Surviving College Expenses
Dec 01, 2020
For many, college is the first time students experience the need to become financially responsible. Loans must be paid on time and expensive books need to be purchased. At first, it can seem overwhelming but we’re here to provide you with some tips on how to save while you’re in college. Don’t worry, you’ll survive. We promise!
Pay Off Interest
Have student loans? Consider making payments while in college, even if it’s just a small amount because it will save you money over the long-term. Getting ahead on your loan payments can reduce the interest you pay and in turn, reduce the amount of your loan. Click here for more information on student loan repayment.
Buy in Bulk
Invest in a wholesale membership and stock-up on nonperishable items and toiletries to last you throughout the semester. Keep an eye out for sales on items you may need and don't forget, it's ok to buy store-brand products. They are typically cheaper and usually very similar to the name brand product.
Shop with Discounts
Did you know, many retailers give student discounts. Just ask and show your ID. Your college may also have programs that offer discounts on travel, entertainment and more. Putting the time in to do your research on which stores offer student discounts can save you a ton of cash, especially on those high ticket items that you may need for class such as laptops or tablets.
Use Credit Wisely
Now is the time to build your credit. Make sure to avoid overspending and consider cards with lower interest rates. Only make purchases that you can afford and try to always pay your bill in full and on time to avoid interest and late fees.
Eat on Campus
The cost of eating out can really add up so opt-in for meal plans and consider buying snacks in bulk. Most times, colleges have a lot of events on campus that may offer free food. Take advantage of these events to do some networking, make friends and why not grab a free meal while you're at it!
Brew Your Own Coffee
We all know that caffeine can be your best friend during the semester but buying your favorite coffee every day can get pricey. Ask your roommates to chip in with you and buy a coffee machine for your room to save on the daily expense.
Take Advantage of Campus Activities
Most campuses host free activities and/or offer transportation or discounted tickets to local attractions. You may also want to consider cancelling that expensive gym membership if your campus offers a free workout facility.
The information herein is general/educational in nature & should not be considered financial or legal advice. Consult an attorney or finance professional regarding your specific situation.