How to Save Up Money as a College Student

Now that we have established why saving money is so hard and why its so important, now we can talk about how to save up money as a college student. If you’re thinking, maybe I need to earn more to save more. I want to stop you right there. First go read my blog post about side hustles for college students here. That article will teach you to make more money so that you have more to save. However, saving is important no matter how much… or how little you earn.

The biggest expenses for a college student are tuition, housing, food, and fun. Yes, there are other expenses, but these are the big four categories. These 5 simple tips on how to save up money as a college student will help you save $1,000 or more over your college career. Let’s get to the first tip.

Money Saving Tip #1: Become a Resident Assistant

It’s no secret that housing is one of the most expensive parts of college. If anything puts more of a financial strain on someone then their tuition, it’s there housing. The average rent by the bed is $860 according to Statista. That’s a pretty pricy bed for a lot of students, and it’s even more expensive if you want your own apartment. It’s nearly impossible to not have roommates if you want to save money.

That’s where being an RA or Resident Assistant comes into play. Resident Assistants live in the dorms and manage a dorm block, floor, or whole building depending on the university. They are responsible for helping students with their living needs, going on rounds, and enforcing dorm policies. It’s not an easy job and there will be some late nights, but the university typically pays you with free housing and a free meal plan. That’s thousands of dollars of saving in just a single year.

If you don’t mind writing up drunk people, working a desk shift, and helping people move in, then this might just be the job for you. Plus, those thousands of dollars are going to look nice in your bank account.

Money Saving Tip #2: Apply for Scholarships (Some people earn $100,000 or more)

If you’re wondering how to save money up as a college student, then look no further than educational scholarships. This seems like an obvious one, but you would be surprised… $100 million in scholarships go unclaimed every single year according to Forbes. That’s a lot of money that you could tap into.

It’s not uncommon for students to get thousands of dollars in scholarships each and every year. My girlfriends brother just got a $100,000 scholarship. I myself got a few scholarships here and there. Some people end up earning up to one million dollars in scholarships.

Scholarships take hard work and require a high level of writing skills. However, there are scholarships for everyone, regardless of your grades. There are scholarships for your major (finance, business, medicine, communications, etc.), there are scholarships for hobbies (art, film, hiking, baking, etc.), and there are sports scholarships (football, baseball, basketball, volleyball, etc.). Whomever you are, there is a scholarship for you and that’s one heck of a way to save up money in college.

Money Saving Tip #3: Meal Prep

Meal prepping is an underrated way to save money up as a college student. Right now, my girlfriend and I meal prep once a week for all of our work lunches and it has saved our wallet hundreds of dollars by now. If you have roommates or a significant other, you could meal prep together sharing expenses and making food in large batches.

If you aren’t the greatest cook in the world, don’t worry. Meal prepping isn’t a difficult task and you don’t need Gordon Ramsey level skills to pull it off. There are dozens of great websites that make cooking simple, effective, and they help you save a buck or two.

This one money saving tip can save you hundreds of dollars each year as a college student and teach you valuable cooking skills in your early adulthood. Trust me, your future self will thank you.

*Bonus Tip: Making coffee at home saves a lot of money over time as well as taking advantage of free meal events on campus or off campus (I did this every week in college).

Money Saving Tip #4: Forget the Car and Take a Bike (or Public Transportation)

Not only is biking environmentally friendly, it’s also extremely cost effective. This means you no longer have to pay for car insurance, parking, gas, or maintenance. This can save you $1,000 or more each year. Insurance is expensive, parking passes aren’t cheap, and gas has only gotten more expensive.

Bikes are inexpensive and they double as a form of exercise. Not only are you taking care of your financial health, you are also taking care of your physical health, and the environmental health.

If a bike is out of the question, try using public transportation instead. It’s not quite the same, but it will still do the trick.

I also have some friends that long board everywhere. Saving up money in college can be fun, you just have to be creative with it.

Money Saving Tip #5: Stop Drinking or At Least Stop Paying for It

College students often spend anywhere from $30-$120 a week on alcohol related activities. Sounds like those students could be saving hundreds of dollars a year. That’s an absurd amount to spend if you’re trying to save money.

I remember my college years, they were just a few short months ago and I am not trying to tell you not to spend time with your friends or go have “fun” (not my personal cup of tea). What I am trying to say is that if you want to take care of your financial health, the nonessentials should be the first thing to go (aka alcohol).

If you want to spend money you should spend it on a good book. I highly recommend the $100 Dollar Start-Up if you want to become an entrepreneur on a college budget.