When attending college, it is important to live on as tight of a budget as possible and to save as much as possible so you will be better prepared upon graduation. And the tuition for the cost of your classes isn’t the only factor you need to take into consideration. When you add in the cost of your room and board, books and other supplies, clothing, food, and other personal cost of living expenses, there are a lot of things you need to budget for on likely a small income. Here are a few savings tips that will help you live on a tight budget while in college:
Substitute With Less Expensive Options
When you make your budget, look at each category and think about the specific items in each category that you can find a less expensive option for. Substitution relies on remembering that higher price doesn’t always mean better quality. Maybe this means buying store brand items instead of name brand items. Or maybe this means finding less expensive options for your highest non-tuition expenses. A common expense that is often higher than it needs to be is the cost of transportation. Many students have sporty cars or large trucks that use more gas than they need when traveling to and from campus. In this case, substituting your current vehicle for a more fuel-efficient and cost-efficient vehicle can mean significant savings. You may also be able to find a lower rate on your current car insurance premium – so be sure to shop around car insurance quotes when trading down a vehicle.
Conserve And Make The Most Of What You Already Have
Many students who don’t have large living expenses such as a mortgage and supporting a family often like to go shopping during their free time. You may want the latest and greatest style and fashion trends, but this isn’t wise to do when living on a budget and trying to save for your future. Rather than splurging on a regular basis, try to make the most of what you already own and save your shopping trips for when you have a little extra room leftover in your budget.
Collaborate With Other Students
This tip is great for expenses you have on a reoccurring basis such as your rent and food. Collaborating with other students will ultimately help you and them save in your overall budget. Most students choose to live on or very close to campus. This means you have plenty of options available for roommates. If your parents live in the area, you may consider moving back home with them to save on the cost of rent all together. You can also work with other students to alternate hosting “pot-luck” style meals to help cut-down on the pricy on-campus food options. Finally, exchange services with other students when you are able to. For example, if you’re a photographer and one of the other students is a mechanic you may be able to exchange services with each other.
Re-Pay Student Loans
Remember, the more you save the less you have to borrow! If you have already borrowed student loans and need help finding a repayment option that works for you, contact the Student Loan Advisory Group today.