Most students will seek ways to save money during their time in college. While college is a time of discovery and building new skill sets and relationships, it can also be a time of great financial stress. If you are managing your own personal finances, it brings on a higher level of uncertainty and stress. Your main focus is on your classes, but managing your finances is a big part of your college experience. The education you are receiving also incorporates learning about how to manage student loans and living expenses.
Apply for Financial Aid, Scholarships, and Grants.
The price of a college education is constantly increasing, as well as the cost of books and living expenses. Most would prefer to minimize their use of student loans due to the long term effect of debt. Student loan debt is the main reason people live paycheck to paycheck long after graduating from college.
If you know where to look for scholarships, you can avoid some of the problems. Try using a search tool such as Debt-Free Degree Scholarship Search.
It does take time, energy, and effort to apply for “free” money and you won’t get offers from everything you apply for, but it is worth trying.
Buy Used Books
Textbooks are a high college expense. Buying new is very pricey especially since you will most likely not use it again. Instead, look for used books or possibly look to borrow a book from another classmate, if possible. If you must purchase a new book, look to resell it after the class is over. Your college may have a social media site where you can buy/sell books.
Stick to a Budget
When you’re looking to save money, the best way is to track your expenses. Make a budget and keep track of where your money is going. It’s easy to let money slip away when you are not aware of where it is going. List all your expenses so you can see what is expected of you each month.
Collect your receipts, even from the smallest expense, like a cup of coffee. Then, look at your list and see if anything can be taken off. This helps you develop a good relationship with your resources and helps alleviate impulse purchases.
Cut unnecessary expenses
You won’t need to give up all the little things that bring you happiness but you should just be aware of where your money is going. You can still enjoy that cup of coffee from the local coffee shop as long as you’re aware of your budget.
Ask yourself about the larger expenses. You can survive without cable, especially with all the streaming options available. This may be an area where you can save. Use coupons when grocery shopping. If stores are running specials on certain items, stock up and plan your menu around those items. Also, buying in bulk can save money in the long run.
Get a Roommate
When you are considering how to save money while in college, it may benefit you to get a roommate. A roommate will help cut down on expenses to lighten the bill-paying load. Choose your roommate carefully. You will want a like-minded person to share a living space with you and not bring on distractions.
