Five Ways College Students Waste Money

Going to college is expensive! Between books, tuition, housing, and maintaining a social life, managing your money is challenging. Here are a few habits to avoid to save more of your money.

  1. DON’T Buy new textbooks – Cut textbook expenses by buying used books online through Amazon or Half Price Books, or renting through sites like Chegg, Campus Book Rentals, or Campus Books.
  2. DON’T Carry a credit card balance – If you use a credit card, only charge what you’re able to pay off in full each month. If you’re already carrying a balance, consider transferring the balance to a credit card with a lower interest rate and no or low annual fees.
  3. DON’T Eat out frequently – If you spend on average $6 for breakfast daily and $12 on lunch or dinner, you will fork out $90 for 5 days of food. Instead, buy $90 worth of groceries and you’ll eat for a month.
  4. DON’T Bring a vehicle to school – If you live on or near campus, having a car is a needless expense. By avoiding monthly car and insurance payments, parking fees, gas and maintenance expenses, you could save over $20,000 during your 4 years at college. Consider using Uber, public transportation, riding a bike or walking.
  5. DON’T Buy a daily latte – A latte at $4 a day adds an extra $120 to your monthly expenses. Instead, buy a coffeemaker, a pound of coffee, and a travel mug and you’ll be able to brew a month’s worth of coffee for a fraction of that cost.