The following is a post by MPFJ staff writer, Derek Sall. Derek is the owner of the blog, LifeAndMyFinances.com, where he teaches people how to get out of debt, save money, and become wealthy.
As college prices continue to rise, students really need to focus on keeping costs down so that they don’t owe back monster loan amounts when they graduate. The fewer loans the student can get away with, the better they typically fair in life.
So what are some quality ways that students can save on their college expenses?
1) Live at Home
Many college students balk at the thought of living at home. According to them, “College is about independence and learning how to live on your own.” Well, somewhat, yes. But, if you talk to many grads that are struggling to pay back their student loans, their typical advice is to “live with your parents as long as you can.”
Living at home is not all bad. Most of the days you will be on the college campus anyway, and if you want the “college experience” you can always visit your friends that are living on campus. By avoiding the dorm life, you can save upwards of $10,000 per year! Over the course of four years, that’s $40,000! That’s a pretty huge savings if you ask me. Well worth the sacrifice.
2) Do Without the Car
The next largest expense when you’re at school is that car you’re driving around. You have to insure it, put gas in it, and pay for all the repairs that are inevitable. Often times, even if you own the car outright, you can spend $400 or more per month.
If you can get by with a bicycle, do it. Bum rides from your friends (you can throw them a couple bucks here and there) and stop taking senseless trips off campus. The savings will be quite noticeable.
3) Don’t Buy the Textbooks
Many colleges are still requiring you to buy the textbooks for your classes, but often times the professors cover everything that’s necessary anyway, which means that you could easily do without it. If you are required to answer questions at the end of each chapter, find the book in the campus library and make a free copy of those pages. Either that, or just borrow the book from your friend. By avoiding these purchases, you can save $500 or more per semester.
4) Keep Applying for those Scholarships
Quite a few students apply for scholarships before their freshman year, but then don’t bother to search out scholarships after that. There are so many funds that are designated for sophomores, juniors, and seniors that you should make a point to continue applying! A thousand dollars here and there can really help out a ton in the grand scheme of things. You’ll be glad that you got some of these scholarships when it comes time to pay for your student loans.
5) Learn to Buy Cheap Food
Believe it or not, pizza is really not all that cheap. If you are spending $10 on a pizza and devouring it in one or two sittings, then you are still spending $5-10 per meal! Instead of ordering pizza from the local restaurant, buy some cheap foods from the grocery stores – items like bread, tuna, eggs, pasta, rice, canned beans and corn, etc. Also, keep your eyes peeled for functions around campus that offer free food. After all, you can’t beat free.
How about you all? What other ways can you think of to save on college expenses?
Share your experiences by commenting below!
***Photo courtesy of https://www.flickr.com/photos/smemon/5188351708/in/
