8 Creative Money Saving Challenges for College Students

After doling out your hard-earned cash to tuition, textbooks, transportation, and tacos, saving money may be the last thing on your mind. Yet, having a savings plan as a student is fundamental for your financial future. With a little creativity, you can turn saving into an exciting challenge. These eight ideas from college students around the United States will help you prioritize saving and work towards your long-term financial goals.

1. Buy one, save one

Adding an item to your cart, both in-store or online, is practically effortless. Now, imagine that with every purchase, you had to pay double for the same product. Forking over the cost of an item and the same amount for your savings might cause you to hesitate before you make a purchase. William, a student from University of Dayton, shares how matching his savings to his spending has made an impact:

“After some thought, I came up with a saving method that I call buy-one-save-one. For this method, any item that was $35 or less, I would match the cost and put it into my savings account. For example, if I bought a $30 water bottle, then I would put $30 in my savings account, for a net $60 purchase. This strategy allowed me to save a great deal of money, but more importantly it gave me the chance to pause and consider whether my purchase was worth it.”

William D. University of Dayton

2. Set a no-spend period

After a particularly hard week of classes and exams, you may want to treat yourself. However,  many little splurges can add up quickly. A no-spend challenge can help you curb your impulse buys. Whether you do a 52-week money challenge or try it for a month, setting a period of time when you aren’t spending unnecessary money will help you boost your savings. A student from Baylor University shares how restricting her spending actually frees her to save:

“One thing that’s really helped me is doing a no-spend challenge. For one week, I commit to not spending money on anything that’s not essential. So no getting matcha, no eating out, and no impulse buys. At first, it was tough. I realized just how often I’d spend money without even thinking about it. But as the week went on, it actually got easier, and I started to enjoy it. I began cooking more at home, hanging out with friends in the dorm instead of going out, and finding other ways to pass the time that didn’t cost anything. What surprised me the most was how much it relieved my stress.”

Chante Z. Baylor University

3. Make your savings hard to access

When you see your savings account balance, it may be tempting to assume you have more money than you actually do. Storing your savings in an impenetrable piggy bank or separate bank account can keep your money out of sight and out of mind. By making it difficult to access your savings, you’re encouraged to think twice, helping you build better money habits. An Oregon State student shares how separating her savings made a positive impact:

“When I was able to log in to my bank account and see not only my checking balances, but also my savings balance in one place, it became too easy for me to fall into ‘I have some spare money, let’s just transfer it over…’ My savings account was frequently depleted. But when I started keeping my savings in another bank (and had a regular automatic deposit from every paycheck put into it) I wasn’t focused on it anymore. I could finally get back on track with getting credit cards paid down and all my bills covered because I wasn’t spending my savings.”

Donna D. Oregon State University

4. Round up your expenses

Little expenses pop up each week in college. For example, you might need to replace your deodorant, cover club dues, or purchase late-night study snacks. These student expenses can serve as a good reminder that when you spend, you also need to save. University of Rio Grande student James shares his small but mighty savings challenge:

“One of the most effective strategies I use is the ‘round-up’ method. Whenever I make a purchase, I round up the total to the nearest dollar in my budget and transfer the difference into my savings account. For example, if I spend $7.45 on food, I count it as $8 in my budget and save the extra $0.55. While this may seem small, these amounts add up over time and help me build a savings cushion without feeling like I’m sacrificing too much.”

James S. University of Rio Grande

5. Have a fake spending habit

A lot of students struggle with saving effectively. Many times, these students aren’t poor money managers. They simply haven’t discovered a savings habit that aligns with their personal needs and lifestyle. One creative answer to meet your savings goals might be to pretend to have a bad spending habit. Joshua, a student from Drexel University, shares how an imaginary habit has turned into a valuable savings strategy:

“We all know smoking is bad for you. It causes lung cancer, emphysema, and a whole litany of other ailments. But smoking is also expensive. I live in Maryland, just outside of Washington D.C. In my neighborhood, a pack of smokes—if I bought them—will set me back around 12 bucks.…If I started smoking at the age of 18 and kept up the habit until the age of 65 (and for the sake of argument, the cost of cigarettes remained the same price they are today), I would have spent over $205,000 on cigarettes (47 years x $4,368). But remember, I am not a smoker. I am a pretend smoker. Here’s what that means: instead of actually smoking, I invest the cost of a pack of cigarettes—as if I smoked a pack a day—into a Roth IRA account.”

Joshua B. Drexel University

6. Keep the hundreds

Receiving an income from your work-study position, internship, or summer job can create the temptation to spend. However, using your entire paycheck can be shortsighted, as unexpected expenses may arise. A West Coast University student shares how saving a portion of her paycheck has helped her save a large amount of money in a short amount of time:

“This is when you take every hundred from your paycheck and put it away in savings. For example, if I got paid 376 dollars I would put 300 into my savings. Then I would use the left over 76 dollars as my spending money. I like this savings method for a first-year college student because it has a strict structure to ensure you get to your goal. Also a first-year college student can commit to saving more money out of their paychecks because most college students do not have as many bills.”

Jordy A. West Coast University

7. Hold onto less popular currency

If you always seem to spend the money you save, it might be time to think about what you’re saving. Less common forms of currency, like $2 bills or dollar coins, could be good choices to keep. Since these bills and coins are more rare, they generally are less appealing to spend. A student from the Ultimate Medical Academy shared how she’s turned to uncommon currency for successful savings:

“When I was 18 years old, I worked at a fuel station. One of my customers always purchased gold dollars, half dollars, and two-dollar bills. I finally asked him why. His response was, ‘I just throw them in the bottom of my safe for a rainy day.’ It made me chuckle a bit, but it also made a lot of sense to me. The uncommon currency is less tempting to spend. I call it my funny money, and I just collect it in my jewelry box.”

Felicity B. Ultimate Medical Academy-Clearwater

8. Limit yourself to cash

If you’ve ever been surprised by your credit card bill, you know that swiping your card doesn’t always feel like you’re spending real money. To stay out of credit card debt, you could withdraw a set dollar amount from your checking account each month. Zaire, a student from Loyola University Chicago, shares how using cash has helped him to be more mindful:

“One of the most effective methods I use is a cash-only system for set time periods. The way it works is simple: I withdraw a specific amount of cash each week and limit my spending to that amount. Without the ease of using cards, I am forced to be mindful about each purchase and visibly see and feel how much money I have. If the cash runs out, I know I’ve reached my budget limit. This method helps reduce impulse spending and makes it easier to track my finances, resulting in more savings. This also prevents me from spending too much online, as it is fairly easy for me to do so."

Zaire M. Loyola University Chicago

So, which money saving challenge are you going to try first? Committing to a challenge (or coming up with your own) will help you build your monthly savings and worry less about money. Whether you pick one for 30 days or try multiple 52-week saving challenges, you'll notice the extra cash in your account faster than you expect. With the money you saved up, you could pay off student loans, fund your spring break trip, or buy more tacos. The possibilities are endless!