Most college students get some help from their parents, and grants and scholarships often pay a portion of their tuition. But unless you or your parents are independently wealthy, you will probably have to pay some expenses yourself. It’s not like living at home ? you’ll be responsible for having a place to live, eating, paying for travel and entertainment and more.
If you’re going to school full-time, you’ll have a limited number of hours each week to work and earn money. So it’s important to learn how to cut costs and live on a budget. Here are some money-saving tips that will help.
* Find the least expensive living arrangement that will meet your needs. In many cases, this is living in a dorm room on campus. But be sure to check prices on apartments off-campus (unless you’re a freshman who is required to live on campus). In some cases they are cheaper, especially if you get a roommate. Of course, if you live close enough to the college to commute from your parents’ house, that would be the least expensive option.
* Get a meal plan and use it. Even if you’re not required to have one, it’s much cheaper than eating out. And if you live in a dorm room, cooking isn’t really an option. If you live off-campus, however, you may be better off buying groceries and preparing your own meals.
* Speaking of groceries, pay as little for them as possible. Buy store brands, keep your eyes open for sales, and use coupons. Even if you’re only buying snacks to have on hand in your dorm room, you can save a surprising amount of money by doing these things. And on a related note: stay as far away from the campus vending machines as possible. You can get the same things from the grocery store for much less.
* Frequent campus events. This will keep you from getting bored and spending a lot of money on entertainment. And as an added bonus, many of them offer free food. That’s one less meal that you have to pay for.
* Instead of going out to clubs or expensive restaurants on the weekend, go to house parties or stay in and watch a movie. You can borrow movies for free from the library, or get a Netflix membership and pay one low price to rent unlimited movies each month.
Saving money is always a good thing to do, but during the college years it’s especially important. By watching your spending, you can stretch limited funds further. And it doesn’t mean that you can’t have any fun. If you save money on everyday expenses, you’ll have more money to put toward having a good time. You can use some of the money you save to do fun stuff, too.
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When it comes to traveling, today’s consumer is quite savvy about finding the best deals on airfare and hotels. What was once a difficult task (or one that you entrusted to a travel agent) is now pretty easy, thanks to the abundance of travel websites that compare deals from different airlines and hotels.
But there’s another travel need that most travelers often fail to pay as much attention to, and that’s the rental car. Renting a car makes it much easier to get around when you’re traveling, but it’s not always cheap. Travelers often assume that there isn’t much difference in prices of car rentals, but actually, prices can vary greatly.
Just like anything else, it pays to shop around and look for deals when considering car rentals. Here are a few pointers that could save you big bucks.
* Check prices from several different sources. Many travelers make the mistake of only checking with the same sites they use to find the best deals on airfare and hotels, but these frequently fail to provide the best rates on rental cars. Visit the websites of the major rental car companies and see what they have to offer before making a reservation.
* Go with the smallest class of car that will meet your needs. If a compact will accommodate you, your passengers and whatever you need to bring along, that’s the most economical choice. And unless you’re going to be hauling a lot of stuff around, renting an SUV is rarely a good idea. Not only will the rental cost more, it will also use more gas.
* Take fees into consideration. Read over them carefully before making a reservation, and avoid any of them that you possibly can. It’s also a good idea to avoid renting a car at the airport, because extra fees are usually tacked on that you wouldn’t have to pay if you were to rent offsite.
* Find out if your auto insurance covers any cars you rent. Most policies offer the same collision coverage you have on your own vehicle. If yours does, don’t cave in when the clerk tries to convince you to pay for insurance from the rental car company. If it doesn’t, some credit card companies provide insurance on cars rented using their cards. Check with yours before you buy from the rental company.
* Consider paying in advance. Many companies offer a worthwhile discount if you do. But keep in mind that some will charge fees for any changes you make. As with anything, read the fine print before proceeding.
Don’t slack when it comes to looking for rental car deals. If you spend as much time trying to find them as you would on other travel needs, you could save quite a bit of money.
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When faced with a budget issue, we often look for ways to save money on our biggest expenses. We might consider refinancing a mortgage or car loan, or negotiating with our credit card issuers for lower payments and interest. These strategies can work, but sometimes they result in paying more in the long run. And in many cases simply cutting costs around the house will save us just as much money, if not more. Here are some ways to do that:
* Cut down on your electricity usage. Turn lights and televisions off when you’re not in the room, use the power saver settings on your computer, and switch to energy-saving bulbs. It’s also smart to hook your electronics up to a power strip and turn it off at night or while no one is home. You’ll be surprised at how much you can save on your electric bill with these simple steps.
* Cook meals instead of just popping something from the frozen section in the oven (or worse yet, ordering takeout). It will take a little extra time, but it can save you a whole lot of money each month. And if you really don’t have the energy to cook after a long day at work, you can always put something in the slow cooker in the morning so that it will be ready in the evening.
* Make sure your home is properly insulated, and install weatherstripping if needed. This may require a small investment, but it will pay for itself quickly by saving you money on your heating and cooling bills.
* Stop buying cleaners from the store and start using items from the kitchen cabinet. Vinegar is great for cleaning windows and disinfecting surfaces. Baking soda is excellent for scrubbing dishes and sinks and deodorizing carpets. Mix them together, and you have a highly effective drain cleaner.
* Wash your clothes in cold water, and hang them out to dry. If you don’t have room for a clothesline, you can find foldable clothes dryers for both indoor and outdoor use in discount stores. If you have to dry indoors, place your clothes near a heat vent to speed drying.
* Instead of renting movies for movie night, borrow them from your local library. You might not find that hot new release, but most libraries have a good selection of DVDs to choose from. And it won’t cost you a dime as long as you return them on time.
These methods of saving money are quite simple, but they are also much more powerful than most people think. If you’re not convinced, try them for a month and keep track of your savings. When you see how much of a difference they make, you’ll wonder why you didn’t try them much sooner!
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