Every penny matters when you are in college. Even if you have a part-time job, you’ll still likely find it difficult to make ends meet while in college. Instead of living like an ascetic, shift your focus to strategies that will help you maximize your savings.
Take Advantage of Free Offers
Check out campus bulletin boards, Facebook and other social media accounts related to your college or university and you are sure to find plenty of free offerings. From free food and drinks at social events to no-cost entertainment on campus and beyond, there are plenty of freebies available to college students. Restaurants, bars and other businesses near campus are also likely to provide students with specials and discounts that make it easy to have fun without zapping your savings.
Borrow Money From the Right People
A short-term loan that helps you enjoy a decent quality of life in college is beneficial in that it bridges the gap between paychecks yet it can also backfire. Instead of taking out a loan from a payday loan provider, seek out a loan from a family member, a trusted friend or another institution unlikely to take legal action against you.
If you take out a payday loan and can’t repay the debt, it is in your interest to consider the merits of a payday loan debt settlement. Such a settlement reduces the debt you accrued through a payday loan by negotiating with the lender. A lower payoff amount is agreed to and paid, ultimately liberating you from the debt.
Rent or Borrow Items Instead of Buying Them
College students should borrow or rent items rather than spending large sums of money to buy them. There is no sense buying movies, video games and other expensive items when they are available for short-term rentals or even no-cost borrowing. Visit the local library, take out books, movies and music at no cost, return them on time and you won’t pay a penny.
Don’t buy Textbooks
College textbooks are egregiously expensive. It doesn’t make sense to pay an exorbitant sum of money for those books when you can access them online for free. Opt for e-books or used books and you’ll save a bundle of money.
Frequent the Dollar Store and Garage Sales
Shop at the local thrift stores, keep an eye out for yard sales and always buy second hand items. Avoid paying a premium for prescription drugs, textbooks, clothes and other items and you’ll save hundreds or even thousands of dollars each year. As an example, generic medicine that is over-the-counter is oftentimes half the price of regular medicine.
So don’t fall into the trap of shopping at high-end stores or even grocery stores that charge a premium for items that you can find at bargain basement stores. Make an effort to go out of your way to snag the best deals with the lowest prices at thrift stores and you’ll save plenty of money.
Establish a Budget and Stick to It
Fail to set a budget and you’ll end up taking on debt including a payday loan. Though a payday loan debt settlement is available to get you out of the debt trap, it is better not to get into that financial hole in the first place. Create a budget, stick to the budget’s parameters and you’ll have some money left over at the end of each month for saving or investing.
Buy Used Furniture
You’ll save a ton of money buying used furniture as opposed to new furniture. If you haven’t bought furniture in the past, you should know a living room chair has the potential to cost $1,000. Some couches and loveseats cost several thousand dollars.
Opt for secondhand furniture and you’ll spend 25% or even less of the cost of new furniture. You can find used furniture on social media such as Facebook’s Marketplace and websites like Craigslist. Used furniture is also available at Goodwill stores and other second hand stores.
Buy in Bulk
When was the last time you bought economy-sized groceries? If you are like most college students, you rarely, if ever, buy items in bulk as you probably don’t have a family. Opt to buy large quantities of items sold in economy-size packaging and you’ll spend significantly less than you would have if you bought smaller portions. Keep in mind, you can always store the excess in a fridge, freezer or storage space for use in the semesters ahead.
Don’t pay for a Car
The average college student desperately wants a car as it provides an opportunity to experience life to the fullest off campus. However, cars are expensive as they require a monthly loan payment, auto insurance, repairs, maintenance and more. Add in the cost of gas and it is difficult to justify spending your limited discretionary income on an automobile.
Instead, opt for a rideshare service such as Lyft or Uber. Keep in mind, you can always walk, ride a bike or take public transportation for free or a fraction of what it would cost to take a cab or drive your own vehicle.
Catherine Burke is a financial writer for online payday loan consolidation. She provides information on successful cash loans and payday loan consolidation to help people get over a difficult patch. She lives in Kansas and has earned a frame in the matter of payday loans.
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