Being ‘broke’ isn’t something to be ashamed of, especially as a student. You’re not supposed to be swimming in money at this stage of your life. You are supposed to ‘survive’ the few years in college or university and utilize what you learned to build up the platform for your future.

College can be a very stressful time in anyone’s life. There are more difficult courses, added responsibilities, most likely living on your own, managing a social life, and most importantly managing your finances. We cannot help you with all of these except for the latter. So, in this article, we will give you a few hints/life hacks to have better control of your money as a broke college student.

As with most personal finance scenarios, your situation can vary with another. With the below tips, we try to cover as many areas as possible. Some tips may be relevant for you and some may be less so. Pick the best ones you can implement and most importantly stick to.

Top Money-Saving Tips for Broke College Students

(1) Browse for the best college options

For most of you, this ship might have already sailed off. But if you are planning on attending college and you know your finances are going to be rough, look for better deals. College tuition fees vary vastly depending on many factors. There are many colleges that give you scholarships as well. So, consider your chances of getting a scholarship or a grant when picking your college.

Even if you are already enrolled in a college or university, it might be worthwhile checking any scholarship or grants that yours give. Securing one may require some prerequisites such as good grades or even some extra-curricular activities. But these are so worth it. Some scholarships can even cover up 100% of college fees.

(2) Choosing where you stay

Given that rent seems to be going up every year, at a rate higher than ever, picking where you lay your head every night becomes a critical decision. If you have the luxury of staying with your parents, highly consider doing so. You could be saving close to $1,000 per single-bedroom apartment per month! If you have no other choice but to rent, consider sharing space with a friend or another college student.

If you are lucky (luck is what you make it to be), you can factor this into your college selection criteria too. There are some colleges and universities that provide student accommodation at a subsidized price or sometimes free of charge too.

If you are not too keen on privacy, you can even opt to share the same room with a friend. Bunk buddies can be fun too!

One final thing to consider about accommodation is whether it is a high-dense and high-demand area or not. If your university is in the thick of the city, rent could be quite higher than what it is in suburbs. However, you have to think about the cost of commute if you chose to live further away from college.

(3) Commute to college

The perk of selecting your accommodation as close as possible to your college is the saving on car rent, vehicle insurance, gas, or bus tickets. Walking is the best way to commute for a college student despite being broke or not. Cut down on Ubers or other taxis as much as possible.

If you do reside in an area with bad weather (say always rainy or very cold), it might be worthwhile to buy a car. Do not lease a car. Try to buy a used car outright with as little money as possible. Leases or auto-loans are a sign that you are trying to live beyond your means.

Always use your student ID card to use public transport at subsidized rates or even for free. Every dollar adds up in the long term.

(4) Lean to cook a few meals

No, boiling ramen does not count as ‘cooking.’ Learning to cook a few meals will save you immensely on your monthly food bill. Chances are, what you cook will be 10x better than ramen anyway.

There are many websites that give broke college students on cooking on a budget. A lot of them list ramen too. But ignore that and go for something else. Many salads, chili soups, fried chicken, rice, casseroles, omelets, and many other meals can be homemade quite easily.

On average, you should try to maintain your meal cost below $350 per month. Considering that eating out costs around $20 per meal minimum, you have to have very high restrictions on eating out. If you eat out just once a week, it still adds up to close to $1,000 per annum.

(5) Use a credit card (smartly)

If you are a broke college student, you cannot go for impulse purchases anyway. So, we are not going to advise you on this. However, do use a credit card and use it within your means. Use the credit card as if you are using cash–only what you can actually afford. This way you can reap the perks (reward points, cashback, contests, etc.) of credit cards while avoiding their worst pitfalls.

Shop around before getting your credit card. There are different cards that give you different benefits. So pick what’s best for you. Some reward points can be redeemed against multiple uses such as repaying your credit card balance, starting an investment account, planning a vacation, and more.

Also, try your best to select a credit card with zero annual fees.

(6) Cultivate good shopping habits

Again, no impulse purchases! You need to have the self-control to get through these times. So, even if you have a credit card, use it only for purchases that you need and always spend within your means. The best way to avoid impulse buying is to make a list before you go shopping. This keeps your mind wandering away.

There are some stores that give student discounts on most essential groceries. Make sure to make use of this perk. Also, browse the stores’ weekly flyer to see the items at discount. Usually, these are essential grocery items and are put on discount repeatedly. So, arrange your shopping cycle accordingly.

It will also not hurt to do some price checks online to see which stores have the best prices. A dollar here and a dollar there can quickly add up considering you will be making at least two grocery trips per month.

Always take a recyclable grocery bag from home. I have been through enough times I’ve forgotten to take a bag and had to spend a couple of bucks to buy a new bag!

Also, it doesn’t make sense to buy crates and crates of bottled sparkling water (or just drinking water) at the supermarket. Tap water at home is perfectly safe to drink (unless there are some other inherent issues in your area). Just bring tap water to a boil, let it cool down, and drink it.

Also, watch out for garage sales and clearance sales. You might be able to find that cupboard or mirror or a tool kit you always wanted at a garage sale for dirt cheap. You can easily get some amazing offers on clothes and everything else on a clearance sale depending on the type of store.

(7) Alcohol is a No, No!

One of the biggest money-wasting habits of college students is alcohol, beer, and cigarettes (and vapes). It might look cool to get drunk at a party and blow out a perfect ring of smoke, but it is cooler to be financially unburdened and physically healthy. All kinds of alcoholic beverages and smoking have long-lasting health implications that will burden you at some point in life. This will end up costing you so much more on medical bills, increased insurance premiums, and both personal and social implications.

Also, non-alcoholics are back in style now!

(8) Cancel (un)necessary subscriptions

Cable TV is a big no, no in this day and age. Go for Netflix or Hulu or countless other streaming services that are available at a much lower cost. Even better, rely on other forms of free entertainment–YouTube, Twitch.com, Spotify (for music), or reading a book. Play online games for free –with your friends or with random people. Play real sports and games with your college friends. Join a club. Go on a hike. Find a hobby that doesn’t cost money.

(9) College books can be free sometimes

Necessary college books for a student can sometimes cost a lot. But there might be some workarounds for this. Most colleges/universities now give access to their online libraries where students can browse millions of reading material. If these are not the exact textbooks you want, try doing an online search on Google. You’d be surprised with what you can find. There could be ex-students who are willing to let you use their books for free or purchase at a very low cost. Some stores might even give student discounts on your student ID card.

(10) Turn a hobby into a side hustle

The best way to stop being broke is to earn money. As a student, your earning capacity might be restricted. But this does not mean you can turn into a side hustle or build up a passive income stream.

If you love creating music, record them and put them up online for sale. If you like drawing, paint it up and sell them. If you like photography, go places, capture some amazing shots, and sell them online. If you are good at handcrafts, do something creative and sell on platforms such as Etsy. If you are good at writing, write up a novel, an educational course, a cookbook, and sell it online. Also, if you are interested in article writing, start up a blog just like this one and monetize it. There are countless ways to earn a decent side income in this day and age.

(11) Track your expenses

Last but not least, do make it a habit to track your spending habits. Have a small excel sheet to note down the type of expense and the cost every time you incur an expense. This is the best way to understand your financial situation and adjust it as necessary.

Some of these might sound extreme if you have been used to another way so far in your life. But, there is nothing stopping you from adopting a few of these tips to have much better control of your finances. Eventually, you will appreciate less financial stress right now, and in the years to come after you are done with college.

Let us know what you think about these tips and let everyone know if you have any other tips that have worked for you better in the comments below.