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Tips on Saving Money in College

Between exams, homework, and social life, it’s difficult for college students to find the time to worry about money. Fortunately, there are several easy ways to make ends meet and save more of your hard-earned cash.

1. Make a Budget

The first step to saving money in college is organizing a budget that outlines how your expenses measure up to your income. At Deseret First Credit Union, we offer a budget widget that allows you to accurately track your expenses.

2. Buy Used

When it comes to classroom materials and books, there’s no shame in buying used. We recommend shopping on Amazon.com or renting from Barnes & Noble’s textbook service.

3. Be Conservative with Credit Cards

It’s surprisingly easy for college students to get a credit card. But before signing up for one, do research to determine its interest rate. Plus, always pay off the full balance on time each month to avoid late fees. This will help you build up credit and keep you from getting into credit card debt that so many students fall victim to.

couple eating at a restaurant

4. Limit Eating Out

As a college student, you likely love your trips to Starbucks, Cafe Rio, or even the cafeteria’s vending machine. The average American eats an average of four commercially prepared meals per week, which equates to $230 per month. So next time you’re wanting to eat at a restaurant, consider a budget-friendly home cooked meal instead.

5. Start Paying Off Loans Now

Making a small in-school payment toward your student loan each month will help you save your money on interest. Even $10 a month can make a difference.

6. Make the Switch to Deseret First Credit Union

Deseret First is part of the Co-Op Network, which means that our student members can go to any of the 5,000 branches and 30,000 ATMs of other participating credit unions across the U.S. We also provide articles, videos, and infographics to help you with each stage of life.

The Bottomline

Following these proven methods will help you stay on track so that the journey to financial success is as easy as possible. No matter where you are on the timeline of your life, we’ve got resources to help you succeed financially. If you have more questions about a credit union for college students, give us a call at 1-800-326-3328.