Students in the United States are burdened with $1.3 trillion in student loan debt, according to the Federal Reserve Bank of New York. A 2014 report from the Harvard Joint Center for Housing Studies found that one-fourth of recent college graduates were either overburdened or severely overburdened by their student loan debt, meaning they spent more than 30 percent of their monthly gross income on student loan payments and related expenses and had no other significant debts to pay off. How can students avoid getting into this situation?
1) Reduce Your Phone Bill
This may seem like a no-brainer, but mobile phones are very expensive to run and can be one of the largest drains on your bank account if you’re not careful. Invest in an unlocked phone and reduce your monthly cost by switching carriers. If all else fails, try using Skype for international calls or try to find a solution from crazyvegas casino.
2) Fix Car Repairs Yourself
If you’re handy, you can save thousands of dollars by fixing things yourself. If you know how to fix a car engine, change a tire or do some simple plumbing repairs, you can easily save hundreds of dollars every year on auto repairs.
3) Cut Down on Coffee Shop Expenses
At $5-8 per cup, coffee shops can be a quick drain on your wallet. Make your own coffee at home and pack it for your commute. If you can’t do without a trip to Starbucks or another specialty shop, opt for a refillable travel mug. You may end up spending less in drinks alone if you bring your own travel mug with you to work each day—and help reduce waste along the way.
4) Sell Old Stuff at a Consignment Store
Selling stuff on Craigslist or eBay is an obvious way to make extra cash, but I’ve always found it to be a time-consuming pain in my butt. Consignment shops typically offer better prices and more convenience—because you don’t have to deal with shipping or customer service issues. Plus, they handle all of that sales tax stuff for you!
5) Budget Better, Spend Less
To start off with, it’s a good idea to decide exactly how much money you have to spend. If possible, get an allowance from your parents for daily expenses like lunches and coffees. This way, you know exactly how much you can spend without having to guess. Once that’s settled, keep a simple budget spreadsheet on your phone or laptop so you can monitor your spending habits—and start cutting out those little purchases that add up over time.
6) Plan Meals In Advance
After a long day of classes and studying, it’s tempting to just order delivery or stop by a fast-food restaurant on your way home. However, meal planning ahead of time is a much more cost-effective approach that doesn’t sacrifice flavor. It also means you’ll have healthy leftovers for days when you don’t have time to cook.
7) Always Use Coupons
Snapping up a coupon when you’re in need of household supplies or toiletries is always smart, but many people don’t realize just how many coupons are out there—for absolutely everything. Sign up for sites like Groupon and LivingSocial to find deals on everything from pizza to massages to car maintenance services. You’ll be surprised at what you can get with a bit of research and some thoughtful clipping. It is wise to find a coupon from a reliable site like online casino nz.
8) Buy Cheap Books for College
Buying cheap books for college can be a little tough. If you’re looking to save money, here are some tips for finding affordable textbooks. First, search online using sites like Amazon or Chegg. Then, check your local library to see if they have any available copies of those books and reserve them before they’re checked out. You might also want to consider buying used texts—they can sometimes be cheaper than new ones!
9) Buy Used Textbooks Online
Buying used textbooks is a great way to save money, but you need to be careful that you aren’t buying from scammers. Sites like eBay or Chegg are generally safe places to find cheap books, but if they don’t have a good reputation with students, they might not have what you need in stock when you need it. The best place I know of to buy used textbooks online is Amazon.