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Reference and Education

Tips to Saving Money as a Student

Most middle-class families are not able to afford their child’s college tuition fees. And covid-19 already creates a chaotic situation for many hard-earning people. To get admitted to their children in high school, many families take out college loans and financial aid so they can pay for college but it will have to be paid back with interest later. As a result, it places a lot of pressure on the students. 

However, except paying tuition, students will have other expenses to cover while they are in school such as living expenses, having a car on campus, school supplies, getting assignments from Best Assignment Writing Service UK, etc. This whole thing can overwhelm the budget too quickly. Therefore, it’s the student’s responsibility to find a way to save on college expenses as much as possible. 

Choose an Affordable School and Degree Program 

The average college expenses are $9,970 in the U.S for public state schools, $34,740 for private schools, and $25,620 for out-of-state residents going to a public college in another state. It is necessary for students to consider every expense while choosing the college. In many cases, college is not an ideal choice for many students, requiring a degree is still needed for most decent-paying jobs. But, you need to consider all the options before spending money on expensive schools or even on writing services. Go check for the assignment writing service review before ordering one. 

Take Your Time Applying for Loans

If you have decided to go to a four-year degree program then there’s a chance that you will need to take out financial aid and loans in order to cover your tuition fee. Before seeking private loans you can save lots of money on college expenses by applying for federal student aid. Usually, money is given to the most eligible students based on their needs. Before accepting any loan for school, you should see if you qualify for a grant because unlike loans, grants do not need to be paid back.

For example, if you get grants and loans from the federal government and you still don’t have enough money to cover your school expenses, in this case, you can look into taking out private loans. This is where you have to be very careful because usually, private loans have higher interest rates and less flexible repayment terms. See if interest rates are fixed or variable and learn exactly how much you will owe them when you graduate.

Don’t Spend Money on Going Out

Opted your money for on-campus activities rather than spending it on friends’ hangouts. Many campuses offer movie nights, museums, and social events at a low price, and sometimes they are free.

If you are in high school and live near to your college campus then most colleges recommend visiting these places. Plan ahead or get a list ready to be sure to save these places. Note that most events have limited space due to Covid-19 (Newman, 2020).

Consider other Living Arrangements 

Any average college expenses usually include room and board in addition to tuition. However it may feel like a true college experience when you live on campus, it is not the best financial decision. Check the room and board fees in your tuition and you will see that it is actually quite an expense. It might make more sense than to take an apartment with roommates off-campus with a kitchen where you can easily cook your meals. 

Buy Second-Hand Goods

You can save money by buying second-hand goods. It is a great way to save tons of money as a student. The prices on second-hand goods are much lower than the brand new items. Go to the places like Octavia Foundation, Oxfam, or any other charity shops to look for second-hand goods near your campus. You will be surprised by visiting there. It has a treasure of high-quality clothes, antique books, vintage accessories at a very low price. 

Go for Grocery in Evenings

Many grocery supermarkets have a clearance sale in the evening where food near to expiry is being sold at a marked down rate. Goods like dairy products, bread, seafood, fruits, vegetables, and other fresh produce items are labeled at a low price. This is a great way for students to save a few bucks since foods usually survive for more than a few days(Lee, 2021). Next time go grocery shopping before the mart closes and check out the prices. There you see a massive difference. 

Keep Track of Your Expenses 

In any situation, the best way to save money is by tracking your expenses and this can be done by creating a college expenses spreadsheet. On the spreadsheets, you can easily note down all of your tuition costs and other fixed fees, even what you earn from work or what you save from work-study as well as any other income and expenses you have. This will help you to have a visual of all your expenses, to see where you can save more. It also provides good financial literacy for your future.

Cook Yourself

Definitely cooking by yourself saves a lot of money as a student. Daily eating outside is one of the most expensive and health risk things you do to yourself. So turn your inner Jamie Oliver and cook by yourself from scratch. Cooking by yourself not only is cheap but also a healthier choice for your body and also a fun activity to do in a boring time. 

Avoiding Taking Cars to the Campus

Use public transportation, ride a bike, or even use your feet to walk to your campus. Because vehicle maintenance and fuel consumption can add up too quickly. The less you use your car the more you will save money. Moreover, it is good for the environment. 

In a Nutshell

You can still save a lot of money while on campus. Remember that spending too much on unnecessary things can accumulate the risk of too much debt after graduation. Be wise by spending little or otherwise you will be wondering what was the point of spending money on having fun and new experiences. 

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