Tips for Saving Money & Avoiding Debt

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By: Faith Kollie, Kennedy College of Sciences Well-being Leader 

Taking care of your financial well-being can be difficult at times as a college student. With academic, social, and living expenses, it may appear impossible to afford the life you desire or even to save. As a fourth-year college student, I’m pleased to share some tips I’ve discovered that have helped me improve my financial situation.

Budget: While seemingly straightforward, budgeting can take time to accomplish. However, it is a useful habit to develop as a college student. You can mentally budget your costs, but I recommend journaling them. How do you budget?

  • Calculate your monthly or weekly income.
  • Calculate your priority expenses and subtract them from your income.
  • Save some money for short- or long-term goals.
  • Put some money aside for emergencies (as a college student, you must be prepared for anything!).
  • Adjust your spending habits, especially when it comes to your social life.

Take Advantage of Student Discounts: You would be astonished at how many financial benefits you have as a student. Numerous businesses offer student discounts, and they are quite easy to find. Here are some discounts to look out for:

Rent or Buy Used Textbooks: Textbooks can get rather pricey at times. My best recommendation is to find upperclassmen connections who have already taken the majority of the classes you need and ask to use their old textbooks. If you want your own textbooks, you can rent or buy them online. Ebooks are usually more affordable than hardcovers.

Split Expenses with Friends: Whether it’s food or transportation, ask a friend you know and feel comfortable with to divide the bill. This has allowed me to save a significant amount of money while still participating in social gatherings.

Cook Meals: Minimize dining out to save money, as the costs can quickly add up. It’s perfectly fine to treat yourself occasionally, but try to prioritize cooking your meals at home whenever possible.

Apply for Scholarships or Grants: Grants and scholarships are free money. Spend some time searching for scholarships and applying for them. If you need help getting started, UMass Lowell offers a variety of financial resources for students:

Saving money and avoiding debt as a college student may seem challenging, but with intentional habits and access to the right resources, it’s entirely achievable. By creating a budget, leveraging student discounts, and making mindful spending decisions, you can build a solid foundation for your financial well-being. Remember, progress happens one step at a time—start small, stay consistent, and don’t hesitate to seek guidance along the way.