Dearest Readers,
As of today, I’m competing in an “Education and Wealth” blog competition on GoBankingRates.com and it would be really wonderful if I could win so…do me a huge favor and VOTE FOR ME, PLEEEASE! All you have to do is go to the site and comment with my article #: “19″. That’s IT! SO easy. You should also check out the other articles, they’re pretty good. 
Below is the article I submitted which I think is a decent read for anyone in school (undergrad, grad, or other). Thanks for your support!!!:
For many, it’s that time of year again – time to head back to school! After sharing my own college credit card debt disaster story, a reader asked me what I would have done differently back in college.
Courtesy of cbc.ca
I decided to make my response into a whole new post so here are my top money saving tips [in no particular order] for higher education budgeting (those I followed and those I wish I’d followed!). Comment with any other tips that I missed!:
1) This first one is pretty obvious, but…apply for as much financial aid, grants, and scholarships as humanly possible. FAFSA and www.fastweb.com are the best sites to start with. Every little bit helps and it costs nothing to apply (except your time, but that’s irrelevant ).
2) (if you can help it) DO NOT BUY BOOKS NEW! Get them used or BORROW them whenever possible. The college text book market is one of the biggest rip off scams known to man (right up there with infamous infomercials). Chances are you’ll probably only spend about 5 hours of your entire life with any of your text books – so why spend $300 on each! There are plenty of online markets for trading and bartering for college text books, amazon and google are your friends.
3) To be a true college student, use Megabus, Bolt Bus, or Chinatown bus service whenever possible! Amtrak is just not worth the money when you can use much cheaper means for much better savings.
4) You’ll be surrounded by fellow peers spending (their parents’) money all around you. Don’t try to keep up with the Joneses! It’s not worth it – trust! Keep it cheap – shop at forever21, H&M, other less costly stores (and don’t sleep on Target). Because let’s face it – out of everything I bought during college, I probably only know where 5% of those clothes are today – stuffed in some storage bin in my closet!
5) If you can be an RA and live “room and board”-free – DO IT! I never took advantage of this (too busy being a bad example by having parties in my own dorm room), but if you decide to be a Resident Advisor for your dorm, this can save a lot of college housing costs during your latter years of college. Good deal if you ask me…
6) Cheap dorm interior design is the way to go. Keep it disposable. Most of whatever you use to decorate your dorm (whether that’s bedding, rugs, posters, etc.) you’ll probably just get rid of when you start your “real world post-grad” life so why spend a fortune on it now?? I recommend keepin’ it frugal with Target, IKEA, Kohl’s, even Wal-mart.
7) If you qualify, take advantage of work-study. The jobs available should be pretty flexible and shouldn’t interfere too much with school work (not any more than facebook and beer pong already will). It’s always good to have a little cash flow.
8 ) Whatever income you bring in (whether it’s income from a part-time job, work-study, or parental donations), make a monthly budget and do your best to STICK to it! This is a lesson I learned the hard way. Spending more than you make will only lead to DEBT and the delay of your financial goals!
9) Be careful with credit cards because it’s EASY to charge anything you don’t have the cash for. This is VERY dangerous as a college student.
Courtesy of oldgoldandblack.com
10) Use public transportation or walk. My college campus was good for not needing a car so hopefully yours is too. If you do “need” a car – keep it cheap, keep it used, and try not to use it often – gas and maintenance costs can get out of control. Carpool when you can. And don’t be afraid to ask friends for gas money…
11) Only borrow what you NEED! If you do need to take out student loans, make sure you’re only borrowing the amount that you need to cover school expenses, AND NO MORE. This is KEY! It’s VERY tempting to take out more and I definitely took out a little more than I needed to (not TOO much more, they do restrict that somewhat) but I could have restricted myself a little more, but having that “I’ll be able to pay this extra debt off in no time when I graduate” mentality really set me up for taking on more debt than I needed to.
12) USE THE MEAL PLAN. I know the dining hall gets old REAL quick, but my friends and I wasted so much money by NOT using our meal plans that were PAID for! I spent money on Cosi’s and overpriced meals way more often than I should have. If your school has a “half” meal plan option vs a full meal plan – that might be an even better idea.
13) Cook for yourself as much as you can. I cooked like 3 times during my 4 years (I’ve slightly improved this since graduating lol), but I recommend using the meal plan or cooking as much as possible.
14) BUT…remember to have fun, too – It WILL be the best 4 years of your life so budget for that Spring Break trip. It will provide some unforgettable memories.
15) Bonus Career tip: during your Junior year – get a summer internship with a company you want to work for when you graduate; do your best; get a full-time offer by the beginning of senior year; then RELAX (and start budgeting for your “real world post-graduation” life)!*
I think that’s it, but let me know if you have anything to add!
*Results not guaranteed.
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[...] This post was mentioned on Twitter by Dolla Thug, Dolla Thug. Dolla Thug said: College Saving Tips – LESS is MORE! http://goo.gl/fb/2GuCH [...]
i didn’t live in a dorm, which is the only way we could be on any type of meal plan. i’m sure it wasn’t the greatest food, but i always wished i could just walk into the dorm dining hall at meal time and sit down and not have to worry about “paying” for the meal. most of my friends did take advantage of it which was very smart.
@ Danielle – the best part of our meal plans were the option to use “Dining Dollars” which you could use to purchase meals at various restaurants on campus like Subway, Chic-fil-a, and this mini-convenience store – pretty fancy!
I went to the contest site and your article isn’t listed anymore! What happened?!
Hi AttilaTheFun! Thanks for the heads up! I just sent an email to the GoBankingRates website, so hopefully it’ll get taken care of ASAP! I’m sure it was just a mistake.
I especially like 2, 7, 11 and 15. Every time I hear a parent saying “I don’t want my kid to have to worry about working through college” I have to count to ten and take deep breaths. I don’t want my son NOT to work through college. The life lessons from college years aren’t limited to learning what they teach and making friends, etc. Learning the responsibilities of earning and budgeting spending money (or even tuition or book money) is also a valuable part of the college experience.
And balancing that with studies to excel at both is probably even more valuable (and real-world) a lesson. Let’s test that theory out though:
How many mothers/fathers/bachelors or -ettes can just concentrate on one aspect of their life (pick it – work, kids, etc.). The reality is learning to earn, budget and balance is just as, if not more, valuable than History 101 in many instances.
My two cents
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@ Nick – I definitely agree – learning to MULTI-TASK is an invaluable skill that everyone needs to learn, especially when it comes to supporting oneself through school. Thanks for your 2 cents!
Voted for you Spec! And thank goodness I followed most of these tips while I was in school and was able to graduate with an impressive savings
I definitely agree with you on not buying books new. In fact, I was just reading an article about a website that lets you rent textbooks which could be even cheaper than buying used books.
@Penny Hoarder – I did a little research since you mentioned it and I found several sites:
chegg.com
collegebookrenter.com
bookrenter.com
textbookrentals.com
http://www.ecampus.com/textbook-rental.asp
Happy Savings, Readers!
I know I’m extra late (but I’m getting back on my Dolla Thug grind TODAY!) Thanks for your vote, spec!
Hey Dolla Thug!Here’s a tip that I wrote for a blog I had…definitely worth taking a read:A good way to save money when you go off to college is to get a prepaid
cell phone. I have been super connected during my tenure at college and do not
want to miss one moment of the daily gossip, so I am constantly with my phone.
Needless to say, after the first few months this became rather pricey. I
started doing some research and found prepaid cell phones. After reading
extensive reviews, I got a Straight Talk. Although it isn’t the coolest phone
on the market, it definitely has its perks, like how I’m saving almost $40 a
month!
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Thanks so much for all those great ideas! I know the one that has saved me so much money… and has even made me a little is buying my books online. Once you I have finished with them, the book store has bought them back for more then I paid! YAY!
The other tip I love is using public transportation. I have saved so much money by finding a fee spot to park and then either take the bus or walk. Thanks for this great post!
[...] to find out the answer to this question, click the link! More money management information here!This article is totally focused on available options that will help students to save: First and fore… they don't always advertise this. So, in other words it means you should never be ashamed to ask. [...]
Here’s what I did for food my senior year: I lived in a frat house which had no meal plan. I got a slight allowance for food from my parents, but that did not cover all meals. SO, being in a fraternity opened up a lot a friendships with many girls in sororities. One particular sorority needed some “house boys,” who help out in the kitchen serving the girls lunch and dinner along with washing the dishes, clearing tables, etc. One other fraternity brother and I took on the job…the pay was FREE FOOD. We ate everything the girls did for lunch and dinner just by being their servants. Not to mention the perk of the attention we got from the girls as the only guys allowed in the house. It was a great deal all around with sweet memories.
I know the dining hall gets old REAL quick, but my
friends and I wasted so much money by NOT using our meal plans that were
PAID for! I spent money on Cosi’s and overpriced meals way more often
than I should have. |
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certainly like your website but you need to test the spelling on several of your posts. Several of them are rife with spelling problems and I find it very bothersome to inform the truth nevertheless I will certainly come again again.
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yeah for sure best way to not bury yourself in uni debt is drink cheap beer and cook for yourself (as you said)… cooking for yourself also saves your health and saves you money not having to buy meds etc.
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