Saving Money During College
If you are thinking about going to music school, you are entering into a highly competitive environment. Because there is so much demand for those coveted seats, music school is typically very expensive and saving money during college can be difficult.
For example, if you were to study at Julliard this year, you could expect to pay around $63,950 in tuition, books, supplies, personal expenses, room, and board.
You probably are already adding up the thousands of dollars in student loan debt you expect to owe when you graduate.
You may feel hopeful about some possible presidential programs to tackle the student loan debt crisis, but it is best not to wait on government officials to solve your problem.
You should do everything you can to save money and reduce debt while you are in school.
1. Consider commuting.
This all depends on where you go to school, but take the example of attending Julliard. There you will pay almost $16,000 a year for room and board if you decide to live on campus.
Try dividing that by 12. You might be able to save significant money each month if you rent somewhere and commute downtown.
Of course, that may not be true with Julliard because we are talking about NYC, but there are many situations where commuting could save you hundreds of dollars a month.
2. Use public transportation.
If you are thinking about buying a car or you are already making payments on one, consider selling it while you are in school—especially if you are going to live on campus.
If you live on campus, paying for student parking costs an arm and a leg. You also do not need the car as much to get around.
When you do need to travel, the bus and/or metro system probably will work just fine. Your school may also run a free shuttle service.
3. Eat at your school’s cafeteria.
If you do not have a student meal plan, get one. Yes, the food may taste awful, but it is also the cheapest food you are going to get if you are not willing to cook.
If you are able to cook and you have the means (even a microwave and a fridge), you should, because that can also save you a lot of money.
Whatever you do, resist the temptation to eat across the street every day at the local pizza place. Even if restaurants next to campus offer discounts to students, you will still spend more than you have to in order to eat.
4. Buy generic.
When you think about buying generic, you may be thinking about prescriptions, but there are other items which you can purchase generic as well.
You can purchase generic toilet paper, generic paper towel, and other generic household supplies. Just staying away from major brand names can significantly curb your living costs.
5. Get rid of your vices.
When you are fresh out of your parents’ house for the first time in your life, you will probably want to party. But be careful that you do not allow a few drinks to turn into a habit.
Many freshmen take up drinking and smoking casually only to realize a year later that they cannot put down the bottle or ditch the cigarettes.
What a lot of people do not think about is the financial cost that these vices add up to. Smoking and drinking are very expensive if they turn into a daily or even weekly habit.
Over the course of your college education, you could be looking at thousands of dollars. Quit the binging and you will save a ton of money.
Saving money during college is difficult, but there are many things you can do to cut back on your costs.
Ultimately, that is all money you will have available someday to help you to pay off your student loans.
Looking for even more helpful ideas? Try implementing some of these creative ways to save money.