In the last decade, student debt has become a national crisis in the U.S., with recent college graduates carrying an average negative balance of $30,000 on unpaid tuition fees.
In addition to high tuition costs, many of the lifestyle choices made by students while in college also weigh in on how much they rack up in debt.
Here are five great money-saving hacks that can help curb your debt without depriving you of the college experience:
Stop Eating Out
College campuses are often surrounded by a healthy variety of restaurants, from Chinese takeouts to Italian sitdowns. With a full course study load, it’s tempting to just eat out instead of cooking your own food.
This lifestyle choice, however, can bleed into your finances over time. According to a statistic posted on The Simple Dollar, the average meal cost per person when eating out is $12.75.
Cooking your meals in-house can cut that cost in half. If you do have to eat out, such as when you want to build professional connections with a possible business partner or mentor, establish a monthly limit.
Bunk Up With College Buddies
Living in your own private dorm room, or apartment unit if you live outside the campus, is an expense you can live without. You will likely be in class most of the day, so having a spacious room to yourself doesn’t make practical sense.
Bunk up with fellow students so you can save on rent as well as utilities. The cost of utilities is often overlooked, perhaps since the individual cost of each utility is significantly lower than rent.
However, when added together, the cost of electricity, gas, water, sewage maintenance, trash, recycling, cable, internet connection, and even media streaming plans can sum up to a considerable amount.
Cut Out Bad Habits
Alcohol and cigarettes are common vices entrenched in the "normal" college experience. While there are studies showing these substances’ ability to calm the nerves, which for many students is an appealing side-effect, the long-term impact of both items is detrimental not only to one’s physical and mental health but also to their financial well-being.
According to the National Cancer Institute, a pack of cigarettes costs an average of $6.28. For students who can burn through a pack a day, that’s a $188 hole in your pocket each month.
Get a Used Car
Cars are another element that’s synonymous with an authentic college experience. It signifies the newfound freedom that young adults crave.
A brand new car, however, is a fiscally irresponsible purchase, especially for a college student without a reliable source of income or a good credit score. For example, you can find used cars near Rapid City that give you the same amount of freedom to go places but without the steep sticker price.
A used car also comes as a good college investment as it enables you to pick up part-time work outside of campus. When shopping for used cars, bring someone who can inspect the vehicle. You can also add a "certified pre-owned" filter on your search to ascertain the condition of the vehicle.
Be Active in Extracurriculars
Rather than spending money on monthly media streaming platforms so you can binge-watch trending shows, sign up for your school’s extracurricular activities. Casual soccer pickup games, chess clubs, or an acapella group are some of the possible activities you can partake in.
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Not only does it sharpen your physical and social skills, but it also helps you avoid the temptations of spending money on entertainment, like video games, music downloads, or magazine subscriptions. As an added benefit, you can list these extracurricular activities on your resume later on.
These are only a few of the many money-saving tactics you can employ while in college. Other things you can do to stay in the positive include skipping costly spring breaks and out-of-town trips, selling items you don’t need anymore, and shopping for supplies at places that give student discounts.
Lastly, avoid the temptation to adopt a pet while in college. Pet care costs are not something you want to deal with until after you’ve graduated from college and have secured a decent paying job. What’s great about these financial tips is that many of them can be applied post-graduation.
Image Credit: by envato.com
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