Money Saving Tips for Students: How to Save on a Tight Budget

The Financial Reality of Being a Student

Let’s be real: being a student is expensive.

Between tuition, textbooks, rent, food, and the occasional social life, money is tight. Most students are working with limited income—maybe a part-time job, financial aid, or help from family.

But here’s the good news: the financial habits you build now will shape your entire financial future. Students who learn to manage money well graduate with less debt, less stress, and better habits than their peers.

This guide covers practical money-saving tips designed specifically for the student budget.

Why Saving Money as a Student Matters

1. Compound Effect Starts Early

Money saved at 20 has decades to grow. Even small amounts matter enormously over time.

2. Less Debt = More Freedom

Every dollar you don’t borrow is a dollar you don’t have to pay back (with interest).

3. Building Habits for Life

Learning to live on less now makes managing money easier when you earn more later.

4. Emergency Protection

Having even $500 saved prevents small emergencies from becoming credit card debt.

Top Money Saving Tips for Students

Textbooks: Don’t Pay Full Price

Textbooks are outrageously expensive, but you don’t have to pay retail:

Rent instead of buy (Chegg, Amazon, campus bookstore)
Buy used (check ISBN for older editions)
Use library reserves (many professors put copies on reserve)
Share with classmates (split the cost)
Check for free PDFs (some textbooks are available legally for free)
Sell books back when you’re done

Savings potential: $200-$500/semester

Housing: Get Strategic

Housing is often your biggest expense. Options to reduce it:

Live with roommates (split rent and utilities)
Stay in dorms (sometimes cheaper than apartments when utilities included)
Look for RA positions (often includes free or reduced housing)
Consider off-campus housing (may be cheaper depending on location)
Negotiate lease terms (ask for discounts for longer commitments)

Savings potential: $100-$500/month

Food: Stop Eating Out

The meal plan might seem expensive, but eating out constantly is worse.

Smart food strategies:

Maximize your meal plan if you have one
Cook basic meals in your dorm or apartment
Meal prep on weekends (saves time and money)
Buy generic brands at grocery stores
Use student discounts at restaurants when you do eat out
Never shop hungry
Plan meals around sales

Savings potential: $150-$300/month

Student Discounts: Use Them Everywhere

Your student ID is a discount card. Always ask:

Tech: Apple, Microsoft, Adobe, Spotify, Amazon Prime Student
Streaming: Hulu, YouTube Premium, Paramount+
Retail: J.Crew, ASOS, TopShop, Banana Republic
Food: Chipotle, Subway, Chick-fil-A (varies by location)
Transportation: Amtrak, Greyhound, local transit
Entertainment: Movie theaters, museums, theme parks
Software: GitHub Student Pack, JetBrains

Pro tip: Check UNiDAYS and Student Beans for aggregated discounts.

Savings potential: $50-$200/month

Transportation: Go Car-Free if Possible

Owning a car is expensive (insurance, gas, parking, maintenance). If you’re in a walkable college town:

Walk or bike to class
Use campus shuttles (usually free)
Take public transit (student passes are often discounted)
Carpool for trips home or grocery runs
Use rideshare only when necessary

If you must have a car, get quotes from multiple insurance companies—student rates vary wildly.

Savings potential: $200-$500/month (vs. car ownership)

Entertainment: Free and Low-Cost Options

College campuses are full of free entertainment:

Campus events (movies, concerts, speakers)
Free gym access (included in tuition at most schools)
Library resources (books, movies, music, magazines)
Student organizations (meet people, have fun for free)
Free streaming (many libraries offer Kanopy)
Outdoor activities (hiking, sports, campus spaces)

You don’t need to spend money to have a social life.

Savings potential: $100-$200/month

Part-Time Work: Strategic Choices

If you need to work during school, be strategic:

Good options:

On-campus jobs (flexible with class schedules, often study time)
Tutoring (higher pay, reinforces your own learning)
Work-study programs (designed to work around academics)
Freelance skills (writing, design, coding—build a portfolio)
Summer internships (earn more in less time, plus career benefits)

Avoid: Jobs with unpredictable hours that interfere with studying.

Banking: Avoid Fees

Student accounts should be free. If you’re paying fees:

Switch to a student checking account (most banks offer fee-free options)
Use in-network ATMs only (fees add up fast)
Set up low balance alerts (avoid overdrafts)
Use mobile banking to track spending

Credit Cards: Be Careful

Credit cards can be useful (building credit, emergency backup) or dangerous (debt spiral).

If you get one:

Get a student credit card with no annual fee
Pay the full balance every month
Never use more than 30% of your limit
Use it for recurring expenses you’d pay anyway

If you can’t trust yourself: Don’t get one. There’s no shame in waiting.

Sample Student Budget

Here’s what a realistic student budget might look like:

Category	Monthly Budget
Income	$1,200 (part-time job + aid)
Rent (with roommates)	$450
Utilities	$50
Food/Groceries	$200
Transportation	$50
Phone	$40
Entertainment	$50
Personal/Misc	$60
Savings	$100
Books/Supplies	$50
Total	$1,050
Buffer	$150

Adjust based on your actual income and expenses.

Building Habits That Last

The goal isn’t just to survive financially as a student. It’s to build habits that serve you for life:

Track your spending — Know where your money goes
Save something — Even $25/month builds the habit
Avoid consumer debt — If you can’t pay cash, reconsider
Live below your means — Don’t spend just because you can
Start retirement savings early — Even $50/month matters

Quick Wins: Do These Today

Check for student discounts on everything you pay for
Cancel unused subscriptions (check your bank statement)
Set up a simple budget using the template above
Open a free student checking account if you don’t have one
Calculate your per-hour cost — Is that $50 purchase worth 5 hours of work?

Student Discounts & Tools

Here are the best platforms to maximize your student status and save on everyday expenses:

Discount Aggregators:

UNiDAYS — Verify your student status once and unlock discounts at hundreds of brands (Apple, ASOS, Nike, Spotify, and more).
Student Beans — Similar to UNiDAYS with some different brand partnerships. Sign up for both to maximize options.

Textbooks & School Supplies:

Chegg — Rent textbooks for a fraction of the purchase price. Also offers study help and tutoring.
Amazon — Check for used textbooks and compare rental prices. Prime Student gives you free 6-month trial + 50% off after.

Entertainment:

Prime Student — Free 6-month trial, then 50% off Prime membership. Includes free shipping, Prime Video, Prime Music, and more.
Kanopy — Free streaming through many college libraries. Quality documentaries and indie films.

Pro tip: Always verify your student email or upload your student ID to unlock these discounts.

For a complete guide to managing your money, see our budgeting guide for beginners.

Some links above may be affiliate links. We only recommend tools we find helpful.

Frequently Asked Questions

How much money should a college student save?

Aim to save at least 10-20% of any income you earn. Even $20 a month adds up and builds the habit. Having a $500-$1,000 emergency fund puts you ahead of most peers.

What are the best student discounts?

Some of the most valuable include Amazon Prime Student (free 6-month trial), Spotify + Hulu bundle, and discounts on software like Adobe Creative Cloud. Always ask before you buy!

How can I avoid student loans?

Apply for every scholarship and grant you qualify for, choose a more affordable school (like community college for gen-eds), work part-time, and live frugally to minimize borrowing needs.

What’s your biggest financial challenge as a student? Pick one tip from this list to implement this week. Small changes add up.