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Frugality is something that has been a part of college life (at least to some degree) for long time, possibly since the beginning of the university system.
One example I can think of is college students in the '60s purchasing a VW Volkswagen or other compact car instead of the typical big car from The Big Three. Apparently many parents and automakers were surprised by this decision. However, it made sense for a college student, as a Bug costs less to drive and maintain than the typical American-made car of the time.
Today, saving money is even more important with rising tuition rates and student loan concerns, among other things (like extra money for parties lol ). Yes, a college student is probably going to drive a hand-me-down or rent a compact instead of buying a new car. But there's many other ways college students tend to save their money. Most of the savings tend to be living expenses, rent, bills, groceries, etc.
I'm wondering (from current college students and alumni) how YOU'VE saved money while attending college.
(Keep in mind that most of this applies to universities instead of community colleges or "commuter colleges")
Some methods I've heard of:
No cable TV (or even no TV at all!). Saves up to $150 a month. Probably something college students have done for a long time, but today it makes more sense when there's Youtube, Netflix, Hulu, and other video services. Most content on TV sucks nowadays, and there's more productive ways to spend one's time instead of being glued to the TV.
Walk/Bike/Bus to class and other places instead of driving: Obviously there's savings from gas prices, but there's also maintenance, insurance (which is still really expensive for young adults) and car payments (if the car isn't a hand-me-down). Most major universities have transit (either buses or rail) connecting student living quarters and apartments to the main campus. Express buses, Commuter and regional rail can provide mobility between home and campus if you're going to school in the same city or region that you live in. Intercity rail can be an economical option for occasional travel between metro areas, but most service for that is either in California, Cascadia, the Midwest or the Northeast.
If there's anyone outside of Manhattan who is most likely to go car-free, it's probably going to be a college student.
EDIT: If you need the mobility of a car for one trip, but don't want the full-on responsibility of owning a car, a car-sharing program can help.
There's also food and housing costs, but I can't think of any specific ideas right now.
Last edited by GlobalistPotato; 02-28-2011 at 11:52 AM..
Reason: Something to add.
I am confused about what you want to know. Are we talking Manhattan or other places. All of my kids go to school in rural towns. No place to keep a bike unless it's the dorm room (roommate would be unhappy), no campus transportation, except maybe to the mall on weekends, no rail. Believe it or not , they walk. To cut down on expenses we contact the insurance company in Aug. and listed the kids about occassional drivers. During the summer months, they are "regular" drivers. Saves about $800 per year.
They don't take a full meal plan - because they would never eat that many meals.(they have half 1/2 the meals).
As far as kids getting used cars- that's a choice. Depends on who is paying - I know very few kids that have a loan when they purchased a car - they may have helped, but mom and dad pay the bills.
Sorry to say - it's not the 60's. Many kids have money at college. Go to any local nail salon near a local college and there will always be students tanning and getting nails done. Spring break is upon it and kids are traveling all over the world. There are so many more examples of this spending. I am not in favor of all of this, but it's reality.
I was actually asking about ways how college students save money, especially if they're on a tight budget. Yes, more college students are working (good for them), but the cost of education is rising and most college students I know want to minimize their expenses.
The example about transportation mostly applies to students who study at bigger universities and live on or near campus. If I was taking classes at the University of Texas, I could take the bus. But if I was going to the community college, I'd have to drive.
One area I was thinking of is diet, and eating healthy on a budget.
Because this isn't a health diet...
Mod cut - copyrighted graphic
Last edited by toobusytoday; 03-01-2011 at 06:05 AM..
honestly, I don't think most traditional college students are frugal. too many are still attached to mom and dad and get cash from them. of course, you have the students w/o parental support, but even they don't always act in ways some may consider "frugal". IDK, I think that mentality comes a bit later. most college students aren't clipping coupons, brown-bagging their lunches, or making their own laundry detergent. most don't even cook for themselves, even at schools w/ apartment style housing. for now, the vast majority of college age kids I know spend tons of cash at the clubs/bars, for concerts, trips, clothes, electronics, food, housing in a "cool" area, and other stuff.
PS: for the traditional-aged college students, the majority will be too young for a car-sharing program, so that wouldn't be a way to save
My kids had to earn their spending money themselves and were extremely frugal in college. My daughter had no tv her four years in college. She lived at a residential college so did have use the college's meal plan except when she lived off campus for student teaching and study abroad. She did cook her own meals, there wasn't really a choice about that. She worked one or two jobs on campus and worked every summer, plus most winter breaks.
My oldest son only lived off campus his senior year, but you would be hard pressed to find more frugal guys then he and his roommates. They furnished their house with dumpster diving finds and Craigslist. No cable tv. I bought son a Sam's club membership and I think he lived off of cereal and macaroni and cheese. We gave him a small stipend for food and I believe he squirreled most of that away to be able to do the trip he is now on in Europe. That trip involves couch surfing and cheap hostels. We've never had car payments - we generally buy second hand cars outright. Our kids have our hand-me-downs.
I sure did my best to be frugal. I ate Ramen noodles a lot...my roommate's cheap meal of choice was StoveTop stuffing. Certainly not healthy, but it was cheap. I worked two jobs during most of my undergrad education. I certainly didn't splurge on getting my nails done. I didn't have a TV; my roommate did but no cable, it was a little old TV/VCR combo and she would play a VHS occasionally. I drove an old beater car and prayed it didn't break down (but of course it did from time to time).
Now I am in grad school; I still have to be pretty frugal. Since returning to school I rarely go out for dinner. I have to grab lunch on the run sometimes and I try to eat cheap. Over the past few months I have been trying to cook more large, inexpensive casseroles and such for dinner, so I have lots of leftovers for lunches and dinners.
I'm wondering (from current college students and alumni) how YOU'VE saved money while attending college.
(Keep in mind that most of this applies to universities instead of community colleges or "commuter colleges")
Funny, I've been meaning to post a list since the start of the semester.
There are many ways to be frugal, but here are some big ones:
1. Don't buy bottled water. Buy a niskin bottle or other refillable bottle of choice and use water fountains to fill up when needed.
2. Make coffee at home. Like bottled water, you'd probably be surprised at how much you spend each month on coffee. I used to buy the "cheap stuff" @ $1.50 a cup twice a day. That turned out to $60 + a month. A bag of $10 "gourmet" coffee from Whole Foods can last me two to three weeks. A jar of Folgers for $4 can last an entire month.
3. Bring a lunch to school. It is way cheaper. College food is generally garbage. And it is expensive. Heck, even eating off the dollar menu everyday can add up.
4. If you can, don't live in dorms. Off-campus housing is generally cheaper, even if you live alone. Plus, you will not be required to purchase a meal plan.
5. Try to avoid cable. Pretty much anything on cable television can be viewed online legally. And if you are savvy enough you can find the "other stuff", too.
6. This one is hit or miss, but all colleges have "free" wi-fi. If you are not on your computer 24/7, it might be worth it to not have Internet service at your home.
7. Credit cards. This is a biggie. Most people will advise against them, while others claim that it is the only way that a college student can establish the nescessary credit in order to rent their first post-graduation apartment, etc.
If you must have a credit card, try and keep usage to a minimum and for emergencies.
8. Pay your bills on time. One of the biggest shockers facing college students is that the bills keep coming, every month, for the rest of your life. Bills don't go away simply because you ignore them, and, late fees add up. You may also incur interest on top of what you owe if your debt goes to a bill collector. That $20 bill could easily turn into $200.
9. Bank with a credit union. Yeah, yeah, yeah. You are a true-blue American and unions are for Communists. What ever . Credit unions have little to no fees asscoiated with accounts and generally offer higher APRs.
10. If possible, avoid a car. Car payments, insurance, fuel, maintainance all add up.
11. Buy in bulk. When you purchase an item, a large portion of the cost is in the packaging.
12. Only buy food that you can eat within a reasonable amount of time. Buying 10 lbs of bananas for $5 might seem like a good deal, but realistically most of them are going into the trash.
13. Buy generic. Even name brands that are on sale are generally still more expensive than store brands. Generally, it is the same food.
14. Take advantage of your school. Most colleges offer deals on movie, concert, or museum tickets, among other discounts.
15. Take advantage of local businesses. Generally, business establishments near universities offer discounts to college students. They don't always advertise, so just ask.
16. Amtrak, airlines, and certain chain stores also offer discounts to students. Some, like Abercombie, give students 10% off any purchase over $100. Only use these discounts if you actually plan to shop at these locations in the first place. Do not spend $100 at A&F just because you get the discount.
17. Avoid booze, drugs, and cigarettes. I am not telling anyone how to live their lives, and it is college, but these items are expensive.
18. Search the papers and craigslist for free stuff. I know it is hard to believe, but people get rid of absolutely good items for free simply because they don't want to bother trying to sell them.
19. Create a basic Excel spreadsheet and keep track of everything you spend in one month. Trying to keep a mental picture is not accurate, and you will see exactly where your money is going. Spending a few dollars a day on coffee sounds cheap, but when you look at the monthly total, it really adds up.
They furnished their house with dumpster diving finds and Craigslist.
Me, too. I live in a "student ghetto" in Boston, and at the end of each semester you can find scores of items when the students move out. I did this when I lived in Lawrence, KS., as well.
I never understood why "kids"-or their parents-where willing to furnish entire apartments only to have the kids move everything to curb/alley/trash when they moved out and went back home.
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). Yes, a college student is probably going to drive a hand-me-down or rent a compact instead of buying a new car. But there's many other ways college students tend to save their money. Most of the savings tend to be living expenses, rent, bills, groceries, etc.
. Credit unions have little to no fees asscoiated with accounts and generally offer higher APRs.
