Meal plan
Select a meal plan that matches your eating habits and doesn’t waste dollars. Your schedule might make it inconvenient to eat three meals a day in the dining hall, or you may just crave a little more diversity in your diet. Figure out how often you’ll actually eat on-campus and purchase a meal plan that corresponds to that number of meals per week. Check prices in local restaurants and cafes around campus to see how they compare with your per-meal price with a meal plan.
Save on books and school supplies
Buy used textbooks or rent them, and sell back last semester’s books. If you’ll need a book for only a short time, check it out from the library instead. Also, consider what school supplies you really need. If you can take notes on your laptop or tablet, do you really need notebooks?
Find roommates
Living off campus is less expensive if you can share expenses like rent and utilities with a roommate. Sharing a larger place with three or four (or more) roommates can be even cheaper than splitting costs between two people.
Walk, bike or use public transportation
Having a car on campus may be convenient (though maybe not!) but parking, gas and insurance can add up fast. You can save a bundle and live a greener lifestyle without a car.
Shop where you get a discount
Many stores, theaters, museums, restaurants and even phone companies offer student discounts. Carry your student ID with you everywhere and always be sure to ask about student discounts.
Take advantage of campus activities
Rather than going out with friends off-campus, have fun at no- and low-cost activities on campus. You’ll likely find music, theater, arts and sports events — and more! — that fit your interests and your budget.
Keep track of your finances
You may be less tempted to spend your money frivolously when you see where it’s going. There are free tools available to help you, such as budget calculators from FinAid and Mint.
Rethink spring break
Sure, after all that hard work, you deserve a break! But instead of an expensive trip to one of the hot spots, consider an alternative, such as volunteering either locally or in a more exotic location. You may find it’s far more rewarding than you imagined!
Work part-time
Even if it’s just a handful of hours a week, working for pay can provide a little something extra toward living expenses and fun money. It’s also a great way to meet people and learn new skills.
Use a student loan to help cover tuition costs
If you come up short on funds for school after using savings and considering any grants, scholarships or a work-study job given to you as part of a financial aid package, a federal student loan can be a good way to bridge the gap. Plus, the interest you pay may be tax-deductible. See Publication 17 at irs.gov. Be sure to borrow the smallest amount possible and consider how repaying the loan after you graduate will affect your finances in the years ahead.
