Learn how to take control of your money, save more and minimize student loan debt.

Broncos, Britons, Lakers, Wolverines, Spartans and all new college students—here are tips to make your money go further. Plus, they’ll help you keep student loan debt as low as possible.

Take control: make a budget

If you’re not familiar with budgeting, this is a skill worth learning. In short, to create a budget, write down (or use a spreadsheet) how much money you have coming in and how much goes out.

On the income side, you’ll tally up student loans, scholarships, earnings from work and any family assistance you receive. On the expenses side, add up what you need for necessities (like tuition, books, fees, housing, food, personal care, transportation and, yes, fun). Get more in-depth guidance by listening to our Learn How to Start a Budget podcast.

A budget is important because it puts you in control of your money. And when you’re in control of your money, you can minimize financial stress. At the end of the month, you’ll know if you have enough money to to go out with your friends or if you should find something to do that’s free.

Cut costs, save money

Some costs are fixed, like tuition. Other costs, like books and food can vary depending on what you buy and when. Here are three ways you can keep college costs down:

1.) Textbooks
The price of textbooks of all kinds (new, used and digital) have gone up significantly since the pandemic started this spring, according to S. News and World Report. They say one of the best ways to save is to buy digital books or those in loose-leaf formats, which can be half the cost of a printed, bound book. Renting digital textbooks can also help cut costs.

If you must buy traditional books, opt for used ones—just be sure you’re getting the correct edition listed in the course syllabus.

Sometimes you can avoid buying books if they are available free online. These are known as open educational resources; see if they’re available at your school. Some books may also be available in your school’s library – ask if they are before you buy books.

2.) Watch little expenses.
A cup of coffee seems insignificant until you multiply the cost every day. That $4 daily coffee becomes $1,460 a year. You’ll be further ahead financially by buying a coffee maker and beans to make your own.

Take a careful look at all your expenses. You can ditch cable bills by opting for streaming services like Netflix. Does owning a car make sense if you’re living on campus where you can walk or take a bus everywhere? Evaluate every expense and decide if it’s truly necessary or just nice to have.

3.) Be frugal with food
Planning meals, including the ones you eat out, will keep your food costs in line with your budget.

Take advantage of weekly sales at the grocery store and participate in their loyalty and rewards programs for even more savings. Plan your meals around what’s on sale and what’s in season. Produce is cheaper when it’s in season.

Cook from scratch rather than buying prepared or processed food. When you cook, make extra and put it in the freezer. Frozen meals will help you avoid impulse spending on meals out when you’re too busy or tired to cook from scratch.

When eating out, take advantage of coupon apps like Groupon. Other apps like LivingSocial and Restaurant.com allow you to pay in advance and save 40-50% off menu prices.

Minimize debt

For many students, loans make it possible to get a degree. However, the less you take out in loans, the more you’ll have to spend on other things later, such as a home. Here are four ways to minimize debt as a college student.

1.) Get a job
On-campus jobs, side hustles and gigs like DoorDash offer flexible schedules that allow you to earn while you get an education. Bonus: You’ll also learn time management and work skills that can help you land a job when you graduate. (Need a savings or checking account for depositing your paychecks? Open an account online with just a few clicks.)

2.) Be very careful with credit cards.
Credit cards are a useful financial tool – they’re safer than carrying cash, you often get cash back rewards and they can be used for unexpected expenses. The smart way to use credit cards is to pay off the balance in full each month. That way you avoid paying interest.

Paying off your bill each month helps you build a healthy credit score, too. A good credit score is important because it will influence how much you pay to borrow in the future for things such as an automobile or house. And, some employers use credit scores to evaluate candidates for hire.

Don’t spend more on credit cards than you can afford to pay back at the end of the month.

3.) Apply for financial aid
FAFSA, the Free Application for Federal Student Aid, is your friend. This program is used by virtually all two- and four-year colleges, universities and career schools for awarding student aid. A FAFSA application is the first step in getting Federal, state and college-funded aid. If you’re eligible, you can fill out a free application online.

4.) Seek out scholarships
Scholarships won’t find you; you have to find them. The rewards of your search can mean thousands of dollars to offset your education expenses. Check out our tips on finding and applying for local scholarships.

Become a savvy money manager as a college student, and you’ll gain financial skills that give you an advantage for life.

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