offer discount movie days. This is the best time to check out a movie you’ve been dying to see. Another idea is to see if the student center on campus offers discounted movie tickets too.
Related: 12 things I stopped buying to save money
Opt for affordable hobbies
It’s always great to have a hobby to do in your spare time, but make sure that it doesn’t cost you an arm and a leg. Many people like to do photography, but this can quickly add up when you purchase expensive camera equipment and gear.
One of myfavorite hobbies is blogging (which only costs me $2.95 per month) and it helps me earn extra income too. I also love reading, and it’s easy to borrow books from the library for free.
Attend free events in your city
Most major cities offer a variety of free events to appeal to all ages and interests. This is a great way to have fun while staying on budget.
Have a no-spend weekend
Once a month (or more) consider having a “no-spend weekend”. This means that you don’t spend money on anything.
Eat what you already have at home, find free forms of entertainment and don’t spend money on cabs or public transportation. This is a good way to keep your spending in check.
Borrow free books and movies from the library
Don’t just limit yourself to the school library, check out your city’s public library too.
Whenever I see a new novel or cookbook I want to get at the bookstore, I always check the public library first to see if it’s available to borrow. Most libraries also offer free passes to city attractions too.
Avoid cover fees
When heading out to a bar or club with friends, try to avoid going to a place that charges a cover fee. This can run anywhere from $5-$25+ depending on the establishment. Some clubs allow you to create a free guest list in advance to avoid cover fees or have no cover fee before a certain time.
Have a games night
Instead of going out, invite some friends over and spend the night at home playing board games. You can make drinks or grab some affordable snacks to enjoy too.
TRANSPORTATION & TRAVEL
Walk, ride a bike, skateboard, take public transportation
Leave the car at home and choose to walk or ride your bike to school instead. If public transit is an option, check to see if they offer discounts for students.
Split the cost of a taxi or Uber with friends (if you must take a taxi)
Taking a taxi is expensive, but sometimes it’s the best way to get home at night. Make sure to split the cost with friends to make it a more affordable ride.
Carpool whenever possible
Heading home for the holidays? Why not carpool if you are all going the same direction. This is usually cheaper than taking a bus, train or flying.
Plan travel back home well in advance (if possible)
If you know you’ll be going home for the holidays, check for flight deals in advance. Sign up for email alerts with Skyscanner and book when the price is lowest.
Related:23 secrets to booking cheap flights
Set a travel budget and stick to it
If you plan on traveling during the holidays or summer months, set a realistic travel budget for yourself. For example, if you don’t want to spend more than $600 for a vacation, make sure to research your options. Sometimes you can find nice all-inclusive vacations for $600. Remember that you need to budget transportation, food and spending money too for vacations that are not all-inclusive.
Avoid expensive spring break trips
Just because everyone is going away for spring break doesn’t mean that you need to too.
Spring break is one of the busiest and most expensive times to travel and the high price is not always worth it. Consider an inexpensive road trip or being a tourist in your own city and save up for a summer trip instead.
Related: 10 ways to save big on your next road trip
Take advantage of student travel discounts
Many companies offer travel discounts to students, such as Greyhound. You can even find affordable vacation packages through your school – a popular one here is a weekend trip for students to New York City.
Try to find accommodation close to campus
If you can find affordable accommodation close to campus, this can help reduce your transportation costs. Fortunately, I was able to live at home during college and commuted to school via public transit which was easy for me.
Consider camping instead of staying in a hotel
If you’re looking to get away with friends for a weekend trip, consider camping. This is a good option if one of your friends already owns a tent and supplies. Camping can be a lot more affordable than staying in a hotel and makes for some good memories.
Another great option is to book accommodations through Airbnb. This is perfect for solo travelers, couples and groups traveling on a budget. Use this link to save $40 CAD on your next Airbnb stay.
Work abroad during the summer
One of the best options to travel and make some money at the same time is to work abroad during the summer. Many companies hire seasonal help from all over the country (or internationally) and this is a fun way to see more of the world while making an income.
DATES
Cook a romantic meal together
Nothing says romance light cooking an Italian dinner together with candle light. Grab an affordable bottle of wine and enjoy cuddling up to a good movie after with dessert.
Related: 101 cheap winter date ideas
Have a picnic
If you want to get even more creative, find a scenic spot or go for a hike and enjoy a romantic picnic together. Pack your favorite foods and snacks and make it a fun afternoon.
Go stargazing
Watching the stars is a beautiful way to enjoy each other’s company and it doesn’t cost any money!
Attend a school sporting event
Find a free or cheap sporting event happening at your school and root for the home team. Even if you’re not a big sports fan, this can still be a lot of fun!
Go to a free (or cheap) concert
Some college campuses offer free concerts. You can also find free music events happening around your city too. This is great during the summer months.
Visit an apple orchard
One of my favourite memories as a child was visiting the apple orchard during the early fall season. After, you can bake a delicious pie together which makes the house smell amazing!
Visit a museum during their free hours
Many city museums offer discount days or free hours. For art lovers or history buffs, this is the perfect date.
Go to a local comedy club
The student center at my college offered discount tickets to popular comedy clubs in the city. Sometimes smaller clubs host free comedy nights which are a lot of fun to attend.
I also like using Groupon to find deals on comedy tickets, restaurants and more.
Watch the sunset together from a scenic spot
Google scenic spots in your city to watch the sunset and surprise your date with aromantic picnic or bring a blanket to enjoy the sunset together.
Have a movie marathon
Pick a trilogy or theme and have a movie marathon. You can stream thousands of TV shows and movies with Amazon Prime for students. Start your FREE 6-month trail today!
COST OF LIVING
Trim your monthly bills with the Trim App
Trim is a free virtual assistant that constantly helps you to save money. It’s essentially a robot that analyzes your accounts to find recurring subscriptions and determine where you can save money. Trim has saved folks more than $8,000,000 and can help you save money quickly too. Click here to start saving money with Trim!
Split the cost of rent with roommates
Rather than live alone, find a good roommate to live with and split the cost of rent. You can take turns cooking and cleaning to help each other out.
Avoid spending a lot on home décor
Use what you already have before buying anything new. Ask friends and family for items that they no longer want which could be useful for you. Wait until you graduate and have a full-time job before investing in expensive home décor.
Shop second hand
You’ll be surprised at what you can find available at second hand shops and most things look like new. Make sure to check for mold, bugs, etc. before bringing anything home.
Conserve energy
This includes unplugging anything not being used, taking shorter showers, using the dishwasher only when there is a full load, etc. This can help reduce your monthly bills.
Choose to live at home if you can
If you live fairly close to school and it’s not a problem to live at home, I recommend doing that instead of spending money on accommodations. Even if you help your parents out by paying rent at home, it’s usually a lot less than renting an apartment close to campus.
Related: Money advice I would tell my younger self
Use free Wi-Fi
Instead of paying for internet or data, use the free Wi-Fi available on campus. Free Wi-Fi is also available at the library and most coffee shops.
Do your banking and bill payments online
This can save you a few dollars each month instead of receiving a paper copy in the mail. You can also automate monthly payments if necessary.
Avoid expensive cell phone plans
Chances are you don’t need a fancy phone with an expensive plan when you’re going to college. I have unlimited text and calling on my phone and only pay $10 per month. Use the free Wi-Fi around campus instead of getting a data plan.
Switch to a cash-only policy if you have credit card debt
Building good credit is a smart idea when you’re young, but if you have a spending problem – avoid using your credit card. Put it in the freezer and literally freeze your credit card. Then switch to a cash-only policy until you can get your finances in check and pay off any debt.
Related: How I saved $35,000 in less than 2 years
Check Craigslist for freebies
If you’re looking for furniture, appliances, clothing, etc. consider checking Craigslist to see if anything is being given away for free in your neighborhood.
SHOPPING
Shop where student discounts are available
Many retail stores offer discounts to students. You may need to purchase a discount card for a small fee or sign up ahead of time. Always ask if you’re unsure.
I also recommend shopping at cash back websites like Ebates.Ebates acts as a shopping portal offering coupons and cashback from over 2,000 online stores. I always check on Ebates first whenever I shop online! You can join Ebates for free and get a $10 welcome bonuswhen you sign up through this link.
Shop online at e-retailers that offer free shipping
Sometimes going to the mall can result in impulse spending. Online is quick and convenient and you may feel less likely to stray from your shopping list. You can also find exclusive online-only deals too, just make sure that they offer free shipping.
Shop only for items on sale
When purchasing toiletries, groceries, clothing, etc. only buy when these items are on sale. If an item never goes on sale that you want, consider if you really need it and whether coupons or special discounts are available.
Buy used clothing
Shopping at second hand stores have become trendy and you can find many pieces there in great condition – some still have the original price tag attached! Go here first before heading to the mall.
Related:What I learned from not buying any new clothing for a year
Avoid the urge to buy the latest styles and tech gadgets
Accept the fact that you’re a student. You don’t need the latest iPhone or to wear this season’s trendy fashion pieces.
Instead invest in a wardrobe with timeless pieces that never go out of style; use an older version of the iPhone. Wait until you graduate and get a full time job where you can actually afford to buy the latest and greatest.
Related: 10 reasons to collect moments not things
Understand your needs vs wants
Just like the previous point, you may want the newest iPhone, but last year’s iPhone will do just fine. Focus more on your needs and less on your wants and you’ll save a lot of money.
Use coupons
Whenever possible, check for and use coupons. This goes for groceries, clothing, entertainment, dining out, etc.
Related: 24 ways being lazy costs you money
Save and reuse containers
Instead of throwing out your yogurt or sour cream containers, wash them out and save it for future use. This will play double duty and save you money from purchasing tupperware.
Choose practical and durable items
Sometimes it’s actually cheaper to invest in practical and durable items. I used to buy a new winter coat every two years (spending no more than $200 each time).
These jackets never really kept me warm and only lasted for two winters before it started falling apart. Then I decided to invest in a quality winter coat, which keeps me toasty warm and has lasted for four winters and is still going strong.
Related: 20 zero waste swaps that will save you money
Don’t hang out with big spenders
This is a no brainer, but if you hang out with big spenders who like to wear the latest fashion trends or eat out every night – their spending habit will eventually rub off on you.
HOLIDAY GIFTS & BIRTHDAYS
Make creative gifts
With so many great tutorials available for free online, it’s easy to make beautiful holiday and birthday gifts. Check Pinterest for ideas.
Related: Clutter-free gifts for people who don’t need more stuff
Have a secret Santa with friends
Instead of purchasing gifts for all of your friends, consider having a secret Santa so you only have to get one gift. Set a budget that’s comfortable for everyone.
Ask for practical presents
I know this may not seem like fun, but it’s a good way to help manage your budget since if you get a practical gift, it’ll save you money from buying it yourself. Think of items you need, such as new pair of winter boots, etc.
Give the gift of time
If money is tight, your friends will understand. Chances are they are tight on money too. Instead of exchanging gifts, give the gift of time. Help them paint the house or host a party for your friend.
Don’t feel obligated to get a gift for everyone
You don’t have to buy a gift for every acquaintance, co-workers, teacher, etc. Also, just because an acquaintance unexpectedly bought you a gift, doesn’t mean you have to run out and get them a gift too. Accept that you’re a student and don’t have endless funds.
Look for free shipping
If you plan on sending a gift to a friend or relative across the country, consider purchasing their gift online and shipping it directly to their house. Most e-retailers offer free shipping during the holidays. This is much cheaper than sending it to your house and then paying for postage to ship it again.
I also recommend shopping at cash back websites like Ebates.Ebates acts as a shopping portal offering coupons and cashback from over 2,000 online stores. I always check on Ebates first whenever I shop online! You can join Ebates for free and get a $10 welcome bonuswhen you sign up through this link.
Plan ahead
If you have a list of people to buy for, start planning ahead of time instead of leaving it to the last minute. Not only will you get better deals, but the selection might be better too.
Re-gift
This may sound tacky, but if you received a gift that you don’t plan on using, it’s okay to re-gift it. Just make sure you don’t give it back to the original sender or someone that might be in contact with the original sender.
Browse second hand shops
If you have a book lover on your list, many second hand shops have a variety of lightly used books available. You can find many treasures here for affordable prices.
Stick to your budget
Always make sure to set a budget and stick to it. If you only plan on spending $20 on each friend, don’t look at more expensive gifts. Lots of e-retailers have gift guides online categorized by price which can be helpful too.
MANAGING YOUR MONEY
Create a realistic budget and stick to it
It’s a good idea to sit down and create a monthly budget for yourself. You can even break this down further into a weekly budget to help allocate expenses and know exactly how much money you should spend on what.
Sticking to your budget can be difficult, but always remember to spend less than you earn.
Related: How to be rich in your 20s
Choose a bank that offers student perks
Don’t pay for a bank account. Check to see if student accounts are available that won’t charge you if you go below a minimum balance and allows for unlimited debit transactions.
Avoid ATM fees
Withdrawing money from an ATM machine that doesn’t belong to your bank can cost up to $5 per transaction. This can add up and every little bit counts. Make sure to have enough cash on you ahead of time or visit your bank to withdraw money as needed.
Related: 15 frugal habits to live by
Keep track of when bills are due
Create alerts or make a list to remind you each time a bill is about to be due. This helps you to pay off everything in a timely manner, avoiding late fees and interest charges.
Keep your receipts
Not sure where all your money has been going? Keep all your receipts for the month and tally your expenses to see where you’ve been spending. It’s also a good idea to keep your receipts in case you need to return an item.
Avoid visiting establishments where tipping is expected
This may sound cheap, but the minimum expected tip has become higher and higher lately. Most restaurants expect at least 15-20% of the total bill.
If dining out, try to avoid eating with large groups too as gratuity charges will automatically be included on the final bill. Keep your change at the coffee shop instead of putting it in the tip jar – you’re a student and you need this money.
Every penny counts
If you have spare change, put it in a jar or piggy bank at home. Once you have enough coins, you can roll them and take them to the bank to convert them to bills. Your pocket change really does add up over the long term!
Get a credit card that offers rewards
One of the best things I’ve done was get a credit card that offers rewards. I get to see free movies, dine at restaurants for free and earn points towards free travel.
There are many credit cards available today with no annual fee to help get you started. You may want to consider a cash-back reward card if you buy gas and groceries. Just make sure to pay off your credit card bill every month.
Track your spending
Just as it’s important to create a budget, it’s even more important to track your spending. Keep a journal and record every expense. This will help you to see what you need to cut back on or where there is wiggle room in your budget for savings.
Avoid non-academic debt
I understand that many students graduate school with student loans that need to be paid back, but it’s important to not get into non-academic debt.
Just because you have a credit card doesn’t mean you have free money and can spend it on whatever you wish. Be realistic and stick to your monthly budget. Freeze your credit cards if necessary.
