Strategize
In addition to payment plans and loans, there's the old money-management standby of budgeting. There are budgeting strategies students can implement that won't affect the quality of the college experience, but will definitely help make payments less troublesome. When college expenses are reduced, the amount required for a loan decreases and the amount you can afford each month increases.
Some Tips to Get Started
When relevant or possible, consider the following budgeting tips:
Books & Supplies
When you're in the bookstore gathering your required texts, look for used books. Also, look at your syllabi before buying the books on the reading list. Professors are notorious for putting books on the list but only assigning 1 or 2 chapters for the class. If that's the case, you may want to consider sharing with a classmate or getting it from the library and photocopying the relevant chapters. Finally, at the end of your semester, sell any texts you don't want back to the bookstore.
Room & Board
Consider sharing a dorm room, apartment, or house with a roommate or two (or three). It may even be possible to rent a room in a private home. If off-campus living is preferable, check the college's housing office for reasonably priced apartments. If you're not on a meal plan, eat at home as much as possible and pack a lunch instead of eating out. Use a shopping list, avoid impulse-buying and never go shopping when hungry. In addition, use coupons where you can and avoid the gourmet specialty shops and convenience markets.
Transportation
Unless absolutely essential, do not own a car. If it's a necessity, perform do-it-yourself maintenance and use the car as sparingly as possible and try to stay on your parents' car insurance plan. For getting around town, take advantage of public transportation. Many city systems offer student discounts. And hey, walking isn't so bad, is it? For trips home, make reservations early to get the lowest fares. Use the services of a good travel agent who is sensitive to students' needs and who looks for the least expensive fares. If you're not too far away, look into train or bus service. It tends to be significantly cheaper than flying.
For air travel, check out online travel sites such as Kayak, Orbitz, Expedia, and if you can be flexible about the times of your flights, Priceline, which allows you to bid on tickets. (Biddingfortravel offers useful background tips and FAQs.)
Remember
Budgeting is not a quick fix to a money mishap. To avoid one, sticking to your budget and learning how to effectively manage your money is the extremely important part. Use the Related Links at the top of this page to learn how.
