Save Money for College Expenses With These Budgeting Tips

Going to college can really add up.

For students living on campus, the average cost of attendance at an in-state public 4-year institution is $27,146 per year or $108,584 over four years, according to an Education Data Initiative report. This includes, supplies, and daily living expenses. Out-of-state students pay $113,544 or $182,832 for four years, while 4-year private nonprofit colleges are $223,360 for a degree. These costs don’t include potential lost income, student loan interest, or moving expenses.

With those prices, how can any college student afford to save money? It’s possible to save money for college expenses while getting an education. Here are some tips and tricks to teach yourself good money habits.

Build a Cushion

Unexpected expenses will happen, and that’s why you should be prepared. Start building up your savings so you have a cushion in your budget. If something unexpected happens like car repairs, the saved money will reduce your stress and cost.

Get a Head Start With Student Loan Payments

Don’t wait to start paying off your student loans. Your loans accrue interest which can add up quickly. If you know you’ll have debt after college, try to pay down your loans immediately and add your payments into your budget. It doesn’t matter how small the payments are. It will help you get into the habit of making monthly payments. You may pay them off faster.

Set Aside Cash For Leisure Activities

While you’re in college, you’ll want to go out with friends. Make sure you have money in your budget to cover any expenses such as dining out or concerts. Set aside a specific amount of money to use on a weekly or monthly basis to help curb impulse spending habits.

For instance, if you set aside $200 for the month as “spending” money, you need to remember that when that is gone, it’s gone. Don’t take any money from your budget used for bills, groceries, and college. Having a set spending limit per week or month may help you make smarter financial decisions.

Reap The Rewards of Student Discounts

Did you know you can earn discounts when you use your student ID or email? This may help you stick to your budget and save some money. Discounts may apply to school supplies, groceries, and clothing. Some retailers offer their own programs, so don’t forget to ask. Retailers may include:

Amazon: To receive a discount on a Prime Student membership, students must be enrolled in a two- or four-year college or be between the ages of 18-24. Members will continue to receive the discounted price if they are students or until they turn 23.
Adobe: Receive a discounted rate on all Creative Cloud apps including Photoshop and Acrobat Pro. Students will get a low price per month for the first year, and the cost increases after that.
Apple: Students can save some money on Apple products including MacBook and iPad. The discounts vary per product or service, so visit the Education Store for more details.
Spotify: The streaming music platform gives students at an accredited institution a discounted price on a Premium plan. Be sure to review the complete details of the program.
HP: Join the Education Store Program to find discounts and special offers on any products, supplies, and services.
Microsoft: Their Education Store lists discounts on select technologies and on Microsoft 365 that includes Word, Excel, and PowerPoint.

Make sure to read the complete details of any student discount program. They may be subject to change.

Attend Campus Events

Take advantage of your college or university’s campus events to save money and meet new friends. Concerts, exhibitions, and workshops are some of the activities your campus may offer. It may provide entertainment and a chance to network with other students and faculty. Check with any student organizations or the official student-run government for upcoming events.

Work to Earn Money

Working part-time during the summer or school year may help your stay within your budget. You can search for jobs on or off campus. On-campus jobs are easily accessible, allow you to meet other students and work around your class schedule. Some jobs may be limited so check for on-campus opportunities early.

Not only will you earn experience and skills to build your resume, you’ll also be earning money to stock away for the school year and emergencies.

Take Advantage of School Amenities

Your college or university will have campus resources for you to use. Your tuition fees may include access to the health center, academic support services, library, writing center, and career services. Instead of paying for off-campus services, you’ll be saving money.

Other Tips to Remember

To make the most of your money while in school, think about other ways you can save:

Create a budget
Open a savings account with Adirondack Bank
Use your credit card wisely and make on-time payments to avoid interest
Prioritize the essentials like tuition, textbooks, and housing
Take Advanced Placement classes in high school for college credits
Cook at home or use a meal plan included in your room and board
Start making your own coffee instead of buying from your favorite chain
Buy used furniture if you need to furnish a dorm or apartment
Buy used textbooks
Purchase only the school supplies you really need
Search for grants and scholarships
Become a resident advisor/assistant
Review your finances regularly

Open a Campus Checking Account

Start the college year on the right track with Adirondack Bank’s Campus Checking account. With no monthly minimum balance requirements and no monthly service charge, you’ll also get a customizable debit card, up to $15 in ATM withdrawal fees waived per statement cycle, and a new account opening gift. A minimum deposit of $25 is required to open. If you’re interested in opening a Campus Checking account, visit any branch or online for complete details.

The information in this article was obtained from various sources not associated with Adirondack Bank. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. Adirondack Bank is not responsible for, and does not endorse or approve, either implicitly or explicitly, the information provided or the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. Adirondack Bank makes no guarantees of results from use of this information.