How to Be a Frugal College Student
For many people, college is one of the first times they're on their own and in charge of their finances. While you may get an allowance from your parents, that money can quickly disappear if you're not careful. Learning good financial practices helps you save money, so when you do really want to spend money, you're able to. Being frugal doesn't mean never spending money, but rather spending it wisely so it'll last longer.
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Instructions
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Live in the dorms or with roommates. The dorms are often cheaper than living off-campus. However, if you do decide to live off-campus, living with roommates is usually cheaper than living alone. Not only is rent individually cheaper, but you can also split utilities, groceries and other household items.
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Purchase meal plans or low-cost food. Many colleges have meal plans, which get you meals in the campus dining hall for less money than if you buy individual meals there. Also, if you're on your own for food, there are many low-cost choices you can purchase, such as Ramen noodles, peanut butter, oatmeal and cereal. When shopping at the grocery store, buy generics to save money. Also, use coupons and follow the store's sales to save even more money.
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Monitor money that goes to alcohol. Many college students spend a large portion of their money on alcohol. If you buy alcohol at a bar, shy away from frequently purchasing that $5 beer or $8 cocktail. Instead, opt for cheaper options, such as that night's special.
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Take advantage of campus entertainment. Many colleges offer movies, plays, comedians and concerts as entertainment for their students. These are often free or much cheaper than going to a traditional movie theater or club.
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Buy used textbooks or check them out from the library. Textbooks are expensive, and this will save a few bucks. When looking for textbooks, compare your school's bookstore's prices to other bookstores and websites. You can often find items cheaper online. And when you no longer need these textbooks, sell them back to the school bookstore or online.
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Avoid technology temptations. College campuses are loaded with students showing off the latest technology. While having the newest cell phone or laptop might seem cool, it can get expensive. Decide what you really need and stick to that, instead of always buying the latest gadgets.
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Keep track of your expenses. When you keep a record of your expenses, it becomes easier to see where you're spending a lot of money. Suddenly that $2.50 cup of coffee means you've spent more than $70 on coffee this month. Monitor your expenses and adjust your habits based on what you think you're spending too much on.
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