How to Save Money in College

One of the biggest surprises that came to me after my first year as a college student was how much money I managed to spend. When I started the year I had already paid for a meal plan and housing so I wasn’t expecting to have any other expenses. One of the best things about living in a city is the abundance of things to do. Unfortunately, that also brings bad news for your bank account. At the start of my second year, I promised myself that I would be a more conscious spender. I wanted to start saving and become more financially stable. After two months of embracing this mindset, I’ve started to see results. I know money is something that causes a lot of stress for college students, so here are three of my most effective strategies on saving money.

Embrace Minimalism!

This lifestyle is something radically different than the one I am currently living, but I’m getting there slowly. I used to be the kind of person who owned 50 dresses and had the right outfit for one specific event. When I was looking for new apartments, I realized that the closets in the rooms were way smaller than ones I was used to. As a result, I started a new experiment with my wardrobe during the summer. If I didn’t wear the item within 30 days, it got donated (or lovingly gifted to my sisters). This allowed me to shrink my closet, but it also made me realize that I didn’t wear or need as many clothes as I thought I did. I also started avoiding the urge to buy clothing impulsively. To me, minimalism means thinking about the things that add value to my life instead of the quantity of things that I own. When I’m out shopping and I see something that I like, I’ll ask myself I need it or if it would add value to my life. If the answer is no- which it usually is, then I don’t buy it. Over the course of a few months, this has saved me quite a lot of money.

Apply for Scholarships!

The biggest misconception a lot of students have is that the scholarship search stops when you get accepted into college. However, this could not be farther from the truth! Scholarships aren’t just for high school students, there are several targeted towards students in college. In fact, a lot of people have more luck winning scholarships when they’re in college because they have more projects and skills to show off. Focus on local scholarships targeted towards your university, and spend a solid 30 minutes a week applying. I promise this will not be a waste of your time.

Take Advantage of Student Discounts!

This one probably sounds like the most obvious, but I don’t think that students realize how many major companies offer discounts for students. One of my favorite resources is Unidays, it’s a website where they list all of the discounts for students and it’s updated weekly. If you’re a big online shopper, I also recommend adding Ebates and Honey to your Chrome extension. Ebates offers you cash back on a lot of your online purchases for companies like American Eagle, Target and Amazon. Honey is a service that finds hidden coupons while you are browsing online and then applies them at checkout. Both of these are completely free and guaranteed to save you money.

Song of the Week: Patricia- Florence and the Machine​ :)