How to Save Money

Thrifty. Frugal. Economical. Practical. Whatever you call it, taking control of your money all comes down to separating your needs from your wants. By keeping your spending in check, and holding back on the splurges and impulse purchases, you’ll learn how to save money not only while you’re in college, but also when you graduate. 

Here are some creative ways to save your dough : 

Buy used books 

When it comes time to buy books for school, consider buying used copies. There are a lot of places you can shop online for used books, including textbooks, such as Half. com and Amazon. com. Also, find out if any of your friends have taken the class before and still have the books. Borrowing is even cheaper than buying! 

Carpool 

Whether you’re heading to the local mall or on your way to the airport, find out if any of your friends are going to the same place and carpool. If you can't drive yet, or don't own a car, and have to rely on a family member to get from place to place, Not only will you save money on gas and parking, you’ll also have some company for the ride. 

Skip the coffee shop 

Whether you’re buying coffee at the local coffee house or a big chain coffee shop, you’re probably spending a pretty penny on those lattes. Why not buy your own coffee maker or use your parents' coffee maker and make your own? Granted, yours might not be as fancy as the ones you get at the coffee shop, but the money you save will make up for that, especially if you invest it. 

Let's say you go to your local coffee shop four times a week for your $4 sugar-free vanilla latte. That's about $832 a year on lattes. Now, let’s say instead you decide to use a no-frills coffee maker, which you could probably buy for $15, a bag of gourmet ground coffee for $14 and some sugar-free vanilla creamer for $3. The $32 you’ve spent will probably keep you happily caffeinated for several weeks, maybe more, rather than the two weeks you’d have of lattes from the coffee shop for the same amount. Now, if you took the money you're not spending on those fancy lattes and put it into an individual retirement account (or IRA) at the end of each high school or college year, based on typical historical stock market returns, by the time you're 65 you'd have more than $100, 000 - over $100, 000 to put towards BUYING your own coffee shop, or whatever else you want to spend it on. Not a bad way to have your coffee and drink it too, eh? 

Cut out the bottled water 

It may taste better, but bottled water is expensive. Did you know that bottling, packaging, shipping, marketing and retailing makes up the majority of the cost of bottled water? And the water itself might not even be that great ; your local tap water might actually be better for you. If you’re still not sold on drinking tap, consider using a water filter that attaches to your faucet or a filtered water pitcher. You’ll still get great tasting water, and you’ll save a lot of money in the process. 

Eat less takeout 

Eating at restaurants and ordering takeout can really add up over time. Why not take the money you spend at the local pizza place and make your own? Buying groceries will be far less expensive than what you’re paying for takeout. Plus, you’ll get to sharpen your culinary skills! Also, if you're in college and you have a meal plan at school, take advantage of it! You might be surprised at the delicious meals you can find at campus dining halls. Ok, maybe not delicious -- but just think of the money you'll save. 

Entertain yourself for less 

Want to pay less for a movie? Try hitting matinee showings, which can sometimes cost half the price of an evening movie. Also, find out if any of the movie theaters near you offer student discounts. And, keep your eye out for free advanced screenings of films. Many movie studios offer these anywhere from weeks to a couple of days before a film’s official release. You’ll not only get to see the movie for free, but you’ll also get to see it before most of your friends. If you're in college, check to see if your campus offers free or cheap movie nights at residence halls or lecture halls. And don't forget to check out your local or school library. You can borrow books and movies, new releases and best sellers alike, rather than buying them. 

Love music? Consider buying used CDs when you can. The quality is often just as good as new for half the price. Digital downloads could also provide a thriftier way to get music. There are plenty of legal sites and services, such as iTunes or eMusic. com, that allow you to download songs very inexpensively, sometimes free. You might even find that the record label of your favorite band offers free downloads of some of their artists. Check out the record label’s website to see if they have anything available for download. Another free option for music lovers is your local and school library. See if the libraries near you have a music loan program—you might be surprised by what they have to offer. 

Shop online 

Shopping online can save you time and money -- you can make your purchases from the comfort of your couch without having to deal with crowds or spend money on transportation. Many retailers encourage customers to shop online with deeper discounts and special offers How To Save Money 

including free shipping. And there also are websites that offer coupon codes and cash back when you shop online to get an even greater bang for your buck. 

Use coupons 

Coupons are your friends. If you need something, chances are the place where you plan to shop has a coupon or two just waiting to be used. A great place to check for coupons is the Sunday newspaper. It’s chock full of weekly coupon inserts for everything from groceries to personal care items to restaurants. There are also some great websites, like coupons. com, that offer free printable coupons for a variety of different products. Many clothing stores, book stores and the like also offer coupons on a regular basis, so be sure to check around before you buy. You might even ask the cashier as you’re checking out if he or she has any coupons you can use. 

Never shop when you’re hungry 

If you're going to do some grocery shopping, either on your own or with a family member, and you go when you’re hungry, the results can be disastrous. Your cart or basket can fill very quickly with all kinds of goodies that you don’t need, but that look good because you haven’t eaten since breakfast. Actually, doing any kind of shopping can be a bad idea if you’re hungry. You could end up spending more at the food court than you spend on what you went to the mall to buy in the first place. 

Be smart when you grocery shop 

If you're planning a trip to the grocery store, for yourself or for your family, be sure to make a list and stick to it. All the new and improved items can be tempting -- and expensive. It’s okay to stray from your list a little bit, but when your cart ends up full with more stuff that wasn’t on your list than what was, that could be a problem for your wallet. Also, think about whether you really need brand names—store brands can often fit the bill and are typically much less expensive. 

Consider consignment 

When buying clothes, consider shopping at resale or consignment shops. You’ll often find high-quality, gently-used, brand-name clothing for extremely low prices. If you’re lucky, you might even find something with the tag still on, making your bargain even that much sweeter.