Obtaining a higher education can help set you on the path to great things in life, attesting to the power of the age-old saying that the best investment you can make is in yourself. Education does not come without a cost, however, as the time you spend studying is time when you are not maximizing your earning potential.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
While student loans can provide financing for those in need of assistance, finding ways to spend less can help you avoid having to repay massive amounts of debt after you graduate. Here are six tips for students to save money while they pursue their higher-learning ambitions.
Build a Monthly Budget
Having a budget is always a wise decision, as it allows you to understand both your expenses and the funds you have at your disposal. This is a tool that is especially apt for those living on a limited budget.
Looking at the black-and-white numbers will allow you to understand where your monies are going, and will help you be disciplined with your spending habits. You may notice that your line items for pizza and other fast food are way more than you anticipated (see below), giving you the presence of mind to cut back on these non-essential expenses.
The act of building a budget will serve you throughout your life, and getting used to living within your means will help you make responsible decisions down the road.
Be Creative about Housing Options
The stereotypical college housing situation is useful fodder for the entertainment industry, but it does not have to be your existence. While you should not compromise on a safe and comfortable place to live, do not be afraid to think outside the box when it comes to searching for a temporary home.
You may be able to find a pleasant sublet only a few blocks from campus, co-habitate with a roommate or two, or even take advantage of an extra room at the home of a relative or close family friend. Do not feel the need to automatically settle for on-campus housing, though even here you may find that the room and board may be subsidized for those taking on added responsibilities or leadership roles.
Take Advantage of Student Discounts
There are plenty of discounts for those who are full-time or even part-time students, ranging from clothing to food, to electronic goods and software. Do not assume that you need to pay full price for these essential items, and prior to going shopping conduct some research to see where you might be able to score some deals.
Beyond the necessities, many entertainment venues offer cheaper deals for students. Movie tickets, theme parks, and museums often give discounts to those who can present a valid student ID. Some restaurants and bars may also provide student discounts on particular evenings.
Though not a discount exclusively available for students, buying in bulk can also serve as a useful strategy to offset expenses. However, make sure that you can afford the added upfront costs if you do decide to go this route.
Decrease Your Eating-Out Costs
Eating out scratches a certain itch: good food, fun times, and zero prep-time or clean-up. For college students, it can also be a common social activity. That being said, it is also an expense that can quickly add up.
While you should not feel that you need to forgo this popular pastime with friends, it is important not to get carried away either. This is where your monthly budget will come in handy, as it will tell you in straightforward terms how much you can afford to spend when eating out.
It goes without saying that eating at home also tends to be a healthier option, providing another benefit to cutting down on your excursions to restaurants and bars.
Earn Credits from Community Colleges
Every degree has its own unique set of course requirements, most of which usually need to be met at the school that is rewarding the degree. However, most schools also have a slew of elective course requirements, not all of which need to be satisfied at the principle educational institution where you are enrolled.
Community colleges have a number of course offerings, with tuition costs that are often cheaper than four-year universities. If there are certain general requirements that you can satisfy elsewhere, think about earning some of your degree from these other educational institutions. Just make sure that the credits will be accepted by your university before enrolling.
Conclusion: Spend Less, Save More
Your time at university can be a once-in-a-lifetime experience, allowing you the freedom to explore new avenues of study, friendships, and interests. It can also be a stressful time, with exams, papers, and no small amount of assignments. Worries about money can make this already challenging time even more tense.
Taking control of your finances can help you overcome these worries. Instead of just automatically assuming you will need to take on large student loan obligations, think about the expense side of the equation and the actions you can take to decrease your spending.
College is indeed a time of excitement and wonder. It can also be a time of smart financial decision-making and saving on costs where you can.
Learn money management, and use data-driven stock insights with TipRanks.
