Cost-Saving Strategies for College
That You Can Begin to Implement NOW
At Midwest College Planning, we never stop thinking about how to save families money on college. If you’ve followed us for any amount of time, you already know that we believe there’s no wrong time to start planning—and no single path to success.
Saving on college costs is about more than just smart financial planning (though that’s a big part of it). It also means helping students and parents develop habits and strategies that ease the financial burden—before, during, and even after college.
Paying for college can feel overwhelming. But there are practical ways to reduce costs—and we’re here to walk you through them.
Strategy 1: Pool Your Resources Early
If your child is receiving financial help from grandparents, relatives, a part-time job, or even birthday checks from Aunt Susan, it all adds up. Make a habit of tracking every dollar from every source—because when everyone knows what’s available, everyone can work from the same game plan.
Here’s what to include in your budget:
One-time contributions: Gifts, savings, and other non-recurring funds
Monthly income: Earnings from a job or allowance
Financial aid relief: Grants, scholarships, and other school-related support
When you create a clear picture of what you have, it’s easier to see what you need—and to avoid surprises later.
Strategy 2: Don’t Fear the Budget
Yes, we said it: budget. Creating and sticking to one is the only reliable way to manage college costs. We’ve seen it make or break a family’s financial peace of mind.
When building a college budget, make sure to cover the following categories:
Income: Total all one-time and monthly sources
Fixed expenses: Rent, tuition, utilities—same every month
Variable expenses: Groceries, books, supplies—change monthly
Necessities: Non-negotiables like textbooks, laptop, school fees
Wants: Nice-to-have items that make campus life more comfortable
Discretionary funds: A set amount for fun—without going overboard
Savings: Yes, even in college! Emergencies happen, and saving is key
A realistic budget helps students build healthy money habits that last long after graduation.
Strategy 3: Cut Costs in Everyday Life
You don’t have to sacrifice fun to save money. With a little creativity and planning, students can trim costs in ways that add up fast.
Here are some of our favorite, student-tested ways to save:
Rent or buy used textbooks (don’t pay full price!)
Set a weekly limit for eating out, and use a meal plan or cook at home
Pay bills on time—avoiding late fees is free money
Skip cable; stream shows on a laptop
Sell items on eBay or Facebook Marketplace for extra cash
Take advantage of free campus events—movie nights, club activities, and more
Brew your own coffee instead of daily café runs
Only borrow what you need in student loans
Bike or walk on campus instead of keeping a car
These small decisions can make a big difference—especially over four years.
Strategy 4: Re-think the “Four-Year Experience”
Don’t worry—we’re not suggesting skipping college. In fact, we’re here to help students finish strong. But more and more families are realizing that a degree doesn’t have to take four years—or cost a fortune.
Some students are able to graduate in three years, saving thousands in tuition and living expenses. How?
Take Advanced Placement (AP) or dual-enrollment classes in high school
Enroll in community college for general education credits
Consider summer courses to stay on track or get ahead
Start at a lower-cost college and transfer to a four-year school
As long as you confirm that credits will transfer, this strategy can lead to big savings—without sacrificing your child’s educational goals. After all, the diploma only has one school’s name on it!
Paying for college doesn’t have to mean going broke.
With the right planning, the right mindset, and the right guidance, your family can make smart choices that lead to a brighter (and more affordable) future.
