This is a guest post written by Money Supermarket, a UK based comparison site.
If you’re returning to college next semester – or even going for the very first time – you may be in for a nasty surprise. Did you know that student loan debt has now crept higher than credit card debt? Obviously student loan rates are much lower than standard loan rates and even if you compare loans at moneysupermarket or a similar website you’ll not get a lower rate.
However, you should always try to get the most out of your money and, for this reason, you might want to cut down on your costs wherever possible. One way of doing this could be shop for clothes at thrift stores rather than buying new. You can often get bargains there and even designer labels at a fraction of the original cost.
You should also make sure to take the time to think about what you need to spend your money on and ration it across the course of the semester. It’s all too easy to blow your money straight after arriving at college and be reduced to living on noodles for several months. Again.
Instead, try making yourself a budget when you arrive and factor in so much money for rent, so much money for bills and so on. And don’t forget to budget for fun. You’ll need a treat every so often to reward yourself for getting those essays in on time and the idea of all work and no play does make for a dull time.
Overspending one week isn’t going to be the end of the world, but you need to make sure that you’re not going to be overspending every week, at least if you don’t want to add to the list of people with impossibly large student loan and credit card debts. It’s not going to be easy denying yourself, so make sure that you allow for the occasional splash. A night out here and there can help to save money in the long run.
Having said that, cooking your own food is the way to go most of the time and there are even a number of cookbooks on the market specifically for students on a low budget. If you’re bored of the routine, why not go take turns cooking dinner with your friends? It’s just as easy to cook for several as to cook for one and not much more expensive. Stews and soups can make some of the most delicious meals you’ll have as a student. Mop them up with some bread and butter. When you’re serving dinner, it doesn’t have to be the most sophisticated food in the world to look sophisticated. Ditch the pizza boxes and Chinese cartons behind the sofa, cook some pasta and throw a bit of sauce and some grated cheese on top. Presentation is what makes a home-cooked meal and if you serve it on a nice big plate, turn the lights down and put some candles on the table, you’ll find that your guests enjoy dinner all the more.
There are plenty of ways to enjoy life and still live within your student budget.
Little House asks: What student living tips would you share?
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Cooking your own food can save a huge amount of money. Students also need to remember that going out is a luxury not a de facto right and that going out can cost a bundle of money.
No Debt MBA recently posted..When buying in bulk doesn’t make sense
I was always very impressed with “A Man, a Can and A Plan” cookbooks (thought perhaps not the healthiest:)), and the cookbooks that are for recipes with 3 ingredients, or 4 ingredients. Very creative!
Amanda L Grossman recently posted..Can You Live Off of Your Estimated Benefits in Retirement?
I think planning ahead is the best thing you can do as a student (and a non-student too for that matter). It seems like the more you plan ahead, the more you save.
Jackie recently posted..Insure Adequately Now, Be Grateful Later
I always got by just fine. It was tight some months but it worked. I never was the type to waste my hard earned paycheck on a keg or partying. I had to pay for my college alone and for my bills. It CAN be done–I am a testament to that. My roommate and I had a moving company and we made killer money. With a little innovation and some work ethic it is amazing what college kids can earn and accomplish.
Jon – Free Money Wisdom recently posted..Interview with J. Money from Budgets Are Sexy
@Amanda – Love that cookbook name. I’ll have to check that one out.
@Jackie- That’s good advice. I didn’t have a plan when I went to college for my BA. Thankfully, my parents had financially planned for it and were able to cover my initial costs. However, I didn’t plan for my credential program very well and will now have to pay back some student debt that I’ve accrued. However, if that’s the only debt I have for a few years, that’s fine with me.
@Jon – Sounds like you are an entrepreneur! Having good work ethics and creativity is a definite plus for learning to live on less.
Overspending is one of the things that I need to change. I’m glad I came across your tips. It’s true that there are so many bills and rent to pay but this should not be a reason to be penniless at the end of the week.Yes, you can enjoy life without spending extravagantly.
Ruth@Cheapo Travel Deals recently posted..Greece Travel Deals
@Ruth -That’s true, you can still live comfortably without breaking the bank. Having a budget is a key step. Thanks for sharing!