21 Tips to Save Money in College

21andbroke.com is new a blog about saving money for students and other young adults. As part of the site launch, I've compiled some of my best money saving tips in one gigantic list.

I tried to avoid long-term strategies and instead focused on things that can save money today. Some are simple, a few are somewhat involved, and all these tips are primarily geared towards students. However, they can be applied to anyone looking to save some money.

1. Rent Textbooks. Books have always been a large and inherently unfair cost for students. For years people have suggesting selling textbooks at the end of the quarter but this still leaves the student out a large chunk of money. Recently new services have suggested the rental business model may be applied online to textbooks as well.
2. Save on Printing Costs. Printing can be one of the easiest costs to cut back on. Try using your school computer lab or consider investing in a laser printer.
3. Pack Lunch on Campus. I won't try to tell you to always eat at home and never on-campus. I know how hard it can be to plan out a lunch in advance and how tempting it is to grab a bite between classes, but over time eating out can add up. Try and shoot for packing your lunch 2-3 days per week. And don't even get me started on Starbucks.
4. Don't fire and forget on the Thermostat. You can save a bundle by turning your thermostat down at night. For instance, my roomates and I all have morning and early afternoon classes. We turn the heat off at night and the first person who gets back from class gets to turn it back on in the afternoon. This only works if your roommates want to go along with it, but at the very least you can normally negotiate a 1 or 2 degree drop.
5. Sell CDs, DVDs, Video Games. If you're like me you have a ton of movies and music you don't use. You can sell them on Ebay or one of the many used media stores that seem to sprout up around universities. If all that is too much trouble a number of online services are willing to buy your media and even will pay postage to do it.
6. Credit Card Rewards. I'm going to catch some crap from the hardcore anti-credit card people on this, but as I said before if you can use your credit card responsibly the rewards can be worth it.
7. High-Yield Savings Account. If you don't have a high-yield savings account it is seriously something you should look into. The higher interest rate essentially gives you money for nothing when compared to a normal brick-and-mortar savings account.
8. Skimp on Furniture. College is rough on furniture. Water rings, spills, hell, I even have knife marks on my desk that I'd rather not get into. Save money on your furniture. Garage sales are your best friend. If you must buy new shop at Ikea for some great deals.
9. Learn to Cook. This is perhaps the most useful tip on the list as well as the most terrifying. Cooking will save you money over all that take-out and you'll wind up being healthier to boot. There may have at one point been an excuse to not cook but today there are hundreds of simple recipes just a Google search away.
10. Comparison Shop. When money is tight there's no excuse to shop around. Try and pick up a Sunday paper when you can and look at the ads. Over time you'll start to learn the natural prices for things and what constitutes a good deal. Before any major purchase be sure to run a search online to make certain you aren't being screwed.
11. Use Coupons. It's possible you've gone your entire life without using a coupon. You might even think there's a stigma to using them. Now is the time to change. Online sites mean today you can use coupons without even having to clip anything. I saved $2 on a $10 purchase just last week by using coupons on stuff I was going to buy regardless.
12. Go to the library. Not even the usual library. While some universities keep a small leisure section at their main library, consider getting a library card at the local public library. It's free entertainment, and many libraries these days also have music and movies too.
13. Use Student Discounts. Every month I get an email listing businesses that are offering discounts if I show my student ID. This can be a great way to hunt out deals on haircuts and other local services.
14. Use Pandora for music and Hulu for TV. Some people I know spend hundreds of dollars on CDs and expensive cable packages. Yet their are legal alternatives that are nearly as good for a fraction of the cost. If you haven't tried out Hulu or Pandora yet it's worth checking out.
15. Use Skype to call home. Using online video chat services like Skype can save a lot of cell minutes when calling friends and family back home. If you pay for your own cell service consider dropping down to a lower plan and using more alternatives.
16. Live Off Campus. This tip might not be for everyone but at most schools you'll save money once your out of the dorms. In fact, many of the tips on this list may not be possible until after you get out on your own. As soon as you feel you are comfortable enough outside the world of the Residence Hall I recommend getting out.
17. Cut back on vices. I will not tell you how to live your life, but alcohol and drugs are not cheap. I'm not saying go cold turkey if it's what you like to do, but maybe think about buying a case for the group instead of hitting up the bars. You'll be surprised how much is left in your wallet on Monday.
18. Avoid debt. You could use every tip on this list and it won't mean anything if you run up a bunch of credit card debt. Certain debt like student loans may be inevitable but even then accept only what you need and no more. The interest rates on debt can wipe you out for years to come.
19. Make friends with meal plan people. Remember when you had a meal plan with 50 extra swipes at the end of the quarter? There are tons of people who let their meals go expired. At the end of the quarter don't be afraid to bargin. Maybe you'll help with some homework for a couple swipes thrown your way? At this point they'll be looking for any way to get rid of them.
20. Borrow items. There's no sense buying something if you're only going to use it for a short time. Need a camera for a project? Ask one of your friends. They can only say no, and most people enjoy letting others borrow their stuff. Just be sure to take good care of the item and return it promptly or soon no one will lend you anything.
21. Go Cash Only. It's a proven fact that going cash only will cut down your spending. It's worth a try for a week or two to really get a feel for your finances.

And there we go. These really are the tip of the proverbial iceberg. If you think you know a great way to save money in college be sure to let me know in the comments below.

In the next few weeks expect me to expand on a number of the things I've outlined on this list as well as come up with even more ways to save. Also check back soon when I start my new series "College Money 101". I'll be discussing some basics and a few advanced concepts for students just getting out on their own.

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