10 Creative Ways to Save Money as Student

save money as a student
Photo showing how to save money as a student

It’s not always easy to save money as a student.

Let me break it down a bit.

As a student, you have high tuition, textbooks, and other expenses requiring your financial attention. Most of these expenses are difficult to avoid. So, you have to stretch your budget to take care of them. According to balancingeverything.com, only about 8% of Americans could survive no more than a month with their emergency fund.

The above seeming difficulties notwithstanding, there are many creative ways you can save money as a student, and in this article, we’ll be exploring ten proven ways.

But first, we must consider why you need to save money as a student. Doing this will help you appreciate the creative ways you can save money as a student, which we’ll discuss later in this article.

Why You Should Save Money a Student

Saving culture transcends age, social class, or educational qualification. Anybody who makes money can save money. As a student, it’s noble if you can imbibe the culture of saving. 

You’ll read the reasons here.

(a) To have a financial safety net in emergencies: Unexpected expenses can arise at any time. Saving a part of your income can help you cover these costs without turning to your credit cards or loans.

(b) To pay for unplanned expenses: Saving money can help you afford unexpected expenses that may come up, such as the cost of a summer course or the opportunity to study abroad.

(c) To have money available for leisure activities and travel: While in school, it’s a good thing to take breaks and have some fun. With a savings account, you’ll have money to take that trip you’ve always wanted to go on or treat yourself to a night out with friends.

(d) To afford to move out on your own after graduation: After you graduate from school, you’ll want to have your apartment and do things at your convenience. Saving money while you’re in school will help you put a down payment on an apartment or house after graduation.

(e) To have a financial cushion when starting your career: After leaving school, you may have student loans to pay off and other expenses to make. If you have a savings account, you can get through the first few months or years on your new job while establishing yourself financially.

(f) To reduce financial stress and worry: When you have a savings account, you’ll have one less thing to worry about and can focus on your studies and other priorities.

(g) To have money available for further education or training: If you wish to go back to school or get additional training, having a savings account can help you afford these opportunities.

By and large, saving money as a student can provide security and financial stability. It’ll also give you the freedom to pursue your goals and dreams.

Wrong Ways to Save as a Student

While we encourage students to save money owing to the reasons we highlighted in the preceding subheading, it is also necessary we educate students on how not to save money or the wrong ways to save money. The aim is to help them strike a balance and avoid regrets in the future. So, here are a few wrong ways to save money as a student:

  • Skimping on necessities: While it’s necessary to save money, it will become a foolish man’s reasoning to forgo basic needs because you want to save money. Don’t skimp on food, clothing, or housing because you want to save money.
  • Not saving enough:  Ensure you set aside enough money for short-term and long-term goals.
  • Not having a plan: Saving money without planning can be counterproductive. Determine your financial goals and create a plan to achieve them.
  • Not diversifying your savings: Don’t put all your eggs in one basket. Consider saving money in various accounts, such as checking, savings, and investment accounts.
  • Not keeping track of your savings:  It’s wrong to save without keeping track of your savings and expenses. You won’t know how much you have available and where it’s going.
  • Not adjusting your savings plan: As your financial situation and goals change, ensure you adjust your savings plans accordingly.
  • Not considering long-term goals: Saving money should be for short-term and long-term goals. Don’t neglect long-term goals, such as retirement, in favor of short-term needs.
  • Not taking advantage of free resources: There are many free resources available to students, such as financial aid, scholarships, and grants. Be sure to take advantage of these opportunities to save money.
  • Not seeking financial advice: If you’re unsure how to save money as a student, consider seeking advice from a financial advisor or mentor. They can provide valuable guidance and help you create a plan that works for you.

10 Creative Ways to Save Money as a Student

Here’s the meat of this article.

We have considered why students should save money and highlighted the wrong ways to save money as a student. Now, it’s time to explore the tested and trusted ways students can adopt to save money. 

I trust you’re still reading up to this point. If so, continue reading. Don’t stop yet.

So, here are the 10 creative ways to save money as a student.

  1. Rent textbooks instead of buying them: Textbook costs can add up quickly, so consider renting them instead of buying them outright. Many online retailers and college bookstores offer rental options, which can save you a significant amount. Just be sure to return the books on time to avoid late fees.
  2. Use public transportation or carpool to save on gas: If you have a car, the cost of gas can add up quickly. Instead of driving everywhere, consider using public transportation or carpooling with friends to save on gas costs. Many colleges and universities offer students discounted bus passes or other transportation options. So, ensure you check with your school’s transportation office.
  3. Find a part-time job or start a side hustle: savethestudent.org states that 74% of students rely on part-time work for money. Working a part-time job or starting a side hustle can be a great way to make some extra cash and meet up with your expenses. Look for opportunities in your school or community, or consider starting an online business or offering your services as a freelancer.
  4. Cut back on unnecessary expenses: Go through your budget and see where you can down unnecessary expenditures. The expenditures might include eating out, buying expensive coffee, or subscribing to streaming services you don’t use often. By cutting the fat from your budget, you can free up more money to attend to your other expenses.
  5. Use coupons and discounts: Don’t be afraid to use coupons and take advantage of discounts whenever you can. Look for deals online, at your local grocery store, or your favorite stores. You might be surprised at how much you can save using coupons and shopping sales.
  6. Consider switching to a cheaper cell phone plan: If you’re paying a lot for your cell phone plan, consider switching to a cheaper option. Many affordable plans offer unlimited talk, text, and data for a fraction of the cost of traditional cell phone plans.
  7. Use cashback apps and credit cards to save on purchases: Many apps and credit cards offer cashback or rewards for making purchases. When you use these tools, you can save money on everyday expenses like groceries and gas. Just be sure to pay off your credit card balances in full each month to avoid interest charges.
  8. Negotiate rent and utilities with your roommates: If you live with roommates, consider negotiating rent and utilities to save money. Talk to your roommates about splitting costs evenly or finding ways to save on bills. You might also consider negotiating your rent with your landlord if you consider the rent too high.
  9. Buy used items instead of new ones: When you need to buy something, consider looking for used options instead of new ones. You can often find great deals on gently used items at thrift stores, garage sales, and online marketplaces like eBay and Craigslist.
  10. Take advantage of student discounts: Many businesses offer discounts to college students, so be sure to ask if a discount is available when you make a purchase. You can find Student discounts on almost everything, from clothing and electronics to movie tickets and gym memberships.


Also Read: How to Study Smart and Come Top of Your Class.

Likely Challenges to Face When You Don’t Save

If you’re e not saving money as a student, you might face financial stress and difficulties. Specifically, you might face some or all the following challenges if you don’t save money as a student. 

Struggling to pay for tuition and other education-related expenses: Without a financial cushion, you may face difficulties paying for tuition, textbooks, and other education costs. These difficulties can lead to financial strain and may even force you to take on additional debt in the form of student loans.

Facing financial emergencies: Without savings, it can be demanding to handle unexpected expenses, such as a car repair or medical emergency. 

Missing out on opportunities: Not having savings can also limit your ability to take advantage of opportunities that may arise, such as an internship or study abroad program. These experiences can be valuable for your personal and professional growth but may not be possible if you don’t have the financial resources to cover the associated costs.

Struggling to make ends meet: If you’re not saving money as a student, you may find it burdensome to make ends meet daily. Your inability to take of your daily needs may manifest in not having money to buy groceries or pay bills, which can be stressful and frustrating.

No matter how you look at it, saving money as a student is beneficial to help build a strong foundation for your financial future.

If you follow these creative ways, you can save money as a college student and stretch your budget further. With a little effort and sprue financial planning, you can make your money go further and reduce your financial stress.


Conclusively, saving money as a student is essential for several reasons. It can provide a financial safety net in emergencies, help pay for unexpected expenses, and give you the freedom to pursue leisure and travel. Saving money can also help you afford to move out on your own after graduation and provide a financial cushion when starting your career. In addition to the practical benefits, saving money can reduce financial stress and worry.

Moreso, there are many ways to save money as a student. Creating a budget and cutting unnecessary expenses are essential first steps. You can also find ways to earn extra income, use coupons and discounts, shop for the best prices, and use cash or debit cards instead of credit cards. Taking advantage of student discounts and renting textbooks can also help you save money. Lastly, cooking meals at home and using public transportation or carpooling can equally help stretch your finance further. With these strategies, you can save money as a student and set yourself up for success.


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