Money might be tight when you’re in college, but it’s not impossible to find ways to save. Use these tips and tricks to make the most of your time back at school.
Budget
It’s smart to create a spending plan so you know where and how you’re spending your money. If you don’t know where your money is going, it’s impossible to know what to cut back on. Too many dinners out with friends and an unexpected book you have to buy for class may find you short on cash at the end of the month.
Apply for Loans You Know You Can Repay
A good rule of thumb is don’t borrow more than you can expect to earn your first year out of college. It’s no secret that most students take out loans to get through college. In fact, according to Forbes, more than half of students leave college with student debt. But it’s important to know your limits before you begin borrowing.
Apply for Scholarships and Grants
You’ll need to write a few dozen essays, but the money you get will be well worth your time and effort. Scholarships and grants will help reduce the number of loans you may need to take out and reduce the number of hours you might have to work otherwise. Putting in the work to apply will save you the time later on.
Use Cash
Paying with cash instead of using a debit or credit card helps you control miscellaneous purchases. Cash creates a sense of loss that cards do not.
Food
Prepping meals at home can save you a lot of money. One meal out can cost as much as one cooked meal and the leftovers for two more meals. Never go grocery shopping when you’re hungry. Stock up on sale items you can easily store or freeze to save time and money.
Buy or Rent Used Textbooks
Before you go out and buy the newest copy of each book for your classes, shop around. Look for used versions of textbooks or rent them if possible. Sometimes you even can find textbooks at the library. If they’re the same edition, they have the same information as the new ones. Electronic versions are often available and can be rented through your campus bookstore or online at sites like Chegg and Amazon. If you have to buy a textbook at full price, take good care of it so you can sell it back at the end of the semester.
Entertainment
Having fun inexpensively while in college should never be a problem. Instead of spending money on entertainment, check out the free events your campus has to offer—concerts, movies, speakers, sporting events. Stay in shape with the free fitness classes or intramural sports offered at your school’s recreational center. Lastly, ditch your cable—watch shows and movies online or borrow them from the library.
Join a Credit Union
Credit unions have lower loan rates, free checking accounts, and a nationwide network of surcharge-free ATMs. They also provide financial education to help you management your money.
Learn more about why Kitsap Credit Union might be right for you at https://www.kitsapcu.org/.
