Five Ways a Student Can Save Money
Keeping your expenses in check while you are in school can translate into real, tangible benefits down the road when your diploma is in hand and the loan payments start coming due. Consider the following broad strategies, individualized to your own situation, to spend less and save more while in school and whittle down the eventual loan repayments.
1. Minimize Living Expenses
If living on campus, go for a double or triple room rather than a single or the more pricey suites. Also, apply to be a Resident Advisor (RA) to get your room at a reduced rate in the residence halls. Some colleges even offer free rooms for their RA’s.
- Check into house sitting rather than renting. You may even get paid to do it.
- If you rent an apartment, go in with roommates, including sharing a room to further cut your expenses.
- Think about living at home if you go to school near your family.
2. Buy Used If You Buy At All
Check out the textbooks you will need and see if any friends have already taken the class and are willing to let you use theirs or buy them for a reduced fee. In any case, whenever possible, buy used books, rather than new, or rent them if that’s an option where you are. Even better, make use of digital copies.
If you have to buy a book, used or otherwise, sell it back when you’ve finished the class. Also, use your computer or tablet to take notes – this saves on pens and paper.
Go for “student chic,” and buy any needed clothing or furniture in thrift shops or online listing services. Another great source for freebies is to check out student living areas, dorms and apartments, at the end of the term for items you can re-purpose. Some students trash refrigerators and microwaves, bookcases and beds. Just be wary of unwanted “infestations.”
3. Reduce Home and Away Entertainment Expenses
Stay on the family cell phone plan; even if you pay your portion it will be less than your own plan.
Look for free entertainment options whenever possible. Get outside and hike or bike instead of a gym membership, and look into free days at museums and parks.
Buy a bare minimum cable or satellite television plan as you should be studying anyway. If you need more, invest in a Chrome cast or Roku to throw shows up on your TV. Go together with friends or family on streaming services like HBOGO or Netflix and watch when you want to without the cable bill.
Skip Spring Break trips and build up your interning or volunteering portfolio instead.
4. Make Savvy Food and Beverage Choices
Drink tap water and invest in a couple of good quality water bottles to transport your own rather than buying bottled.
Get a good thermal cup and make your own coffee.
Learn how to cook by inviting friends over for dinner, sharing the food expenses and eliminating expensive restaurants. Make it a party!
If living on campus, buy the meal plan that makes the most sense for your lifestyle, and then actually eat the food rather than eating out.
5. Pay Student Loan Interest As You Go and Borrow Only What You Need
Minimize the ultimate payoff by putting every extra dime on your student loan interest. Good sources of this extra cash would be tax refunds, birthday and holiday money and other windfalls. If you find yourself with unneeded possessions, sell them on services like Craigslist.
Work as hard as you can during breaks and bank as much money as possible so you need to borrow less.
When you graduate, you may still find that student loan consolidation makes sense for you, and if it does, by all means, avail yourself of those services. In the meantime though, the steps above will leave you with less to pay overall.
