Save Money During College (Part 2)
Posted on: 29th September 2013
Saving money during college seems a formidable task even with scholarships and other kinds of financial aid. But it doesn’t have to be as expensive and unattainable as it sounds. Learn some crucial ways to manage your money and spend it wisely.
- Find meaningful ways to spend your down time. During summer time or semester breaks, don’t envy your friends fooling around Vegas or Mexico. Tutor at-risk kids, volunteer to feeding programs, help Mother Earth. You’ll only get a ‘thank you’ note for your act of kindness but it will give you a different yet fulfilling experience that you can use to be a more effective job hunter, and eventually, a more productive employee when you get out of the real world. Plus, you don’t have to worry about where to get extra money to pay for all the booze when partying all night with people you barely know.
- Exchange your private student loan for a federal one. Cheaper and armed with far better borrower benefits, federal student loans are almost laughably superior to their private loan counterparts.
- Pay off your interest regularly. So that you won’t be surprised at the bulging student loan interest by the end of the school year.
- Ditch the credit card. Credit cards, especially high-interest ones issued to starving college kids, can spiral out of control pretty easily. Or if you have one, reserve those cards for emergencies only and pay them off ASAP.
- Tap hidden money resources. The university might be offering tuition waiver programs or national service so take advantage of this "alternative aid" to take that financial burden off your back and to concentrate better in earning good grades.
- Use student discounts. After you get out of college, you won’t have that privilege anymore so use it while you can – in restaurants, movie houses, department stores, doctor’s appointment, and computer accessories.
- Don’t ignore your career centre. Because it can help you secure a job in this tough economy. A quick visit to your campus career centre can help you research jobs other grads in your field have landed, connect with recruiters and land a full-time gig before you graduate. Career centres frequently sponsor job fairs, resume critique workshops, mock interview sessions, networking resources, connections to professional organizations in your field and job shadowing opportunities. Take advantage of them while they're free.