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The economy has been a hot topic for the last few months, especially around college campuses. College students are directly affected by the downturn in the economy and are being forced to manage their money better. While already on a tight budget, students must get creative in ways to save and spend their money.
Renting textbooks is an option that’s become very popular on campuses across the country. Online book renting sites like Bookrenter.com and Chegg.com offer millions of titles to choose from, and can save you up to 75%. They will even pay to ship the books back at the end of the semester and Chegg will plant a tree for each book rented from them.
Budget management is also a simple and effective way for students to save money. Mint.com offers a free way to manage your money online by linking to your bank account. By tracking your expenses and spending habits, you’ll be smarter about what you spend, and you’ll be able to tell if you can afford that extra drink at the bar.
Drinking is always on the minds of college students, and being smarter about where you drink and how much you spend at the bars can save you a lot of money. Look for drink specials the local bars offer on the weekends. If you do some searching you can usually find a good place to drink with your friends for cheap. If you go out drinking a lot, try having a few drinks at home before you hit the bars. With drinks costing around $4 to $5, this can save you a lot of money because you wont need to buy as many drinks while you’re out. Also, try to pay for drinks with cash whenever possible. Bring $20 out with you and try to stretch that out over the course of the night. Students tend to buy more drinks if they leave their tab open with a debit or credit card, and bars can charge steep fees for people who forget to close out their tabs at the end of the night.
Food is another thing students have to worry about. Eating out every night can get very expensive, so make a trip to the closest grocery store and stock up on snacks and drinks. Instead of buying a $5 sandwich from the deli, pick up some bread, cheese, and lunch meat from the store. It will cost a little more upfront but it will save you a lot of money in the long run. Also, if you’re a big coffee drinker, try cutting out the cup of coffee you buy every morning. Pick up a cheap coffee maker and make your own at home when you wake up. It’s a lot cheaper, and will save you precious time to sleep in before class.
If you’re really in need of some cash, you can always look for a part time job close to campus. Look around for some restaurants in your vicinity that are hiring. A part time serving job is a great way to put cash in your pocket, and you may even be able to eat for free. If you consider yourself an expert on a certain school subject, try starting a tutoring service. Put up some flyers with your phone number advertising your expertise on a subject and wait for the phone to ring. You’ll be able to set your own hours and work right on campus. You can always start your own business too. Students hate doing laundry, so start a laundry drop off service and charge a small fee.
Get creative. There are opportunities out there that you can easily take advantage of. With the struggling economy and rising prices, students are going to have to think outside the box to survive on a college budget.