Let’s be honest–college is expensive. From the tuition to the housing to the books, it may seem as if the price tag on your education is simply not worth the expense. The financial burden has only continued to increase, leaving many students in debt by the time they graduate. However, 

there are many ways to save money in college that aren’t just putting aside money into a savings account. Rather, students can choose to make wise financial decisions in their day-to-day lives that can help offset the financial strain of a college education. Being mindful of your expenses earlier in life will equip you with better money management skills that will benefit you long after college. Follow these money-saving tips to help stretch your dollars further and be smarter about your college financial planning. 

1. Apply for scholarships and grants

A common misconception about scholarships is that you can only apply for them in high school prior to beginning college. This is false–there are scholarship opportunities for students of any age and education level. Many scholarships go unclaimed because students don’t take the time to fill out an application, or they don’t know where to find applicable opportunities. Your college should have scholarship resources and information on how to seek grants, which is a great place to start. For example, you can find information on Santa Monica College’s scholarship opportunities here. If you dedicate time to seeking out scholarships and applying to them, your tuition costs can be significantly reduced.

2. Borrow textbooks, don’t buy them

Textbooks can be deceivingly expensive, and purchasing books for multiple classes certainly adds up. Before hitting the campus bookstore, see what other options are available to you, such as borrowing or loaning, or renting from external online sources such as Chegg or Amazon. If possible, also try to seek out fellow students who may have taken the class already and are willing to pass down their book to you. Try to resist the urge to buy a new textbook (especially if it is hardcover) and opt for a less costly alternative when possible.

3. Ask for student discounts

Many places around college campuses provide student discounts. These discounts–while they may seem small at face value–truly add up over time. Make sure to keep your student ID on you and ask the businesses around your campus whether they have a student discount. Oftentimes, many restaurants, salons, movie theaters, and retail stores have this available to students. For example, Apple and Adobe offer reduced prices on tech purchases, and Spotify offers a college student membership discount. Keep an eye out for these discounts, and don’t hesitate to ask businesses if they have this purchasing option available.

4. Limit meals out

If you purchased a student meal plan on your campus, try to use that as much as possible and avoid eating out. Making your own meals is also a good way to budget your expenses, as it is far less costly than going to a restaurant. Learning to meal prep and budget your food expenses will save you both time and money, and it is often a healthier alternative to eating out.

5. Start investing

Students should consider securing a financial future through smart investing. There are many user-friendly apps that let users invest in individual stocks or mutual funds, and many don’t require a huge amount of money to get into the investing game. If you are able, consider putting your savings into a Roth IRA and start investing for the future–you will thank yourself later.

6. Apply for on-campus jobs

On-campus jobs offer the luxury of being both paid and within close proximity. This added advantage limits travel expenses, therefore the money you make from the job will not be going towards transportation costs. In addition, university jobs often are more flexible with student schedules and understanding of the importance of maintaining a work-life-school balance. Make sure to be mindful of how you are spending your earnings and consider setting aside a portion of each paycheck for your savings.

7. Choose housing wisely

Before settling on a housing arrangement, be sure to consider all of your options. Weigh the pros and cons of living in a dorm versus living off campus, and take financial aspects such as basic rent, utilities, and possible transportation costs into consideration. Regardless of which option you choose, consider stretching your housing budget further by splitting costs with roommates.

8. Stay focused on your studies

Every additional semester you add to your college education is another significant expense. It is important to stay focused on your studies and stay on track of your course requirements so that you may obtain your college degree when you intended, rather than spending more money than you anticipated. Make sure to frequently speak to your advisor or counselor to ensure that you are on track to graduate on time. This will help prevent your four-year-plan from becoming a five or six-year plan.

While there is no “one-size-fits-all” approach to saving money in college, these tips can serve as a starting point to help you think about being more financially responsible and disciplined with your money. Meeting both your academic and budgetary goals while in college will help reduce money-induced stress and prepare you for a successful financial futur