As a college student juggling classes, friends and finances, I’ve learned to be deliberate about stretching every dollar I spend. Between your classes and late-night library study sessions, it can be exhausting to have to limit your spending.
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Here are my top nine simple and painless tips for budgeting as a college student, so you don’t have to sacrifice on the things that matter — like buying a new pair of socks when all of yours have holes in them.
Master the Art of Budgeting
Create a simple spreadsheet or use a budgeting app to track your monthly income and expenses. Categorize your spending (food, entertainment, textbooks, etcetera) and set limits for each. If your plan includes rent money, tuition or loan payments, make sure you can allocate enough money to those each month. Review your budget regularly and adjust as needed. Learning where your money goes is half the battle.
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Maximize Your Meal Plan
If you have a meal plan, use it to its fullest. Those swipes and dining dollars are already paid for, so don’t let them go to waste. If you’re running low on meal swipes before the end of the semester, you could even sit in for two meals — or even three — for the price of one. Pro tip: Stock up on non-perishable snacks for those late-night study sessions. Wear something with pockets.
Take Advantage of Campus Perks
Your tuition and fees often include access to a gym, health services, mental health counseling and more. Check out what’s included in your plan and opt for these services instead of paying for off-campus alternatives. Many colleges also offer free software, cloud storage and entertainment subscriptions or discounts. Check your student portal for hidden gems. I’m subscribed to multiple newspapers, which helps me stay on top of current events and read about my interests on those boring train rides home — without spending a dime.
Find Affordable Off-Campus Housing
If you’re looking to move off-campus, start your search early. Team up with one or a few friends to rent a larger place and split costs. Don’t forget to consider utility, internet and transportation costs when comparing your options. And always read the lease carefully before signing.
Become a Commuter
If you’re commuting, look into student discounts on public transportation. For drivers, try carpooling with classmates to split gas and parking costs. At some schools, looking into the parking lots available for student use beforehand can save you a lot of money on parking tickets. As an alternative, biking or walking for short distances can save money and also give you a good workout.
Start a Side Hustle
Consider turning your hobbies into cash. For me, it’s jewelry making. I started small, crafting custom pieces for friends and now I sell my creations at the main campus courtyard and will be opening a store on Etsy. Find your niche — whether it’s tutoring, graphic design or dog walking — and monetize your skills. You’ll be given a unique opportunity to grow new skills and work on your strengths in a way that could even be valuable when you start interviewing for jobs.
Thrift and Swap for Textbooks and Supplies
Textbooks can be a major expense. Rent when possible, buy used, or look for digital versions. Don’t forget to sell your books back at the end of the semester, either at your university bookstore or online. For devices, art supplies or lab equipment, you can take a look at Facebook groups that organize supply swaps with other students in your program. And maybe make some friends in your major in the process.
Build Credit Wisely
Consider getting a student credit card with no annual fee to start building your credit history. You can use this for small, regular expenses that you responsibly can pay off each month. This can help you establish good credit for the future, which can help to ease the process of taking out loans in the future. But be careful not to overspend.
Invest In My Skills
While it might seem counterintuitive to spend money to make money, investing in your skills can pay off. Take advantage of free workshops on your campus or affordable online courses to learn marketable skills. Joining a specialized club or tutoring group could be helpful as well. For my jewelry business, I used my campus’ makerspace, which helped me to create unique items by engraving custom designs using laser cutters and 3D modeling software.
Remember, being smart with your money in college isn’t always about pinching pennies — it’s about being intentional with your spending to set yourself up for financial success in the long run. Using these tips, you’ll be amazed at how much you can save end even earn, while still enjoying the full college experience.
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This article originally appeared on GOBankingRates.com: I’m a College Student: Here Are 9 Ways I’m Saving Money This New Semester
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