Colorado finance professor offers advice for new college students looking to save money

College students are back in class for the start of the fall semester across Colorado, and financially, school can be stressful for students. One local finance professor says there are ways to save some money and still be able to enjoy being a college student.

Austin Elsey is a finance and baking professor at Metropolitan State University of Denver who said that while college is a great time to embrace new freedom and explore new opportunities, students don't have to forgo entertainment for fear of spending too much money. He has some advice for new college students.

First, he said it's important to have a basic understanding of cash flow coming in and out, and that starts with creating a budget. He recommends following an 80-10-10 rule.

"Set aside 80% of whatever cash you're bringing in as your discretionary spending, make sure you have 10% set aside as, like, a savings or retirement type plan, and then 10% I always leave set aside as kind of like a charitable type," said Elsey.

He also recommends taking advantage of student discounts.

"Whether you're buying new computer, new TV, sometimes Best Buy will throw in a student discount any types of software or subscription services, any types of, you know, obviously there's different food outlets that'll give you student discounts, but movie tickets, entertainment, anything that you can just think of to try to leverage just a little bit more savings out of," said Elsey.

Elsey said going to school activities or events that are offered, that are cheaper or free, can also be a good opportunity to get free food or goodies. He also advises taking advantage of your meal plan and not letting those meals go to waste.

You can also save money on transportation, like using public transportation and RTD. Many schools also give a discount for a transportation pass, or you could carpool with friends.

He also advises being careful when signing up for credit cards and making sure you understand the terms. If you're going to get a credit card, it's always a good practice to pay off credit card debt each month to avoid interest fees. Plus, a credit card will also help you build credit.

"Just be responsible about it and don't let the spending get out of hand," said Elsey.

You can also rent or buy used textbooks. eBooks are also a great option to save money or go directly to the publisher's website. Elsey also recommends looking into subscription services for textbooks.

He also advises students to work a side gig as well if it fits into their schedule.