Attending a college or university can help you prepare for your career, develop valuable skills and discover new interests. Whatever your goals, higher education can be a rewarding experience.
However, college can also be expensive. Tuition, rent, food, textbooks, activities, subscriptions and other expenses can quickly add up. You may be wondering how to spend wisely, save consistently and still enjoy college life without breaking the bank. Managing your finances can feel overwhelming, but making smart financial decisions doesn't have to be.
Here are seven tips to help you make the most of your money as a college student.
Cook More Meals at Home
When you're living on your own and juggling a busy schedule, it's tempting to eat out frequently. We get it. Fast food and restaurants are convenient, and they taste good. It's okay to eat out occasionally, but paying for every meal can add up.
According to the U.S. Department of Agriculture, grocery prices have increased more slowly than restaurant prices in recent years.¹ The average American spends around $3,945 per year on food away from home.²
Preparing meals at home is usually less expensive than buying them from a restaurant or fast-food chain. It's often healthier too, since restaurants tend to use more butter, oils, salt and sugar than you would at home. Do your wallet and your body a favor by cooking more meals yourself.
Rent or Buy Used Textbooks
Many college courses require textbooks and other course materials. Textbooks can be expensive, especially if you need several in the same semester. Save money by renting textbooks or purchasing used copies if you'd like to keep them.
Some libraries offer textbooks for checkout, and digital versions are often less expensive than printed copies. If you know someone who has already taken the course, ask if they'd be willing to sell you their textbook. A little planning can go a long way.
Avoid Impulse Purchases
It's easy to blur the line between wants and needs, so try waiting at least 24 hours before buying something nonessential. Often, you'll realize you don't really need it.
When you go shopping, make a list and stick to it. Planning your purchases ahead of time can help you avoid spending money on things you don't need.
Use Free Campus Resources
Many colleges offer resources, services and activities to students at no additional cost. Instead of paying for private tutors or extra subscriptions, visit the library, writing center, career center or tutoring center if they're available. You can also take advantage of health and wellness resources, such as a campus gym or mental health counseling.
Many colleges also provide free or discounted access to software such as Adobe Creative Cloud, Microsoft Office 365, Canva Pro and Google Workspace. Don't forget about free printing, mailing and other student services that can help you save money.
Set Aside Money for Emergencies
You never know when you might need an emergency fund. Your car could break down, you might face unexpected medical bills, or you may need to travel home on short notice. Set aside a portion of your income each month and reserve those savings for unexpected expenses.
Work a Part-Time Job
A part-time job can provide extra income while helping you gain valuable experience for your future career. Consider looking for on-campus opportunities, which are often more flexible and designed to fit around your class schedule.
Take an Online Course Through BYU Independent Study or Another Provider
Meeting your credit requirements more efficiently may help you graduate sooner and reduce the overall cost of your education. With BYU Independent Study, you can study at your own pace and balance coursework around a job, other classes and extracurricular activities.
Many colleges and universities across the United States accept transfer credit from BYU Independent Study courses. However, always check with your academic advisor or admissions office before enrolling.
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