How to Save Money in College

With college being as expensive as it is these days, here are some tips to save a little extra money here and there without becoming a tightwad or eating Ramen every day.

Difficulty: Easy

Instructions

1. Do not buy your textbooks new. Many bookstores offer used books for 25-50% off the retail price. It is different if you want your Stephen King novel in new, hardcover condition -- but a textbook is a textbook. You reap the knowledge and whether those pages are slightly torn or not will have no effect on your learning experience. Also, if you cannot find your used textbooks in-person, check out Half.com or find people through Facebook or Craigslist to see if they have textbooks they do not need anymore.

2. Watch the tab at bars. Just because your local college bar offers $1.00 beer specials does not mean you should be spending $10-15 on alcohol every other day. You can have fun, but drink moderately -- your wallet and liver will thank you in four years.

3. Pass your classes. This is a matter of common sense, but failing a class results in no credit earned, which ultimately means one thing: you need to pay to retake the class. By failing a class you have just cost yourself a couple hundred dollars, if not moreso. Not only does this look bad on your transcript, but this looks bad for your already dwindling checking account.

4. Don't take out more then you absolutely need in student loans. It isn't financially smart to 'presume' costs for books, classes, supplies. Figure out exactly how much you need and get it as close to that as possible without going over. Unfortunately, many students with $3,500 semester bill end up taking out $4,000 "just in case". By doing this habitually, you have just cost yourself an extra $4,000 if you graduate in four years. After all, does anyone have any trouble spending an extra $500 "just in case"? If you don't need that $500, you end up just spending it on random things.

5. Avoid fully deferred student loans like the plague. You will regret it four years down the road when your $25,000 college tuition is now a $70,000 nightmare of a bill. Take on a second job, and keep loans to an absolute minimum. Otherwise, you may end up with monthly bills as high as $500 just in loans for a decade or more.

6. Take advantage of scholarships. There are many scholarships out there that do not get utilized by students. Many scholarships have easy requirements: put in effort in applying. You'd be surprised how many students don't apply for scholarships because of a five-page essay requirement on "who you are". Take the time to do that paper, you may end up reaping the rewards when someone else was too lazy.

7. Eat in as much as you can. Sure, there is nothing like getting pizza delivered at 2:00 in the morning while you are studying for midterms, but some students find themselves going to McDonalds, getting pizza delivered from Pizza Hut, and enjoying a Big Arby's special one too many times a week. Not only will this tack on several inches to your waistline, your checking account will end up being the one slimming down!

[joebowden]

on 6/8/2009 great info good detail 5 stars