7 Money-Saving Tips for University Students Living in a Dorm

For many Filipino college students, staying in a dorm for the first time is like a rite of passage. It’s their first time to be away from home and to really take charge of their personal responsibilities. Aside from schoolwork, this also includes doing chores and managing allowance or stipends from their school.

One of the biggest challenges pertains to becoming more disciplined with money. If a student dormer doesn’t watch their budget and plan their spending for day-to-day student life, they can end up overspending quite a lot. Luckily, there are many things students can do, either alone or together, to make dorm life affordable and fulfilling at the same time. If you’re a college student who’s currently worrying about stretching your budget, here are some money-saving tips you and your fellow dormers will find useful.

Get Multi-Use Furniture to Economize Space

Space is often very tight in a dorm. If you have the chance to add more furniture to your dorm room, you’ll need the kind that’s economical in both price and space consumption. Save up or split costs with your dormmates for furniture items that can fulfill several functions at once. Examples include rolling tables, chair-table combos, desks with shelves, and couch beds. The more people who can use the furniture for multiple applications, the better the deal will be.

Consider Buying a Washing Machine for Laundry

If you have several roommates and it’s allowed by your dorm manager or landlord, you can also consider keeping a washing machine inside your dorm. Splitting for a dedicated washing machine with dryer is a good option for students who will dorm for the long term. It will eventually help you and your dormmates save money on trips to the laundromat or washateria, which can pile up if you’re not careful. You can find affordable options that will help you save on space, water, and energy-efficiency, such as a twin tub washing machine.

Plan Meals with Dormmates to Save on Takeout and Delivery Costs

Another expense that can slowly, but surely burn a hole in your pocket is food. The temptation to get food for takeout or delivery may be strong now that you have the freedom and convenience to do so. But do your best to plan your meals ahead and eat home-cooked food for most days of the week. It would also be good to procure large servings to eat family-style with your dormmates. You can treat yourselves from time to time by ordering delivery or takeout and splitting the costs with your roomies. When you revisit your budget, you’ll be thankful you spent less of your allowance on very expensive outside food.

Watch What Goes into Your Dorm Refrigerator and Pantry

At first, it may be hard for you to kick your habit of spending and storing things just for yourself. But soon enough, you’ll learn to be economical about what you buy and what you put in the dorm’s fridge or pantry. If you can help it, split food items with your dormmates so that they’re consumed faster. This means that the food will spend less time in storage and will be less likely to spoil or go to waste. Ultimately, this means that all of you will spend less out of pocket, and that your dorm fridge and pantry will stay clean and orderly.

Do Your Part by Saving Water and Electricity

It is both the cost-efficient and considerate thing to do to save water and electricity in the dorm. Your dorm manager may have certain rules for using water or electricity, like a set time to use the air conditioner. But even if they don’t, try to keep a set of rules for yourself and your dormmates. Only plug in your electronic devices when they need to charge, and be mindful of how much water you use when you shower. Staying true to habits like these will help all of you save money, as well as precious water and energy resources.

Share Student Discounts with Your Fellow Dormers

Part of the fun of college life is discovering what you can buy on a student discount. From meals to school supplies to load for your cellphone, deals for students abound. Be on the lookout for things that you can get at student-friendly prices, and make sure to spread the good news to your dormmates.

Track Your Personal Expenses While Living Away from Home

Lastly, don’t forget to track how much money you’re spending on dorm, food, transportation, and other expenses on a weekly or monthly basis. That’s the best way to ensure you have enough money for the near future and that you don’t scrimp on the rest of your allowance. Moreover, it helps you cultivate good financial discipline in the long term. You can track your spending habits using a pen and paper, a spreadsheet, or an app—whichever is easiest for you.

Financial discipline may be hard for a student like you to achieve at first, especially during your first few months away from home. But eventually, money-saving habits like the ones above will become like second nature. They’re especially good to practice in groups, as you and your dormmates can save more money amongst yourselves and hold each other accountable. Soon enough, you’ll be able to manage your money just like a working adult does. When that time comes, you’ll be thankful to have grown up by living life in the dorm.

Here’s to saving money, practicing financial responsibility on your own and with your dormmates, and making the best of your university years!