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Cutting Costs

Once you have put together a working budget, tried it out, and adjusted it, you’re likely to discover that your expenses may be more than your income. Don’t panic. Simply begin to look for ways to reduce those expenses. Here are some tips for saving money in college:

Recognize the difference between your needs and your wants. A need is something you must have (like tuition and textbooks). On the other hand, your wants are goods and services that you wish to purchase but could live without (like concert tickets). Your budget should always provide for your needs before your wants.
Use low-cost transportation. If owning a car takes up too much of your budget, consider lower-cost options such as taking public transportation, biking to college, carpooling with other students, or participating in a ride-sharing program.
Seek out discount entertainment options. Take advantage of discounted or free tickets to concerts, movie theaters, sporting events, or other special events through your college.
Buy secondhand goods. Use online resources such as Craigslist or thrift stores such as Goodwill to save a lot of money.
Avoid unnecessary fees. Making late payments on your bills can lead to expensive fees and can lower your credit score (which in turn will raise your interest rates). You might want to set up automatic online payments to avoid making this costly mistake.