7 (Easy!) Money Saving Tips for College Students

Money Saving Tips

Ryan graduated from Temple University in 2013 with a degree in Business and Entrepreneurship. Since high school he’s loved money and investing but recently, he has been reading a lot of forums and sharing his new knowledge with me. I asked him if he had any advice for college aged students who are just getting started with saving money and hoping to plan for the future because it would make a really great, helpful blog post. He was reluctant at first (as he is with most blog related things) but then a few nights ago I saw him composing an email and typing away. I asked him what he was doing and he said “I’m writing a post for you!” He finished it that night and sent it over. He is super passionate about money and investing, like I said, so I wasn’t surprised that he did such a great job.

I don’t know the first thing about saving money (I don’t have much to save in the first place) so I wanted to make sure this post was easy to read and easy to follow. I hope that you find this helpful and if you have any questions, I know Ryan would love to answer them. Now, without further ado, here is Ryan’s post!

1. Sign up for Mint

Mint is a program that tracks your spending, income, and debt for FREE. Mint is available on the computer and as an app for your phone! Once you sign up for Mint, take the time to sync all your accounts such as cash, credit, debt, assets, and investments.

2. Identify your income & expenses.

Mint allows allows you to set a budget and expected income. One you set your budget you will have identified how much you have left over to save each month. Mint allows you set aside money each month for items that you might only have to pay for a few times a year such as car insurance, vacation, etc!
Easy Money Saving Tips

3. Cut your budget

Do you really need a $50 dollar monthly budget for Starbucks? This is the time to analyze what you are spending your money on and make adjustments.

4. Stash Away the Savings!

Now that you’ve cut out all those lattes its time to stash away the savings. Ever notice how your money sitting in the bank pays about a cent per month of interest? You can change that. Capital One 360 (affiliate link) pays .75% (.20 for checking account) APY per year. The average bank pays around .03-.05% APY per year! Capital One 360 offers checking and savings accounts for FREE. The debit card they provide offers free ATM transactions at most locations which are easily identifiable through their app!

5. Set Goals!

Now that you are saving monthly and racking up higher interest in your Capital One 360 (affiliate link) account its time to set some goals. Capital One 360 allows you have up to 30 different savings accounts (for free) each with a different goal. See an example below!
Easy Money Saving Tips

6. Invest

Most people think investing is complicated and requires a lot of money. However, Acorns (affiliate link) app is here to save the day. (If you sign up through my link we will both get $5 for free to invest!)
Easy Money Saving Tips
To start investing with Acorns, all you have to do is link your debit or credit card. Every time you swipe your card Acorns will round your total to the next dollar and invest the extra money for you. So you spent $4.35 on the Starbucks latte I told you stop buying earlier? Boom. That’s $0.65 cents invested into your Acorn account!  You’ll be investing without ever missing a cent… or two!

7. Review your budget each month

This is important! Make sure you’re doing everything to can to save and invest, you’ll thank yourself later!

Any additional questions on any of these applications feel free to drop a comment (I read them all) or email Kayla directly so she can forward your questions to me!
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  • Acorn looks awesome! I heard of a similar app called Robinhood, I think, and one of my best guy friends has made THOUSANDS from it. He’s a savvy investor, but still…it’s crazy!! The potential is there, and the results are big.

    Coming Up Roses

  • Ruya Kirac

    I use Mint and it’s such a great app! Definitly makes things easier

    -Ruya
    sweetshortandstylish.com

  • These are some great tips! I love Mint but haven’t really been using it since I graduated – but it’s a great way to keep your expenses in order. Kudos to you Ryan!

    Rachel / http://www.seashellsandsparkles.com

  • Yvanne

    Wow how did you know I spend that much on Starbucks! I’ve never heard of Mint but I definitely need it. I’ll look into it now. Nice job Ryan!

    http://composedcollected.blogspot.com

  • These are some awesome tips! I actually have Mint downloaded but I wasn’t really sure how to use it or what the benefits are, but it totally makes sense after reading it. Thanks Ryan! :)

    X,
    Cristina
    cristinawashere.com

  • mckenna bleu

    These are awesome tips! Just downloaded Acorns now lol

  • Katie

    I used Mint for a long time, but last semester I took a personal finance class (where I learned ohhhh-so-much) and now I organize everything on a spreadsheet that I got in the class. I like that because I have more control over the how easy the information is to find. If you have a personal finance class at your school, I would recommend taking it!

    Katie // thosebakergirls.com

  • These are great tips! I love Mint!

    Tori
    mooretori.blogspot.com

  • Kerona Ledgister

    GReat tips!! thanks for sharing
    http://www.mssparkleandglow.com

  • M Q

    awesome tips! I’m working on saving money this summer and have a post coming up this week related to it!

    XOXO
    mQs
    http://www.shorelifeofm.blogspot.com

    P.S: our schools are so close to each other. I go to WCU! Do you live in PA?

    • Yes! I’m from the Pottstown/Reading area and I have friends who live in WC! I’m in upstate NY for the summer but yes, I’m from and live in PA :)

  • I’m with CapOne but I didn’t know you could have so many savings accounts. I have two – regular savings and emergency fund. :) Awesome tips.

    xoxo, Jenny

  • Great tips. I wish I read these when I was in college lol. Thanks for sharing about Mint and Capital One savings!

  • These are all great tips!

    Alix | http://www.apintsizedlife.com

  • Lauren

    Starbucks gets me every time, if it wasn’t for gift cards form students I would never be able to afford my addiction. Great tips!
    xx, Lauren {www.rosesandrainboots.com}

  • Neely

    I so wish mint had been a thing when I was in college!

  • linda spiker

    Great tips! We have two away at college and it can add up! I appreciate them saving money any way they can!

  • These are such great tips! I was SO frugal in college and wish I hadn’t been quite so much so I think I’m in a different boat. 😉

  • Miss ALK

    I’ve heard great things about Mint from many people, I may have to check it out! Being smart with money in college is so important. I always tried to put money in savings but I knew way too many people who spent everything they had!

    xoxo A
    http://www.southernbelleintraining.com

  • These tips are so not just for college students! We’re pinning this to return to later! We both use Mint but hadn’t heard of Acorns – that’s going on our list of things to try. :)

  • Love these tips, Kayla! My husband and I are reevaluating our budget, do I’ll be sure to use these tips!

  • Hannah Warne

    Such great tips! Definitely need to check out that Acorn app – sounds awesome!

    xx Hannah
    http://thenaturalizednewyorker.com

  • Rachel Golden

    Awesome tips! As a recent graduate I’m always looking for ways to save money and be proactive.

  • Amy

    Such great tips! Def didn’t realize how pricy college gets and can definitly use some of these tips!

    xoxo

    Amy | Pastel N Pink

  • These are really great tips. I really need to get my finances under control, it’s been kind of tough lately and I’ve been struggling.

  • LeighAnn Searle

    Love these tips! I am currently a masters student and some days I feel so overwhelmed with my finances.

  • Greta Hollar

    Budgeting is so important! These are some great tips!

    Greta | http://www.gretahollar.com

  • Cat

    I feel like one of the most important elements of budgeting is writing down your expenses! Those coffees and brunch trips really do add up.

    Cat
    Class Meets Couture

  • These are helpful for college and beyond.

  • I’ve tried to budget more and I use Mint a bit but I mostly just write down a lot of what I spend so I don’t spend too much on certain categories. I’d rather gather it all in my planner, though. I really think these tips would be great for college students and even adults beyond that, though!

    xo, Kimberly
    http://www.blogsfordays.com