Samantha
What are some saving tips for grad school?
I will be applying in about five months and then have about another year until grad school. I have been budgeting my money and setting money aside but what are other things I could be doing to reduce the amount of loans I am going to be taking out? #gradschool #tuitionisexpensive #savingtips #student-loans
3 answers
Jenn Hatfield
Jenn’s Answer
First, see if you can find some scholarships to lower the amount you'll have to pay. If you google "scholarships for graduate school," you should find some good websites.
Second, if you're not already cutting back on spending in ways you expect to do while in grad school, try that out and make sure it's sustainable for you. For example, if you have a goal to cook dinner every night at home in grad school, but aren't currently doing it, learn a few more recipes now, get more comfortable in the kitchen, see if you want to invest in tools like an Instant Pot or a new knife to make it easier, and test out things like cooking several meals at once rather than cooking every night to see if you prefer that routine.
Also, can you negotiate down any of your bills, such as car insurance or cable? Give the companies a call - you'd be surprised what you might be able to negotiate.
You might also look into apps that help you save, like Digit or Acorn, by automatically transferring small amounts of money into your savings. The theory is you won't really feel those small transfers and so the money will be unavailable for you to spend without you considering spending it in the first place.
If you don't already, try to reduce your spending on groceries via simple adjustments like signing up for a store loyalty card, shopping sales, and clipping any digital coupons your store offers. Many stores also have student discounts, so definitely take advantage of that where applicable. If you're buying online, I like ebates.com - it gives you a percentage back in the form of a check every quarter, and in your situation, I'd deposit that check straight into savings.
You can also clean out your house/apartment and sell items on eBay, Craigslist, your local consignment store, etc. - you may not make a ton, but every little bit helps, and it'll also save you hassle if you have to move for school.
You don't have to do all of these things - I'd start with the first two and then add in any of the others that resonate with you. Good luck!
Jonathan Kolakowski, CPA
Jonathan’s Answer
1) Apply for as many scholarships as you can. There's a lot out there online, apply for all that you think you qualify for.
2) If you have a part-time job while in undergrad, that's a great source for grad school savings.
3) Create a savings goal and work hard to achieve your target. You don't have to put large amounts of money away, start small. Even if it's only $5 a day, it will add up over time. In short, work it into your monthly budget and commit to putting at least something away.
4) Work while in grad school, or consider not starting grad school until you have the money to cover your classes, or take classes over a longer period of time versus a full-time schedule so you can pay as you go.
Ken Hoffman
Ken’s Answer
If at all possible and depending on your field, an out-of-the-box strategy is to try and find a job with a company in that field that will pay for it.
Some companies will pay up to a certain amount per year.
I did this and although it took me 8 years to finish, I achieved a maters degree while earning a salary and it only cost me a parking pass to commute.
Again, it all depends on your situation if this is even an option.