Wednesday, August 26, 2009

Savings tips for the frugal college student

College students have decreased their spending, due to tighter incomes and reduced student aid. However, many are still asking for financial aid for lifestyle expenses such as "interview preparation materials," according to an article by U.S. News & World Report.

Now is the time to prioritize your spending, and think about the debt load you'll have in a few years. We've compiled some ways to save money now so you won't have to pay more later.

Cut down on technology expenses
With free wi-fi everywhere, there's no need to pay for your own plan in college. The college libraries offer free internet, along with public libraries, coffee shops, cafes and campus dorms. Texts can add up along with long-distance calls home. Shop around for a good plan before you commit.

Sell your car
It's time to sell your car. More than likely, you won't need your car at school. Generally, universities offers free bus service to and from town. If you are attending college in the city, you definitely will not need a car. Get out and walk. Four years isn't a long time, but it will seem a lot longer if you have to pay for gas and monthly insurance.

Find a cheap room
The U.S. News & World Report article finds many people who have financial troubles are the ones who are living in the most expensive housing. Ditch the suite you are living in, you don't need it. Embrace the poverty of being in college. Find a cheap room and a roommate who is't too much of a party-goer... and suck it up.

Stop eating out
Students can save hundreds of dollars by eating realistic meals. If you live close to home, buy a meal plan at school that offers 10 to 15 meals a week, instead of the usual 20 ... and go home to eat for the weekends. If you like to eat out, buy the usual 20 and find out which restaurants nearby campus take your meal plan cards. If they don't, they may want to start.

Don't pay retail
Don't shop at retail stores because they are only guaranteed to hurt your wallet. Looking for books? Hit up nearby libraries. Looking for furniture? Shop at thrift stores, and browse sites like freecycle.org. You can find brand-new and gently-used clothes at nearly 80% to 90% off retail prices.

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