Lauren Joffe

Smart Spending Guide

Whether you're a freshman or ready to wrap up senior year, there's no time like the present to start saving money on campus. From food to school supplies to keeping up on the social scene, costs rack up quickly. This is why we aim to help get you on track when it comes to pinching that moolah. And, well, these are skills you can take with you even after you leave college....

Smart Spending Tip No. 1: Food for Thought

"Campus food is my biggest downfall when it comes to unnecessary spending because it is so overpriced," says Quinn Weisman, Carnegie Mellon University senior, "but it's always convenient. When I am lazy and don't feel like going to the store or cooking, I always end up grabbing food on the go. Unfortunately, it always costs much more than planning ahead."

Make a grocery list of before going to the food store, and don't be tempted to sway from it. Buy generics over name brands, and never go while hungry or in a rush.

Pack a brown-bag lunch in the evenings so you can just snatch it from the fridge on your way out in the a.m.

Make dinner with friends to minimize costs. Here's to good company!

Avoid buying individual water bottles -- this is one of the biggest culprits when it comes to overspending. Purchase water by the case or in jugs, or better yet, fill reusable bottles from the tap.

Buy in bulk, and take control of rationing portions yourself. Instead of buying pre-bagged chips, buy the family-size portion and baggy on your own.

Smart Spending Tip No. 2: Home Entertainment

Keeping up with the social scene at school can get costly, especially if your friends have a habit of club-hopping -- cover charges, jacked-up beverage prices, cab fare. With a little bit of creativity, you can maintain your social life without breaking the bank.

Check out free events your campus is hosting. Universities often host concerts featuring famous artists. Student unions offer low-cost activities in the area, from discounts at restaurants to club-hosted parties.

Find a house party where you can mingle. The cost of paying cover at a house party will save you far more money than going to local clubs.

Skip the theater, and order a movie on Netflix or On Demand. Splitting the fee of a home rental with friends vs. spending $10 on admission is a bargain. Pop a 99-cent bag of popcorn, and you just saved yourself an additional five bucks!

Stop smoking! Aside from a list of potential health consequences caused by cigarettes, social smoking is a costly habit to maintain. Saving $8 on a pack of cigs, even just once a week, adds up to an extra savings of $384 a year! (And you thought you couldn't afford a new iPod.)

Smart Spending Tip No. 3: Travel Wisely

With the cost of gas on the rise, even students who have a car on campus should take full advantage of public transportation and available discounts whenever possible. Bonus: You won't put as much mileage or wear-and-tear on your vehicle, which decreases its value. You'll also save on parking...and potential tickets.

Check student discounts for busses, trains and the metro. If you commute daily, purchase a seasonal pass, which will likely save you big bucks as opposed to buying tickets daily.

Carpool with friends, and split gas prices. Split parking feed and tolls to further reduce costs.

Research AAA offers and additional student discount programs that allow college students to save, save, save. An extra 10 percent savings here and there will add up by the semester's end.

Smart Spending Tip No. 4: Bank on It

Sneaky bank charges can unnecessarily dig you into a deep hole. Know your bank's rules, and be responsible when it comes to managing your bank account.

Find free checking. "When I moved to New York City the banking was completely different than at home," says Stephen Kinder*, a senior at Parsons The New School for Design. "The first week of school I talked to the banks promoting on campus and got a free checking/savings account because I was a student."

Use your own bank's ATM machine. Coughing up a $3 service charge every time you withdraw cash from another bank adds up. "I made sure to choose a bank that was on campus and near my dorm so at any given time I was never far away from a free ATM," says Kinder.

Pass on the overdraft protection, which is fee-based. You might be slightly embarrassed if your debit card is declined when you don't have enough money in your account to cover that latte, but banks can no longer charge you a $35 penalty for a $2 cup of coffee thanks to a law that went into effect last year.

Smart Spending Tip No. 5: Surf and Shop

When it comes to purchasing textbooks, clothing and other online-friendly products, do your research before giving away your credit card info. Many times, different retailers will have daily specials that can save you on price and shipping costs.

Shop around. Says New York University student Sarah Rhodes*, "If I'm buying textbooks or something relatively generic online, I will check at least three or four different sites to make sure I'm not paying more than I need to."

Save on shipping. "Sometimes shipping costs are different even though the base prices are the same," says Rhodes, "which can really add up depending on how much I am ordering or how often I order."

Fill out the coupon code section. Websites like Retailmenot.com and Promotionalcodes.com offer up-do-date promo codes for online retailers that will save you anywhere from $5 to 5 percent on a purchase. While sometimes codes are expired, it's always worth a shot!

* Names changed at students' requests

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