How to Save Money in College
It can be difficult to save money as a college student, especially with increasing tuition costs and a newfound sense of freedom. But starting now is crucial to establishing a strong financial foundation for your future.
Building good money habits during college will allow you to start your journey toward long-term financial success.
Here are some helpful tips for how to save money in college:
1. Make food and coffee at home.
2. Carry your student ID with you and utilize student discounts.
3. Start a savings account with a high APY.
4. Do routine car inspections.
5. Get college credit in high school.
6. Start a side hustle or get a part-time job.
8. Create a budget and adjust it to fit your needs.
9. Set personal financial goals.
10. Choose the right credit card for you.
12. Minimize transportation costs.
13. Actively manage your student loans.
14. Apply for scholarships and grants.
16. Utilize family and student subscription plans.
17. Make a grocery list — and stick to it.
18. Find the best housing option for your needs.
19. Take advantage of your campus gym membership.
Financial Tips for College Students
1. Make food and coffee at home.
Find simple meals that you enjoy and learn to make them at home. Cooking your own food and meal prepping can reduce how often you eat out and save money.
Not only is it good for your wallet, but it's typically healthier for you, too.
2. Carry your student ID with you and utilize student discounts.
Do your research on stores, brands, and companies that offer a student discount. You should always carry your student ID in case you need it.
More stores offer a discount than you might think, especially near colleges.
3. Start a savings account with a high APY.
High-yield savings accounts, like Axos ONE®, offer significantly higher interest rates than traditional accounts, helping your money grow over time with minimal effort.
The earlier you open one, the more you can benefit from compound interest. It's an innovative, low-risk way to build your savings and move closer to your financial goals.
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With a high APY, low fees, and built-in budgeting tools, Axos One® makes it easy to manage your money and grow your savings—all from your phone.
4. Do routine car inspections.
If you have a car at school, stay on top of routine maintenance. Ignoring minor issues can lead to bigger, more expensive problems down the line—what starts as a $200 fix could easily become a $1,000 repair.
Regular checks and smart upkeep can help you avoid surprising costs and save money in the long run.
5. Get college credit in high school.
There are several ways to earn college credit while still in high school. Many U.S. high schools offer Advanced Placement (AP) or International Baccalaureate (IB) programs, which allow students to earn college credit by completing coursework and scoring well on standardized exams.
Another option is enrolling in classes at a local community college. These courses are more affordable and can often be transferred for credit at your future university, helping you save time and money.
6. Start a side hustle or get a part-time job.
Starting a side hustle is a great way to earn extra income, and all you need is a solid idea and the motivation to see it through.
Once you get going, consider opening a small business checking account—like Basic Business Checking—to keep your finances organized and separate from your personal spending.
Another option is finding a part-time job on or near campus, which lets you make money while minimizing transportation costs.
7. Do freelance work.
If you're not quite ready for a side hustle or part-time job, freelancing is a flexible way to earn extra income.
You can tutor younger students, assist peers with coursework, or review college essays in person or online. If you have creative skills, consider offering graphic design or writing services.
8. Create a budget and adjust it to fit your needs.
Create a weekly or monthly budget that works for you. Include textbook costs, club fees, and expected daily expenses.
Continuously check and adjust your budget to reflect your income and costs, and monitor your spending habits.
Click here for an in-depth guide on how to create the perfect budget.
9. Set personal financial goals.
Setting financial goals can help you avoid impulsive or unnecessary spending.
Write your goals down—for example, saving $500 by the end of the semester or building an emergency fund—and revisit them regularly to stay focused.
Clear goals keep you accountable and encourage smart financial habits, setting you up for short-term control and long-term success.
10. Choose the right credit card for you.
Using a credit card responsibly is a smart way to build your credit history. To establish good credit, you need a card you’ll actually use—and use wisely.
When selecting a card, consider interest rates, annual fees, rewards programs, and student-friendly features. It doesn't have to be complicated—ensure it aligns with your financial habits and goals.
11. Establish and build good credit.
Your credit score plays a significant role in your financial future. Whether starting from scratch or working to improve a low score, now is the time to build strong credit habits.
A higher score can open doors to better interest rates, loan approvals, and financial flexibility.
Many factors impact your score, but tools like the Axos All-in-one mobile app make it easy to monitor your credit for free and stay on track.
12. Cut down on transportation costs.
Many universities provide free or discounted public transit for students—take full advantage. The cost of rideshares, gas, parking, and car maintenance can add up fast.
Replacing just a few rideshares with bus or train rides can lead to meaningful savings and better financial health over time.
13. Actively manage your student loans.
Don’t ignore your student loans—have a plan in place. Paying them off early can save you money in interest and reduce financial stress after graduation.
Review your monthly budget to determine how much you can realistically put toward your loans, even while in school. Small, consistent payments now can make a big difference later.
14. Apply for scholarships and grants.
Scholarships and grants are powerful tools to reduce college costs, and unlike loans, they don't need to be repaid.
Many students think these are only available before college starts, but you can apply while enrolled. Explore online databases and university resources to find opportunities that match your background, interests, or academic goals.
15. Ask for extensions.
If you cannot pay a bill on time, contact the lender or service provider immediately. While an extension isn’t guaranteed, many companies will work with you, especially if you reach out early.
Missing payments can hurt your credit score and lead to extra fees, so it’s better to ask than fall behind. If you get behind, revise your budget and plan to get back on track the following month.
16. Utilize family and student subscription plans.
Many streaming and digital services offer discounted plans for students or shared family accounts. Compare the options to see what works best for your situation.
Sometimes, a family plan is cheaper than a student discount. You can also team up with roommates to split the cost of multiple subscriptions and save even more each month.
Here are some popular platforms that offer student-friendly pricing:
Spotify Premium Student: Includes Hulu (with ads) at no extra cost.
Apple Music Student Plan: Discounted rate for students with Apple TV+.
Amazon Prime Student: Six-month free trial and a reduced rate afterward.
YouTube Premium Student: Ad-free videos, background play, and music streaming at a discount.
Microsoft 365 for Students: Free access to Office apps with a valid school email.
Adobe Creative Cloud: Discounted rate for tools like Photoshop and Illustrator.
Note: Information is accurate as of May 2025. Check each provider’s website for the most up-to-date offers and eligibility requirements.
17. Make a grocery list — and stick to it.
Shopping without a plan can lead to impulse buys and overspending. Instead, create a grocery list based on the meals you plan to make that week.
Sticking to your list helps you avoid unnecessary items, reduce food waste, and stay within budget. Update your list weekly to reflect your changing needs and schedule.
18. Find the best housing option for your needs.
Compare the different housing options available at your college. There are usually dorms, nearby apartments, and other options.
If you want to live off campus, decide how many roommates you're willing and able to live with, factoring in the price. Pay attention to predicted utility costs, parking costs, and other fees you might have.
19. Take advantage of your campus gym membership.
Most colleges include access to the campus gym in your tuition or student fees, so take advantage of it.
Many schools also offer free or low-cost fitness classes like yoga, spin, or strength training.
Gym memberships and workout classes can be pricey, so using your campus resources is a great way to stay active and save money.
Set yourself up for financial success.
While it can be challenging to maintain good financial habits as a college student, small steps, like sticking to a grocery list or tracking your spending, can make a big difference.
Incorporate these tips gradually, and focus on progress, not perfection.
Developing smart money habits now will pay off for years to come, giving you more freedom, less stress, and greater financial confidence as you move through college and beyond.