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An investment in knowledge always pays the best interest. ~Benjamin Franklin

Posted on August 27, 2009

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Ah, college, the time to become the individual intellects that mommy and daddy have always wanted. It’s time to go forth and discover who you are and what you want to do with the rest of your life. It’s time to use your time management skills and see how much partying you can get in before the test. O’ college how I love thee.

So just because one has a scholarship or just mooching off your parents, there are many opportunities to save money and maybe do something that many college students don’t have when they graduate… a savings.

I found a cool little link about 118 Ways to Save Money in College. You can check it out by clicking here. I won’t go into all 118 but I want to talk about the ones I enjoyed. So pull out your pens and take notes, because there will be a test later.

• If you have to have a credit card, make sure you get one with the lowest interest rate possible; no annual fees and with only enough of a credit limit to get you by in an emergency. Don’t carry it with you, but instead keep it in a safe place known only to you.

• Pay credit card bills on time. Companies charge late fees, sometimes as much as $50 per month. And do not go over your credit limit—that offers just one more way for your credit card company to get rich off your poor judgment.

• Serious about saving money, huh? For one month save every receipt of everything you purchase, from a pack of gum, a tube of toothpaste to your computer. Log each expense in a notebook. When the month is up, tally up what you’ve spent and take a good look at just where most of it went. Food? Beer? Gas? Games? This sure fire technique will unabashedly expose the evils of your spending ways.

• Save that spare change you’ve got jangling in your pocket or sloshing around in the bottom of your backpack or purse in a big jar or can somewhere out of the way.

• Count and roll spare change yourself. Stay away from those coin-counting machines you see at the grocery store. They will rip you off or at the very least charge you a fee. (But most financial institutions now have machines and they are usually free for the people that who do business there.)

• Before you even think about putting out money for a textbook, don’t you think someone else on campus had to already have one? Borrow if it’s possible.

• If you can’t borrow, buy used college textbooks. On sites like Amazon.com used hardcover books are often cheapest. Soft cover are more valued for convenience, so if you’re willing to haul a couple extra ounces, then hardcover is the cost-saving choice.

• Oatmeal is fast, filling, and affordable.

• Trying to eat on 12 cents? Two words: Ramen Noodles. (God Bless the man who invented Ramen Noodles.)

• Skip the fast food forays and late night take-out. Make sure you keep healthy, affordable options in your room or apartment. Yogurt, cottage cheese, string cheese, bagels, peanut butter are all affordable, convenient and much more healthy than a late night burger and fries.

• Collect coupons and follow the weekly sales at the grocery store. Avoid high-end markets like Whole Foods. These are nice, but most products cost much more. Once you’re out of school and have a good job you can shop the upscale markets.

• Forget about the T.V. You can watch cable television through your computer. Make sure your desktop or laptop has a DVD/CD player and you can also watch your favorite movies. Your laptop has graphics equal to most HDTVs, so enjoy.

• Nearly as essential as the T.V. is the stereo. Today’s computer speaker sets have clear high and midrange sounds with clean bass. You should be more than satisfied using your computer as the stereo. If you have your music library all set up in iTunes all you have left is to outfit yourself with a decent set of speakers and you still have saved money. Websites like Pandora create custom music channels based on a song or artist of your choice.

• Trying to save money on going out to the movies? Hit the matinee showings. Look for free movies on campus; chances are you will find classics, independents, student films, noir and experimental.

• Rent DVDs as a group. Pass the disk along before its due date. Everyone watches for a fraction of the cost to rent. Only share with responsible friends.

• Subscribe to DVD rental service like NetFlix. (Especially since you can now stream movies straight thru your game systems.)

• Learn how to shop for clothes at the consignment shop. Today’s second-hand is nothing like your mother’s thrift store. In fact, these places are regularly trafficked by college students and others for the great finds in name brand, “gently used” clothes and accessories.

• Doing laundry costs money. A machine load of laundry costs at least a $1, and in most places a good bit more than that. Don’t drop your laundry at a service, stay and wash it yourself. Spend the time studying or decide to use laundry time to catch up on your favorite magazine or book. Maximize your laundry savings in the following ways: Bring your own detergent versus buying the single use from the machines. Buy discounted detergent or on sale only. Bring your own drink and/or snack versus buying from the vending machine. Fill the machines to capacity.

Well I hope some of those tips will help you out this upcoming year and, believe me, having your financial situation taken care of will be one less thing you have to stress about, like tests, clubs, work, relationships, parties, games, tests, study groups, 8 a.m. classes, and did I mention tests?

Good luck to you all this year and if you have some money saving tips for college please leave a comment, I want to hear them.