The College Years:

Arriving at college on a shoe string budget may seem intimidating with fees, book costs, and supplies to purchase. This article will give a crash course in saving money during the college years.

Supplies

The time to buy school supplies is in May and June. That is when the good sales hit the stores. Buy pens and pencils in bulk, these items tend to go missing during the school year. Binders can easily be reused year after year if kept in good condition, the same goes for school bags.

Text books:

Purchase used textbooks whenever possible. The campus bookstore and local bookstores usually stock both new and used books. If only a few chapters of a book are needed for a course, consider photocopying them. College libraries generally have a copy of the textbooks on hand, which can be taken out to study and/or to photocopy needed information. Here are a few websites that also offer used textbooks:

http://www.cheapesttextbooks.com

http://www.ecampus.com

At the end of semester, resell the used books to get the most bang for your book bucks. 

Food: 

Many colleges offer meal plans, which are generally a good deal. However, if a student is at college on a shoestring budget, meal plans may be a bit costly. In this case, the dorm room should be stocked with a hot plate, mini fridge and coffee maker. These appliances could save hundreds per semester. Consider that the average cup of coffee at a college campus costs around $1.50, one coffee per day cost of $37.50 a month that becomes $300 or more per college year. At this rate, a college student would have spent $1200 on coffee after graduating a four-year college. Imagine what a student can save by buying groceries and cooking on a hot plate or using a dorm stove instead of eating out for meals. 

A frugal way to supply the coffee maker, hot plate and mini fridge for the dorm room is through garage sales over the summer. Start looking for them a year before going off to college to increase the chances of finding a good deal. 

Shelter:

Become a resident advisor if at all possible. Generally a resident advisor pays a decreased amount for living in a dorm as well as a free meal plan. It is definitely something to look into to save a few $$'s. 

Students who are living in the college area year round can opt to share an apartment with friends in an attempt to lower the cost of living. When doing the calculations to figure out if an apartment or dorm would be less expensive, factor in transportation costs, utility bills, security deposit, renters insurance and possible furnishings.  

Working:

Work-study programs, unlike loans, this money does not need to be repaid and the work is usually extremely flexible, allowing time for classes and studying.  

Off-campus jobs: Jobs that have a base salary plus tips are great for students. The tip money can really add up and pay for books, fees, food and many other necessities during the college years. 

Saving on College Tuition  

Tuition Prepayment Discounts check to see if the college offers discounts for early tuition payment. Some colleges offer up to a 10% discount for prepaid tuition.  

Course Load: If possible take an extra course per semester. The same goes for summer courses: pile them on if the work is manageable. This way it is possible to graduate a year earlier, which saves on tuition and living costs.  

Handling your Cash:

Set a daily budget. Figure out how much money per week is needed to live on and take it out of the bank on the same day every week. Having a cash based system keeps the spender in check. When there is zero cash left it is obvious that over spending has occurred and will less likely happen in the future. 

Watch out for the little expenditures that add up such as the $1 snack between classes, frequently ordering out pizza or dropping $5 on a beer every night. It is surprising how fast the little costs turn into huge budget breakers. 

Frugal Fanatic Tip: 
Reapply for scholarships and grants that were not won the first time around and keep an eye out for new financial aid packages. Applying for grants and scholarships every year of college increases the chances of getting one.

 

 

 

 

About the Author: Melina Gosselin is a free-lance writer who holds a B.A. in Sociology with a minor in Business from Concordia University in Montreal, Canada. She has worked in the non-profit sector both in the United States and Canada. She currently resides in New Hampshire.  She may be contacted via email at FabulouslyFrugal