How to Save Money in College: 6 Simple Tips

money in jar in college room

College can be known to take a toll on students financially. But going to college doesn’t have to lead to an empty bank account! There are steps you can take to help you save while you’re there. Read on to find out how you can save money in college.

1. Entertain on a Budget

college students studying on lawnExpenses for shopping, going out to dinner, or going to the movies, can quickly add up. It’s important to learn how to entertain on a budget. You can still have fun without spending money. Most colleges offer fun activities to keep you busy that are free for students to enjoy. Also consider using your meal plan more and eating on campus instead of going out all the time.

2. Cut Off Unnecessary Expenses

When you’re in college, start to pay attention to what you’re spending your money on and cut off any unnecessary expenses. Ask yourself if you really need that new outfit or that meal out, and instead make that money last throughout the semester.

3. Buy Used Textbooks

stack of textbooksAnother way to save is to start buying used textbooks instead of new. There’s no need to buy a brand new textbook for every one of your classes, and you can save hundreds of dollars just by purchasing one that’s been used before.

4. Apply for Scholarships

There is a lot of money that is available for students — all you have to do is take the time to search for it. One thing you can do is apply for scholarships. Take some time to search for scholarships that are right for you, and apply! In addition to scholarships, take advantage of student discounts to save a little extra money here and there.

5. Use Credit Wisely

platinum credit cardHow you handle your credit in college can affect you well after you graduate. It’s important to understand the responsibilities and benefits of credit, and to choose a credit card that is best for you. When you get a credit card, choose one with the lowest interest rate possible and with only enough of a credit limit that will get you by in an emergency. Also be sure to pay your credit card bills on time to avoid late fees. Visit https://www.tnstatebank.com/borrow/credit-cards to check out Tennessee State Bank’s credit card options.

6. Set Aside a Savings

You never know what emergencies might come up that you need to be financially prepared for. Things happen, like your car breaking down or your computer having problems. No matter how small the amount, you should set aside a certain amount of money each month. Having a savings set aside will give you a cushion in case unexpected situations arise.

About Tennessee State Bank

Tennessee State Bank has been serving our local community for over 45 years. With branches in Sevier County, Knox County, Cocke County, and Jefferson County, we offer convenient banking services in East Tennessee. Whether you’re looking to open a checking account, obtain an auto loan, or apply for a home mortgage, we make the process as simple and straightforward as possible. Tennessee State Bank’s motto is “Banking at its Best!”SM, and we strive to live up to that creed every day. Let us know how we can help you by sending us a message via our Contact Form.

Tennessee State Bank is Member FDIC and an Equal Housing Lender.
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References

“ABA’s Top 10 Tips for College Students.” American Bankers Association, www.aba.com/Consumers/Pages/MoneyTipsCollegeStudents.aspx.

“118 Ways To Save Money In College.” College Scholarships. http://www.collegescholarships.org/student-living/save-money.htm.