Written by Kathy Sweedler, University of Illinois Extension Consumer Economics Educator
Typically, people think of spending — not saving — while in college. It's true that tuition and fees costs are fixed. However, at many schools tuition and fees may be less than half of the overall costs.
According to the National Center for Education Statistics, in-state costs for public four-year universitites in 2015-16 totaled $19,189, with tuition and fees making up 46 percent and room and board the rest. Add in other costs, such as fun, clothing and toiletries, and tuition and fees is an even smaller percent.
You can save money on these "other" costs while in college. Let's look at three strategies used by college students that may work for you.
1. Pay attention to small amounts. Small purchases that we make regularly do add up, and it can make a big difference over time.
2. Comparison shop for other big expenses such as internet fees, rental insurance, and cell phone plans.
3. Plan for your fun! Think about what might help you keep track of your spending.
Check this link to find out more on what you could do to save as a college student. There's a bonus saving strategy in the full article!