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Students often work with tight budgets during their time at college so it’s important for them to make savings wherever possible. Many worry that saving money means missing out on fun college experiences, but that doesn’t have to be the case. Here are three ways to save as a student without forgoing the fun.
1. Apply for scholarships and grants
A great way to save money as a student is to apply for college scholarships and grants. They don’t have to be repaid and they can cover all or part of your tuition or living expenses to help you reduce your overall spending. Scholarships are merit-based while grants are awarded according to financial need.
You’ll automatically be entered for institutional and state scholarships and grants when you apply for federal financial aid. You can find additional opportunities by enquiring with your high school counselor, your college financial aid office, local businesses, and religious, community, and non-profit organizations.
2. Buy second-hand textbooks and class supplies
Class supplies and textbooks can be incredibly expensive, with the average student spending between $628 and $1,471 each academic year. Depending on your classes, you may also have to invest in a high-spec computer or costly software.
A simple way to save is to buy second-hand supplies as much as possible, particularly when it comes to textbooks. Just be sure to check if the edition is right for your class. Used and refurbished desktops, laptops, and tablets can also be significantly cheaper than brand-new models, and, when bought from reputable resellers, you can be confident that the device is in good enough condition to last. Don’t forget to resell your textbooks and equipment when you finish with them to recoup some of your expenses.
3. Cook at home with friends
Socializing is an important aspect of the student experience, but it can be incredibly expensive. The cost of eating out, even with cheap fast food, can quickly spiral out of control when you do it regularly to hang out with friends. Instead of forgoing social life, create a culture of cooking and eating together at home. You can take turns cooking and hosting, or you can get together at the grocery store to split the cost of ingredients before cooking a meal together at someone’s house.
Home-cooked food is always significantly cheaper than dining out, and it tends to be far more affordable than buying food on campus. You can also make big savings by bringing your own lunches, drinks, and snacks to college instead of using on-site dining halls and vending machines. Students collectively spend in the region of $11 billion every year on snacks and drinks, but when you buy from the grocery store you can save plenty.
The key to saving money as a student is to plan ahead. By taking a little extra time to look for cost-effective alternatives, you can cut down on your expenses without sacrificing fun.
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