4 answers
Elizabeth
Student
Rancho Cucamonga, California
2
Questions
Asked
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How can I save money in college?
College is expensive as it is so how can I lower my costs of everyday living so I don't not have an overwhelming amount of college debt? #teaching #counselor #help
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4 answers
Taylor Zhao
Program Manager
144
Answers
Seattle, Washington
Updated
Taylor’s Answer
Hey Elizabeth!
Every little bit helps! I think the things you can focus on are:
1.) Rent
2.) Food
3.) Books/Supplies
You can double up on a room to reduce your costs significantly. It's the most significant way to help you reduce your costs. For food, learning to cook is one of the best ways to reduce your costs significantly. Eating out is a terrible cost and it adds up over time.
For books, make sure to grab them cheap through other students/pdfs. Paying full price is extremely expensive. Good luck!
Every little bit helps! I think the things you can focus on are:
1.) Rent
2.) Food
3.) Books/Supplies
You can double up on a room to reduce your costs significantly. It's the most significant way to help you reduce your costs. For food, learning to cook is one of the best ways to reduce your costs significantly. Eating out is a terrible cost and it adds up over time.
For books, make sure to grab them cheap through other students/pdfs. Paying full price is extremely expensive. Good luck!
Yasemin G.
Aspiring physician
635
Answers
Updated
Yasemin’s Answer
Hi Elizabeth ! Great question! I would definitely recommend a part-time job; work-study is very popular among students as well as finding other jobs on campus. Having a job on campus is very easy in terms of commuting, completing homework, getting to be more affiliated with others and making extra cash. Work-study is given through FAFSA, so I would first recommend to fill that out as well as see what aid you receive. With this you'll have a better idea of how much aid you have and how much you need to save up or plan to avoid college debt. A big factor of debt that definitely comes to mind is loans. However all loans are not bad; they can truly help students who don't receive as much financial aid as they wanted. It's important to look at loans by interest, it's usually the interest that builds up debt and not how much you take out. Of course both factors are important but looking at the lower interests loans and making a pros and cons list with each loan option is helpful. I would definitely first of all use federal loans for two reasons; one they have a low interest compared with other private ones and two they have a subsidized and unsubsidized loan option. A subsidized one (which is the one you want to use first) is the one that as long as you are in school interests will not accrue. Unsubsidized is interests that accrues the second the loan is disbursed. However, both have low interests and are safe options, especially for individuals taking out loans the first time. It's also very important to take out loans in the amount you need; it may be tempting to take out more for other things school-related but if let's say you have money saved up by working part time and you can buy books with it then you don't really need to take out the whole amount. Whatever you take out, you will be responsible for paying back- so definitely keep it in mind! One thing I would also see is credit card debt pamphlets and advertisements on my campus and I think it's an important point. Make sure when you save up money that you don't build up too much credit card debt, so spend what you need to. Sometimes savings can go to paying debt and this is something I have seen among others. If you want to go out for friends or shop with your credit card, make sure you know how much you spend and when the payment is due- maybe set a reminder and a limit as well. Another is textbooks, and it is really where things can get expensive! So, I would recommend to rent them, I bought them my first semester and could not sell them at all. Afterwards when I rented, it became so much easier because not only was I saving a good amount per semester but also I didn't have too many books left over and could ship them back. I would recommend Amazon rentals and Chegg- check them both out and see which one is better because some deals can change or some books might not be available on either site. Lastly, if you want to live close to campus consider options like having a couple of roommates in an apartment instead of dorming on campus. Of course if you live close- which I did- then commuting will definitely help. I did have friends though who shared an apartment nearby and they would cook and pay their rent and it ended up being less expensive than dorming. In the end, be responsible, know how much you have to spend and make good choices on how to spend your money, and you will end up saving!
Best of luck!
Check out Chegg and/or Amazon Rentals for textbooks
Pros/Cons list for loans
Take out federal loans first-only the amount you need
Get a part-time job on campus
Spend smart
Best of luck!
Yasemin recommends the following next steps:
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6342
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Elizabeth,
How to Save Money in College
Saving money in college is a common concern for many students due to the high costs associated with higher education. Here are some practical tips to help you lower your everyday living expenses and reduce the burden of college debt:
1. Create a Budget: One of the most effective ways to save money in college is to create a budget and stick to it. Start by listing all your sources of income, including any financial aid, scholarships, or part-time job earnings. Then, track your expenses and prioritize essential items such as tuition, books, and housing. Allocate a specific amount for discretionary spending on non-essential items like entertainment or dining out.
2. Cut Costs on Housing: Housing expenses can be a significant portion of your college budget. Consider living off-campus with roommates to split rent and utilities costs. Look for affordable housing options or consider becoming a resident advisor (RA) in exchange for free or reduced-cost housing.
3. Save on Textbooks: Textbooks can be expensive, but there are ways to reduce this cost. Instead of buying new textbooks, opt for used ones, rent them, or explore digital alternatives like e-books or online resources. You can also borrow textbooks from the library or share them with classmates.
4. Cook at Home: Eating out frequently can quickly drain your finances. To save money on food expenses, cook meals at home instead of dining out. Plan your meals in advance, buy groceries in bulk, and look for student discounts at local stores or restaurants.
5. Utilize Student Discounts: Many businesses offer discounts specifically for students. Take advantage of these deals by showing your student ID card when making purchases on items like clothing, electronics, transportation, and entertainment.
6. Minimize Transportation Costs: If possible, use public transportation or carpool with classmates to save on gas and parking fees. Consider biking or walking if you live close to campus to avoid vehicle-related expenses altogether.
7. Apply for Scholarships and Grants: Explore scholarship opportunities offered by your college, private organizations, or government agencies. Scholarships and grants do not need to be repaid and can significantly reduce your overall college expenses.
8. Work Part-Time: Consider finding a part-time job on or near campus to earn extra income that can help cover your living expenses. Look for work-study programs that offer flexible hours tailored to students’ schedules.
By implementing these strategies and being mindful of your spending habits, you can effectively save money in college and mitigate the financial burden associated with pursuing higher education.
Top 3 Authoritative Sources Used:
U.S. Department of Education: The U.S. Department of Education provides valuable information on financial aid options, scholarships, grants, and tips for managing college expenses effectively.
The College Board: The College Board offers resources on budgeting for college students, including advice on reducing costs related to tuition, textbooks, housing, and other essential expenses.
NerdWallet: NerdWallet is a reputable personal finance website that offers comprehensive guides on saving money in college through budgeting tips, student discounts awareness, and practical financial advice tailored to students’ needs.
God Bless You,
JC.
How to Save Money in College
Saving money in college is a common concern for many students due to the high costs associated with higher education. Here are some practical tips to help you lower your everyday living expenses and reduce the burden of college debt:
1. Create a Budget: One of the most effective ways to save money in college is to create a budget and stick to it. Start by listing all your sources of income, including any financial aid, scholarships, or part-time job earnings. Then, track your expenses and prioritize essential items such as tuition, books, and housing. Allocate a specific amount for discretionary spending on non-essential items like entertainment or dining out.
2. Cut Costs on Housing: Housing expenses can be a significant portion of your college budget. Consider living off-campus with roommates to split rent and utilities costs. Look for affordable housing options or consider becoming a resident advisor (RA) in exchange for free or reduced-cost housing.
3. Save on Textbooks: Textbooks can be expensive, but there are ways to reduce this cost. Instead of buying new textbooks, opt for used ones, rent them, or explore digital alternatives like e-books or online resources. You can also borrow textbooks from the library or share them with classmates.
4. Cook at Home: Eating out frequently can quickly drain your finances. To save money on food expenses, cook meals at home instead of dining out. Plan your meals in advance, buy groceries in bulk, and look for student discounts at local stores or restaurants.
5. Utilize Student Discounts: Many businesses offer discounts specifically for students. Take advantage of these deals by showing your student ID card when making purchases on items like clothing, electronics, transportation, and entertainment.
6. Minimize Transportation Costs: If possible, use public transportation or carpool with classmates to save on gas and parking fees. Consider biking or walking if you live close to campus to avoid vehicle-related expenses altogether.
7. Apply for Scholarships and Grants: Explore scholarship opportunities offered by your college, private organizations, or government agencies. Scholarships and grants do not need to be repaid and can significantly reduce your overall college expenses.
8. Work Part-Time: Consider finding a part-time job on or near campus to earn extra income that can help cover your living expenses. Look for work-study programs that offer flexible hours tailored to students’ schedules.
By implementing these strategies and being mindful of your spending habits, you can effectively save money in college and mitigate the financial burden associated with pursuing higher education.
Top 3 Authoritative Sources Used:
U.S. Department of Education: The U.S. Department of Education provides valuable information on financial aid options, scholarships, grants, and tips for managing college expenses effectively.
The College Board: The College Board offers resources on budgeting for college students, including advice on reducing costs related to tuition, textbooks, housing, and other essential expenses.
NerdWallet: NerdWallet is a reputable personal finance website that offers comprehensive guides on saving money in college through budgeting tips, student discounts awareness, and practical financial advice tailored to students’ needs.
God Bless You,
JC.
Chinesa Rusch
Library Associate
4
Answers
Kansas City, Missouri
Updated
Chinesa’s Answer
There are lots of things, big and small, that you can do to save money. Walk or ride a bike rather than driving, it will boost your health and your wallet. Cook food at home rather than eating out, and buy food in bulk where possible. The biggest swap I made was thrift shopping. Even now as an adult, more than half of my wardrobe is clothing that was previously owned. And thrift stores have more than clothes - you can buy used books, kitchen tools, decorations, etc. The last thing I would advise is to look to your local library for educational sources. Your local library will not only have texts that you can use for school, but will also provide resources such as homework help, academic databases, and learning opportunities all for free!