How to save money at college

Saving money at college is easier than you would imagine. Learning to manage your finances at college will teach you everything you need to know in regards to looking after a budget successfully. There are ways in which you can prevent unnecessary expenditure if you take the time to prioritise your finances.

Your most essential considerations will always be your accommodation and food expenses and it is important you have a basic financial plan sorted out with these ideas in mind before you leave for college.

Create a weekly budget:

If you adhere to a weekly budget, you will have a much better chance of saving money. Try and avoid impulse purchases as that will drain your finances and throw your budget into disarray. Your ability to keep to a budget will be difficult at first but it will become easier to become more disciplined as time goes on. When you see the benefits of planning your finances in this way, you will find that you will be able to save more money with minimal effort.

Plan your accommodation expenditure:

It is important you create a strategy for your accommodation costs as this will be one of your major expenses during your time at college. Rather than paying rent on private accommodation, you should consider moving into student halls as the cost will often be cheaper. Some student halls also include residential catering and this would help you to save money on food costs during your time at college. Alternatively, you can also save money if you share accommodation with friends which should help to keep rental costs to a minimum.

Don’t eat out when you can eat in:

It is much better to buy food at a cheaper price in the supermarket and cook it at home rather than eating out in restaurants. Your student loan needs to last as long as possible and if you learn to economise properly on food, you will be able to save more. On no account should you skip meals to save money. You need energy! You can still eat nutritious food on a budget. You will be able to save on your weekly food bill if you cook your own meals. Your student days are the best time to learn to cook!

Buy study materials second hand:

Purchasing student study materials is another source of expense. There is no need to pay the full price for course study books. Try to buy your books second hand if possible or, if you know a student who has finished their course, they may be able to sell their books to you for a lower price than you would pay in a bookshop. There is normally a student library on campus which should have some of the books you need for your course. If not, check out the libraries in your local area instead and you should find what you need.

Find some part-time work:

This should help to subsidise your student loan as well as bring in some extra income. If you are going to work during your time at college, make sure it does not take up too much of your time as you will need to devote a great deal of energy to your studies. Work should not negatively interfere with your commitments. If it is at all possible, look for work that is related to your course degree so you can gain some valuable work experience as well as extra money.

Copyright Christina McDonald 2009