The A to Z Guide to Saving Money for School
- College is expensive, but it’s not out of reach
- Simple spending tricks can save you thousands
- Discover 26 ways to keep more of your hard-earned dollars
Whether you’re currently enrolled in college, or you’re just starting to consider your degree, you probably know that education is expensive. Scholarships and loans are great payment options, but most students still need to supply some out-of-pocket costs. If you think you’re already stretching your dollars as far as they can go, think again. We’ve gathered 26 tips for increased cash savings. Try one today, and you’ll feel smarter already!
Ask for a lower interest rate on your credit card balance. Call the customer service line, and ask to speak to someone in the retention department. If you’re a good customer, your credit card company will often grant this request, because they won’t want you to transfer your balance to another card company. Either way, it doesn’t hurt to ask. Just a small percent decrease can save you hundreds of dollars.
Become a “do-it-yourself–er.” As a student, you’re learning new applications and processes every day. You can use the same kind of study skills to teach yourself about do-it-yourself projects. Whether you want to tile your kitchen floor or cut your husband’s hair, you can save serious cash with DIY effort.
Create a realistic budget. Most people have a fuzzy sense of their own spending. They know how much they earn, but they trick themselves into believing that they only spend money on their regular, monthly bills. Creating a realistic budget means recognizing all those miscellaneous costs – like fast food at the drive-thru, morning coffee, downloaded music, or drinks after work.
Drink filtered water. Buying a filter will pay for itself after a few months because you won’t have to keep buying bottled water. You’ll also be saving the environment.
Eliminate anything you can live without. Nixing a handful of extras, like premium channels on your cable bill or restaurant lunches, can save you hundreds over the course of a year. And remember, the cutbacks don’t have to be permanent. Remind yourself that the sacrifices you make now will pay dividends down the road.
Fix things that break; don’t replace them. As a consumer nation, we tend to view most of our belongings as disposable. If a zipper breaks, we buy a new jacket. But now would be a good time to adopt the values of our grandparents’ generation. Have a cobbler fix your worn shoes. Learn to secure loose buttons. It’s a lost art, and it’s worth the effort!
Gas is expensive, so don’t waste it. Organize a carpool – especially for kids’ activities and school commutes. You can also conserve gas by driving slower. Revving your engine between stoplights only expends more fuel.
Have an emergency fund. Without an emergency fund, you may wind up charging that new tire, or taking out a cash advance for your next root canal. These payment methods will cost you twice as much in the long run. So start putting cash into a savings account right away.
Ignore the temptation to “keep up with the Joneses.” You will have chances down the road to splurge on vacations and the latest technology craze. For now, be proud of your commitment to live within your means.
Jump at the opportunity to receive assistance. Family and friends want to help you out. So don’t be shy about accepting their offers for free childcare or a delivered dinner every once in awhile. You will have plenty of opportunities to repay their generosity once you’re done with school and pursuing a new career.
Keep all the greeting cards and thank you notes you receive. You can recycle these by cutting along the fold, and pasting a clean back onto the original cover. This way, whenever a birthday or holiday comes along, you won’t need to spend 3 or 4 dollars on a brand new card. This is also a fun project for older kids to help with.
Lights out. Turning off the lights when they’re not in use may sound simple enough, but it can be a difficult habit to form. Heating and air conditioning costs can also break the bank. Institute a household rule about who is allowed to touch the thermostat, and agree on a reasonable temperature.
Maintain your vehicle. Nobody likes paying for car repairs. That’s why it’s always better to maintain your vehicle, and avoid expensive problems down the road. Be sure to change your oil on a regular basis. And be aware of small, starburst cracks that can appear on your windshield. If you fix them early, they are usually covered by the cost of your insurance. But if they grow across the entire window, you may be charged for the replacement.
Negotiate big purchases. When it comes to retail, the ticket price is not always the bottom line – especially in today’s tough economy. You may be able to talk a salesman into a lower price. If not, try online auction sites like eBay.com.
Offer your services. Perhaps you are good at bookkeeping, cutting hair, or gardening. Your skills can be used to save money by working out trades for the services of others, or if you complete freelance projects in exchange for cash.
Pack it. Sure, lunches have always been packable, but don’t stop there. Pack your snacks and breakfasts too. Keep a box of cereal or English muffins at your office. Bring your own thermos of coffee if there’s no machine where you work. Keep a supply of rice cakes, raisins, nuts or crackers in your car. The idea is to eliminate all those small stops – at convenience stores or gas stations – where you always end up buying more than you need, and paying too much.
Quiet nights at home. Entertainment does not have to be expensive. Spend time relaxing at home by playing games or having a popcorn/movie night. The key to entertainment is being with the people who make you happy. You don’t need to spend money to do this.
Resist emotional spending. It is not uncommon to spend money frivolously when stressed or frustrated. If you need a quick shot of feel-good energy, try taking a short jog or a fun, online quiz. Once the bad mood passes, you’ll remember why it’s important to save.
Shop around for the best deal. There is no need to pay top dollar for something when it is offered elsewhere for less. The Internet allows for price comparison from the comfort of your home.
Try finding used items. Craigslist.org is a great place to look for functional, replacement items that you need. You might not want to buy a second-hand wedding dress, but a used lawn mower is much better than a full price option.
Understand the difference between a want and a need. This can be tricky to determine, but if you really think about it, your conscious will guide you.
Visit cosmetology schools for cheaper services. We all have to learn our trade somewhere, and if you are willing to be a guinea pig you can save a lot of money. The students are working under the supervision of an instructor, so there’s not a lot of risk involved.
Walk the dog for exercise. You don’t need an expensive gym membership or a subscription to a diet plan. Walking is a great aerobic activity for almost any fitness level, and the time spent outdoors is a proven stress-reliever.
eXercise your patience. Often we overspend because we want instant gratification. We want to see a new movie right away, or try the latest video game. But prices go down once the initial excitement has passed. This is a good lesson to model for your kids, too.
YMCAs may be a good option. If your kids want to participate in extracurricular activities, then a YMCA membership may be a cheaper solution. YMCAs also offer indoor swimming and a variety of classes – so membership goes a lot further than a single sport registration fee.
ZZZZZs. Before making any costly financial commitments, sleep on your decision. If you still feel it is worth it the next day, then go for it. After getting some sleep though, you may start to think differently. In the end, you’ll be happy you didn’t commit.
Jennifer Applin is a freelance writer and will soon be the mother of six young children born within a 5-year span. Her writing focuses on strategies for busy parents to juggle it all.
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