Money Saving Strategies for College Students

The cost of higher education is increasing each year, taking that into account, here are some money saving strategies for college students.

• When buying books for classes buy used books whenever possible and sell them at the end of the semester.
• Develop a budget to include income and expenses. Cut back on non-essential items such as dining out and expensive clothing. Avoid impulsive buying. Set limits on spending especially when going out with friends. Look for inexpensive entertainment.
• Resist paying with credit cards. If you have to use a credit card, pay the entire balance when the bill comes in.
• If you need to buy a computer or a laptop, instead of purchasing a brand new one, buy it used or refurbished or better yet, use the one at the library.
• Do comparison shopping of school supplies and materials. First do an inventory of what you have and what you need. Go to the lower priced outlet or office supply stores.
• Seek a part-time job while in school. Try to have 3 months salary saved for unplanned expenses. Without a savings cushion, school expenses can blow your budget and quickly increase credit card balances. Be frugal when making purchases, ask yourself, do I really need it? Can I live without it? Keep in mind you shouldn't spend money you don't have.
• Get the most out of the classes you are attending. Even though you are in school by scholarship, parents paying tuition or student loans, remember the education you are receiving is not free, so there is no money or time to waste, making good grades help you in the long run.
• Avoid snack buying impulses, plan each meal and purchase groceries accordingly. Use manufacturer's coupons and stay within your budget. Stop purchasing snacks and drinks from vending machines. Take the change that you would normally use to purchase these items and put it in a jar. By the end of the month/year, you may be surprised at how much money you saved.
• If living in a dorm, share expenses with a roommate when possible. You will both save money.