Before you can start saving money, you need to know your total income and expenses. Begin by adding up all your income. If you get a lump sum payment from your parents or from scholarships and loans, divide the total up and set up an automatic monthly transfer from a savings to checking account to carry you through the course of the term. Add any income from a work-study program or part-time job. After you know your income, calculate transportation expenses, insurance, food, utility bills, rent and other bills that you expect to have monthly. Subtract the total expenses from your income and keep any extra money in an interest-bearing savings account so that you can earn some interest on the money until you need it.
Tuition costs make up a large portion of a student's debts. Many schools charge per credit hour up to a certain number of credits. For example, at some schools you might not have to pay for more than 12 credits taken in a single semester. If you can take an additional four credits per semester for the same tuition as you pay for 12 credits, you save money on the total cost of your college education. Those four credits per semester in a four-year semester-based program add up to a total of 32 free credit hours for the base tuition price. You save even more money if you graduate early by taking extra classes. When possible, attend a local college or take your core classes at a local community college and then transfer to save money on expensive colleges and universities.
Students often receive discounts on restaurants, movie theaters, travel agencies, clothing, bookstores and other establishments close to the university. Some student unions hand out coupon books the first week of school. Check the newspapers for student discounts and don't assume that because a discount isn't displayed publicly that a grocery store or other establishment doesn't provide one. Ask clerks when you visit a new store if it offers a student discount. This simple question can save you a substantial amount of money over your college career.
Most colleges have a bookstore on campus that sells used and new books. When you can, purchase used books to save money. Sell any books that you don't need to keep at the end of the year. Before running out to the campus bookstore to buy your books, check to see if you can get your books cheaper by ordering through an online retailer. You can also find used textbooks at off-campus bookstores that may provide better deals than college-owned bookstores.
In most cases, you have a choice of where to live. Look for a place close to school so you don't need to spend money on commuting. Plenty of on-campus living options can save money on the expenses of owning a car. Learn how to use the bus system or buy a used bicycle to get around town. Reduce your grocery bill by purchasing a campus meal plan and shopping at discount grocery stores. When you do go out to eat, look for happy hour options that provide discounts on appetizers and beverages.