Four ways to save money While chasing that degree
written by KEYRY HERNANDEZ
illustrated by SEOYEON PARK
If you’ve gone grocery shopping recently, you may have noticed that the price of your beloved avocados has increased by 25 cents in the last few months. Maybe you’ve read, too, how Dollar Tree is no longer sticking to its “everything’s $1” slogan now that its products are priced at $1.25. And let’s not talk about filling your gas tank. Ouch! On their own, these mark-ups may seem insignificant, but they reflect an ongoing economic shift. According to the U.S. Bureau of Labor Statistics, inflation has risen by 8.5% over the past year.
With inflation taking more cash out of their wallets, college students have spending worries beyond rising tuition rates. Fortunately, you’ve come to the right place. We’ve talked to a bunch of students who’ve learned tips about saving and making money along the way. Here, they share their secrets on everything from starting a side hustle to saving money on their daily coffee.
CHALLENGE: Daily coffee is making me broke
SOLUTION: Check out some alternatives
Are you on your third coffee of the day? Yeah, we thought so. If you’re anything like other college students, then you probably spend way too much time at Starbucks. Cut down on your expenses by paying through the Starbucks app. For every dollar you spend, one star is added to your account with rewards beginning at 25 stars. Fun fact: Reloading a gift card through the app earns you two stars per dollar, which Lucero Perez takes advantage of.
For her usual $5.45 mocha, Perez, a second-year architecture student at the University of Oregon, earns 10.9 stars. Over the course of 2022 Perez has collected 803 stars that she has redeemed for free drinks, syrups and croissants. Get this: App users at participating stores also have access to free brewed coffee and tea refills. “It’s known that architecture majors don’t sleep and that’s why we drink a lot of coffee,” Perez says with a chuckle.
As much as Perez loves hanging out at coffee shops, she’s aware of how expensive her coffee addiction can get. Perez recommends becoming your own barista as a way to spend less on your daily coffee. For her, a Keurig (retailing at $79.99) does the trick. Perez spends $37.04 for 40 Starbucks K-Cups. Other popular alternatives available on Amazon include French presses, available for under $20, or moka pots, which retail at $5.50. No matter what coffee alternative you choose, you’ll end up saving a couple of bucks each day and that adds up to hundreds every year.
CHALLENGE: I don’t have time for a full-time job
SOLUTION: Start a side hustle
If you need a couple of bucks for Saturday night drinks, find a side hustle. Unlike a typical job, it’s one where you can follow your passion and freelance. One side hustler is Izzy Fernandes who runs her own Etsy shop called Fern & Buds.
Fernandes, 21, began selling handmade bracelets during her breaks as a high school lifeguard but figured it was just a hobby. Then she got to the UO in 2019 with little spending money. So, she launched a jewelry shop. Today, she has sold 393 pieces that have earned her around $2,800. “When I was a little kid, it was my dream to make stuff for myself and sell it,” says Fernandes. “Now I’m actually doing it!”
Being a full-time student and the president of mock trial keeps Fernandes booked. As a result, she benefits from being her own boss. “Some of the items I sell take more work to make,” says Fernandes. “So, if there’s a big final coming up, I can temporarily take an item off of my shop.”
Looking to make quick cash like Fernandes? Here are some ideas. Become a freelance transcriber with Happy Scribe or take short surveys on reliable sites like InboxDollars. When you’re ready for a larger commitment, look into delivering groceries on Instacart or signing yourself up as a dog walker on Rover. To find the best hustle for you, write out a list of your interests and skills to help guide you to a specific industry.
No matter what you do, set a fair wage for your labor. “Don’t be afraid to charge more than you think you should,” says Nathan Lillegard, interim director at UO’s Lundquist Center for Entrepreneurship. “A lot of people fall into the trap of giving their stuff away for a low cost.”
CHALLENGE: I want to study abroad but it’s too expensive
SOLUTION: Lean on your student resources
Many students cross off studying abroad as unaffordable, but you’d be surprised at the number of resources waiting for you on campus. Kaelene Spence, an institutional relations specialist with Global Education Oregon (GEO), debunks the myth that you need a lot of money to study abroad. “Sometimes it’s cheaper or the same amount that you’re paying for tuition on campus,” says Spence. “So why not get that credit in a foreign country?”
This was the case for Mercedes Wright, a UO alumna who studied Italian. Her love for the language and desire to explore the world made her next step very clear. She packed up her bags and hopped on a plane to study in Lecce, Italy. Ciao Eugene.
But, let’s not get too ahead of ourselves. First, Wright had to figure out how to fund her trip without going broke. Wiping treadmills at the Student Recreation Center and working at the GEO office wasn’t cutting it. She did her research and found that the Intensive Italian Language program was $6,375 per term without scholarships. Mamma mia!
Luckily, her research paid off...literally. Wright found that there were tons of scholarships available and that her financial aid transferred over to her program. She made her dreams come true for about $1,000 out of pocket. Check in with your study abroad office to find the scholarships you are eligible for.
CHALLENGE: I can’t afford moving to a big city
SOLUTION: Get roommates
After four years of hitting the books, we bet you’re ready to run the world. Courtney Sams, a UO alumna, was itching to spread her wings during her last year in the music program. She was set on chasing a dream all the way to New York City but had no idea how to make that happen. Close friends and family telling her it was too expensive didn’t help her case either.
Although Sams couldn’t wait to eat NYC pizza, she weighed her options. After graduating in 2016, she began working at the Eugene Symphony. “I lived very cheaply in Eugene that year and saved up money,” says Sams. If you have family you can stay with or already pay cheap rent, consider working while waiting out your move for a season or two.
As a student, you’re probably used to living with other people. Well, it’s no different in big cities. “Almost everyone I know lives with roommates,” says Sams, who had five roommates. The six-bedroom apartment in West Harlem made rent affordable for Sams at $975 per month. Once you’ve established yourself in a space, download Splitwise to help keep track of shared expenses.
Facebook, Craigslist and Zillow were outlets Julian Croman, a 2020 graduate of the UO, used during his apartment hunt. Croman experienced a competitive market in Portland, Oregon. His biggest piece of advice is to visit a city prior to moving. Get a feel for the areas you are interested in and spend time researching them. This will give you an idea of how much to save for monthly rents and signing leases. To sign for his two-bedroom, one-bath apartment, Croman and his roommate needed twice the monthly rent ($2,400). “If you have an idea of exactly what you’re looking for, you’ll find it,” Croman says.“It just takes time.”