Published on: May 15,
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Are your college plans bigger than your wallet? If so, you're among the countless students who need advice and tips to save money in college. Fortunately, there's a lot you can do to cut back on expenses, and most of them are simple enough to implement. Here's what we recommend for college students who are hoping to save a few bucks.
Explore Our Online DegreesMost of us will struggle throughout our lives to save money, but this will never be more important than it is during our college years. Trying to find a middle ground when it comes to balancing college fees, the costs of tuition, books, meals and entertainment can leave you feeling more than a little stressed. After all, life should not be a series of overdue bills and final warnings. That's why it's important to find ways to skimp and save wherever you can. The following tips on how to save money in college can help.
Budgeting can be hard, especially when you're on your own for the first time and have a limited income. Still, it's a necessary part of life that will never be more valuable than it is during the first lean years of college. You'll need to figure out what your priorities are and then set aside those funds first. Bank of America recommends five simple steps for creating and sticking to a budget:
In a perfect world, everyone would have enough money to pay their necessary bills and still have a few dollars left over to devote to fun and entertainment, but it's not always the reality. If you're on a very limited budget, it's vital to make sure the important stuff gets paid first, even if it means passing on that concert you're dying to see or those new jeans you'd love to have. This can help put valuable dollars back into your savings account.
A second great way to stretch your dollars further while in college includes buying used textbooks instead of new ones. The money you'll save doing so can be significant. For example, purchasing a new physics book, such as "Conceptual Physics," by Paul Hewitt, may cost upwards of $259. However, on a second-hand book site, such as ThriftBooks, you may find a copy for $8.59. It may be an older version or a different edition, and it may be a bit beat up. But as long as your instructor is fine with it, there's no reason not to save as much money as possible on your textbooks.
You may also want to try renting your textbook from a company like Pearson. Here, you can rent the same book for $9.99 per month. This is a pricier option, but if funds are low, it will still get you through for less than the price for a new copy. And don't forget to sell your used textbooks back to sites such as BookScouter.
Needless to say, it costs less to eat in than it does to dine out. So find ways to fix easy foods at home. A simple microwave or hot plate can help, so long as it doesn't break any rules - and don&#;t forget a mini-fridge. This way, you can stock up on enough lunch meats, yogurt and fresh veggies to get you through a week at a time. Buying a coffee pot is much cheaper than stopping by the campus cafe daily. And cooking your own meals is way cheaper than shelling out for the university meal plan.
Most communities offer specialized discounts to college students, and all that's usually required is the presentation of your school ID. By taking advantage of student discounts, you may be able to save money on things like movie tickets, electronics and room decor. You can find cool reward offers on credit cards, too. Just Google the term "student discount" to get started.
Nobody likes riding the bus, but doing so can save you big bucks over the course of a semester. By taking the local commuter or even carpooling with friends, you'll save significant cash, especially with the rising cost of gasoline. Metro Magazine estimated the annual savings of taking the bus over owning a vehicle at more than $10,000, which was in when gasoline averaged $2.94 a gallon. At some colleges, that much could cover the cost of a semester or even a year.
To make public transportation even more convenient and user-friendly, buy a year-round pass. This will eliminate the need to dig for change every morning. Better yet? Sign up for online classes and skip the commute entirely.
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Credit cards are a wonderful tool, but you must use them strategically. Otherwise, they become more of a liability than an asset. If you use credit cards, even ones that offer great student rewards, use them wisely. Try to limit their usage to emergencies or necessities, and avoid taking costly cash withdrawals. Transactions like these usually accrue interest daily, as opposed to monthly, and the totals can multiply much faster than you realize.
Use these helpful tips to avoid amassing too much credit card debt:
Stay on top of your credit history by using an app such as Credit Karma or Credit Sesame to help you manage your cards and to stay abreast of your credit score.
A part-time job will help offset your expenses as you attend college, though it will take time away from friends and study.
For many students, working while attending college is necessary. However, it's important to know your limitations and to prioritize study over earning. Try to keep your work hours down to part-time if possible.
Working part time is another great argument for seeking out online classes, as the improved flexibility will make it easier to fit a work schedule around coursework.
Movie tickets are pricey, but making use of a friend's streaming services is usually free. Look for alternative entertainment options like these to save money. These might include gathering at a friend's dorm room instead of in the local cafe or keeping up with your favorite celebrities online instead of buying that glossy magazine at the check-out stand. Schedule simple picnics with friends and family instead of meeting for lunch at a trendy restaurant, and consider checking out vintage clothing stores in the area instead of shopping at the mall.
Lastly, consider taking affordable online classes when you can. While not every college offers online degree programs, many give you the option of a hybrid schedule, meaning some of your classes are available online. These are usually more affordable than classes you attend in person.
According to U.S. News & World Report, online classes save money in several ways:
When you're ready to begin your college career, we invite you to explore the many online degree options available at Husson University. Since , Husson University has helped prepare students for the challenges of tomorrow. Today, we offer a range of undergraduate, graduate and online programs that are designed to meet the needs of both traditional and nontraditional students. Request more information or schedule a campus tour today.
Explore Our Online Degrees
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Back to All BlogsAt Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money .
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Selling your house &#;for cash&#; doesn&#;t mean you&#;re trading it for a briefcase full of hundred-dollar bills, like in the movies. Rather, a buyer who makes an all-cash offer has enough liquid funds to cover the full price upfront. Instead of financing the purchase with a mortgage loan, the buyer will simply pay you directly, just as if they were buying anything else.
These offers have become increasingly common in today&#;s hot housing market. In fact, a recent Redfin study found that one-third of U.S. home purchases were made in cash in April , the highest share in almost 10 years. While an all-cash offer might sound appealing to sellers, these deals can be complicated. Here&#;s what to know before you accept one.
Whether your buyer pays in cash or is financing the purchase, you&#;ll get paid either way. However, accepting an all-cash offer can speed up the process significantly, since you don&#;t have to wait on lender underwriting and approval. Plus, all-cash offers are less likely to fall through, since your buyer isn&#;t relying on a loan application that could be denied. If you are lucky enough to have multiple offers, a cash one can certainly be more appealing than one that hinges on a lender&#;s eventual approval.
That said, there are downsides too. Cash offers are often lower than finance-contingent ones &#; a &#;discount&#; cash buyers can give themselves, since they know they&#;re making things faster and more efficient for you. And you&#;ll need to be wary of scammers who prey on what they perceive as desperation of buyers seeking a quick cash sale to resolve financial difficulties.
Ultimately, deciding whether an all-cash offer is right for you will depend on whether you want to sell as fast as possible. If your main concern is simply getting the property off your hands and collecting the cash, it&#;s a great option. But if you have the time and want to aim for top dollar, you might get a better offer from a buyer who&#;s financing.
Cash transactions often take place in markets where homes are extremely affordable, making it more likely for buyers to have the full amount available, or in markets where deep-pocketed individuals might be looking for investments or second homes. Case in point: The Redfin study cites the top three markets for all-cash deals as Cleveland and Baltimore, both of which have median prices far below average, and West Palm Beach, Florida, a popular resort and vacation destination.
All-cash buyers typically fall into one of the following categories:
While all-cash offers might not earn you the best possible price, they do provide significant perks for sellers:
If you&#;re pressed for time, or if you need cash urgently to resolve a financial emergency, it may make sense to take an all-cash offer for less than market value. Doing so does save time and hassle. Otherwise, you may be better off waiting to see if you get stronger offers from buyers who pay with financing.
You shouldn&#;t take an all-cash offer if the offer is significantly below market value and you are not in dire need of cash ASAP. A traditional sale with a real estate agent might take a bit longer, but it will likely earn you the most competitive price possible for your home.
All-cash offers are more common than you think, especially in hot housing markets. According to a recent study from Redfin, one-third of U.S. home purchases were made in cash in April . That&#;s the highest level seen since .
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