Starving Student? 5 Great Ways to Save (And Make) Money While In School

Given how much it costs to attend college these days, many students need extra tips here and there in order to make extra cash, or save the money they do have, rather than spending wastefully. This article will help you find ways to stay frugal and avoid the temptation to spend your hard-earned dough.

Work On Campus

Many colleges have jobs on campus that require little or no experience for students to be accepted. Check out your dining hall, library, gym, and administrative offices for open positions. Though these jobs don’t often pay any better than others, they are likely within walking distance to where you live, and give you the opportunity to get to know other students (either customers or coworkers) who you otherwise wouldn’t have had the chance to meet.

Sell Your Old Electronics

Many students don’t realize that they can sell iPhone or other smartphones for extra cash. Once you upgrade to the latest model, try bringing in your outdated phone to a retailer (like Apple or Target), a service provider (like AT&T or T-Mobile), or an online site (like eBay or Gazelle) to make extra cash. According to this USA Today article, iPhone 4 models in working condition can still net $100-200, while later editions like the iPhone 5 and 5s can fetch you up to $300-400.

Participate in a Focus Group or Psychology Study

Universities with graduate psychology departments often run studies that require anonymous participation from different demographics (for instance, people under 40, women only, coffee drinkers, cigarette smokers, or another defining characteristic). Typically, the more "specialized" the required group is, the higher the reward offered for participants. Often psychology studies will pay upwards of $10 per hour or even more for participating and, as an added bonus, you may be able to learn a bit more about the way you think or react to certain situations.

Spend a Night In

The bowling alley, late-night diner, movie theater, local watering hole, and comedy club are all venues that could possibly tempt you into spending your spare cash. But instead of throwing your money at costly activities, try organizing a game night or potluck at your own house! Spending a night in is super cheap (likely even free), and you may get the chance to meet other students for the first time, instead of spending your night in the dark, staring at a screen. Save a big night out for only once a month (or less) in order to pocket your cash and spend more quality time catching up with your fellow students and friends.

Avoid Eating Out

Often, restaurants surrounding a college campus will offer discounts and other promotions to encourage you to order pizza late at night or otherwise indulge in less healthy, more expensive meals. Do your best to look past these temptations; instead, invest in developing your cooking skills! Learning how to cook will save you lots of money in the long run, and will also keep you more aware of what types of food you’re ingesting. Staying healthy in college is important, though it is something not many students think about until later in life. Cooking at home is a long-term habit that will help you save money for the rest of your life—not to mention, it’s lots of fun!

It’s easy to be tempted into spending cash while you’re an undergrad, but finding a part-time job, selling your old electronics, cooking, participating in a psychology study, and spending weekend nights in (instead of going out) will help you save money. These frugal habits might also "stick" once you graduate and find a higher paying job; then, the benefits you reap will be even greater!