How I Save Money as a Student

Other websites tend to have these top ten tips for students on how to save money, and I find that they all say practically the exact same thing: have potlucks instead of dining out! Make sure you buy used textbooks instead of new ones! Don’t sign up for those credit card deals at the student union!

While these tips aren’t bad, per se, I find them practically useless. If you are a student and you really want to make a dent in your debt, then you have to take care of the big ticket items. I find that if you focus your efforts on the big things, then the little things will sort themselves out.

Instead of having tips for other people on how to save money, (I have no authority on this issue, I’m just a pf blogger and a student), I’m just going to write down ways that I save money while in school.

#1: Sublet instead of rent
This is the main way I save money. Rather than signing one year leases, I only sign sublets instead. Yes, that’s right, I move every four months of the year, for a total of three addresses per year. But I get great, affordable rates on housing all the time. I have bargaining power since people usually want to get sublets off their hands as fast as possible (I don't exploit it though). Even better yet is the knowledge that I won’t be forced to pay rent for time I won’t be living there. (I have a friend who moved after school was done, but he still had a lease. He couldn’t find a subletter and ended up paying a couple thousand dollars for a place he wasn’t living in.) Yeah, it’s a pain in the butt to keep moving houses, but that’s how I keep my costs down and I’ve gotten used to it. I’m now an Olympic speed packer.

#2: Take extra classes, save on tuition
At my school, I get a discount for courses I take over the maximum courseload. That means I pay a set amount for five classes, and then a discounted sixth. I’ve done this consistently and now I can actually graduate after 3.5 years instead of 4, all done at a discounted price! (I won’t be graduating early though because I’m going to take my time anyway). This one is a little tricky because it is harder to keep grades up. But it’s doable.

#3: Prolong those tuition payments—pay by installments
Some schools are ok with students paying in installments, or waiting until after they get their student loans. I find that colleges aren’t ok with this, but universities are. Note that these extensions on payments don’t have any late fees or interest attached to them; they’re just for students who need some time for their student loans to come in. Why pay the school on time when you can let it accrue interest? It’s not for everybody, though. It takes discipline to keep those thousands of dollars in a bank account and not touch it since it’s earmarked for tuition.

#4: Find the cheapest possible transportation home
Greyhound has lots of great student fare deals available. There’s the companion fare, for those times when there's a buddy to split costs with. Booking two weeks in advance gets another discount. Buying ten of them at the start of the year gets a lower price overall instead of buying them individually on the day of the trip. VIA Rail also has a similar option. I also carpool sometimes, which is the BEST way to go. Nothing like a car ride with some of your best friends for a good time. (I give them some money for gas and/or treat them to a burger).

#5: Stay in the same program/school
I have a few friends who have transferred to other programs or schools. The problem is that credits don’t usually transfer that well, and so my friends have to retake classes or take extra terms. That means extra costs to graduate.

#6: Get a job
There are so many ways to do this—summer jobs, working part time in school, co-op programs, internships, and apprenticeships. There are so many jobs looking for students. It’s a great way to develop a work ethic and enter the work force while saving some money to pay for school. This is good as long as the work hours don’t exceed 20 hrs per week for a full-time student, since it could decrease academic performance. I didn't work in the beginning, but I certainly made up for it from second year onwards. It's the only way I can keep up with my debt.

#7: Wait until the 2nd or 3rd week of class to buy textbooks
I don’t know about other students, but not all of my professors necessarily teach out of the textbooks they list as required reading. Usually it’s hard to tell whether the textbook is necessary or not until a few classes in when I listen for the prof to refer to the textbook. Better than getting a used textbook is not getting a textbook at all! Another variation of this is going to the library and only reading the chapters I need.

These are just some of the things that I focus on to keep my costs down... There are probably more but I don't remember them now. Please leave a comment if you have any other ideas!