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Today’s post comes from fellow S&S reader, Mike. He’s got some genius tips for saving money while focusing on school.
5 Innovative Ways to Save Money as a Full-Time College Student
If you were able to graduate from college without a dime of debt, hats off to you. In a society where getting a degree often means living in debt for years to come, walking away with a diploma and no student loans is a major accomplishment. Whether this is all your doing or your parents are to thank, graduating debt-free is an amazing feeling.
Of course, this isn’t possible for all of us, and sometimes taking out a few student loans is the only way to start the career you’ve always dreamed of. One of the most common mistakes made by students using loans to pay for school is the assumption that this is “free” money. Not only is it not free since you’ll have to pay it all back, but you’re required to pay interest.
So stop using your student loan money to pay for that morning Starbucks run or your spring break trip to Cancun. It’s time to do whatever you can to start saving wherever you can. Not only will these habits make your college financial situation easier, but they will also teach you how to be financially stable in the future.
Stop Paying for Expensive Student Meal Plans
We all love the student meal plan that allows us to eat like kings – and inevitably gain the Freshman 15. But do you really need access to unlimited buffets 3 times a day? These meal plans are often thousands of dollars more than you would spend on your normal eating habits.
If you’re living in a dorm, buying groceries to cook at home isn’t really possible. In this case, a meal plan is the way to go. But whatever you do, try not to purchase the most expensive plan that the college is offering; there’s no need for this. Find a plan that meets your specific needs.
Rent Textbooks Whenever Possible
You might think that your OChem or Intro to Bio textbook will come in handy one day. Who knows, maybe it will, but the more likely scenario is that your college textbooks will sit on your bookshelf and just gather dust. Unless you absolutely feel the need to buy your textbooks, rent them instead and return them once the semester is over.
Stop the Impulse Shopping
Impulse shopping is an unhealthy habit for anyone, but it should especially be avoided for college students. College is the time to learn, not to shop, so stop spending your limited funds on yet another cute dress to wear at the Fraternity Date Party this Saturday night.
The frequency of impulse shopping and “shopaholicism” has skyrocketed in recent years. This is partly because retailers are using sneaky tactics to get in the minds of consumers. Some companies are using horoscope signs for branding, others are advertising their product as something that will all of a sudden make your life more glamorous.
Stop giving in to these branding tactics and advertising gimmicks. The only things you really need while are a roof over your head, food in your belly, and the right textbooks to ace this semester’s classes. Don’t worry, you’ll be able to spend money as soon as you start making a salary thanks to your hard-earned college degree.
No More Expensive Cable Packages
Once you leave dorm life and move into off-campus housing, it can feel tempting to try and pimp out your new home. The first thing most college students do when they move into an off-campus home is to head to the closest Walmart and purchase a flatscreen TV. Forget about essential kitchen supplies like pots and pans, a flat-screen with thousands of cable channels is way more important. Right?
Wrong! Once again, this is the time to learn, not to spend all day in front of the TV browsing through endless cable channels. You and your roommates should decide on a feasible cable plan that actually makes sense. These days, investing in cable plan isn’t even necessary with so many streaming sites like Netflix and Hulu.
Check Out Free Campus Activities
If you attend a major college with tens of thousands of students, it’s common for the university to offer free events and activities. Some of these events might not interest you, but you’d be surprised by how much is happening on the campus grounds. Take Ohio State University in Columbus, Ohio as an example. Every semester, OSU puts on hundreds of free events for its students.
Many of these are related to education in one way or another, but others are merely for entertainment. One year, OSU even hosted a Kid Cudi concert…for free! The following year, the college hosted Childish Gambino, completely free of charge for students. There’s no need to pay for off-campus entertainment when all the entertainment you could ever need can be accessed with your Student ID.
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