To be in college is to be broke. College soaks up all your money and classes tie up your time so that a full-time job is usually out of the question. The funds have to come from somewhere. Here are some tips that pulled me through those penny-pinching years:
1.) Feel out FAFSA!
Even if you think you will not get anything, it does not hurt to fill out the financial aid application. Apply for financial aid, scholarships, and work studies - anything your college offers. Apply for loans. If you find out you do not need that money, you can always turn the loan down. You do not want to take out more loans than you need because the interest will catch up with you later, but a small loan is justifiable when you need to food and gas money.
Note: Make sure you go to the right Web site. You are looking for http://www.fafsa.ed.gov/. Other Web sites mimic this one, but charge a fee. Filling out FAFSA is free!
2.) Carpool everywhere possible.
Gas prices go up and down, but splitting the gas between a few people stretches the dollar and keeps you from losing that prize-winning parking spot you drove around for hours to find. Besides, it is always nice to have a buddy.
3.) Keep your grades up.
You applied for the scholarships, financial aid and work study position, but the school will take all of that away if your grades drop below a certain point. Sure, the party on Thursday may be fun, but the test on Friday may be what keeps you in school and paying your bills.
4.) Make a budget and stick to it.
How ever you have to do it, do not go over your budget. Take whatever money you have, subtract your monthly bills (i.e. cell phone, car payment, etc.), divide it by the semester weeks, and that will be your weekly budget.
I reconciled my checkbook weekly to keep tabs on this. I had a roommate who would withdraw her budget, put the cash in an envelope and only spend that money throughout the week. Find whatever works for you, but stick with it. If you can spend under your budget, you will really appreciate it at the end of the semester. Try to leave some cushion room.
5.) Do not eat out.
It is tempting to go out and eat every time your buddies invite you, but there is no shame in staying at home or in the dorms and whipping up some Ramen noodles. They are cheap, easy to fix and come in several flavors. Eating out will not break the bank occasionally, but try to keep it down to a couple times a month.
6.) Avoid brand names.
Generic products are not always worse than brand names and are usually much cheaper. I am partial to store brand mac-and-cheese, but that is just me. Medicines, food, cleaning products - don't be afraid of the cheap brands. Find what generics you can live with and your bank account will thank you.
7.) Learn to cook.
Fixing your own food will save you a ton of money. Meal plans are terribly expensive and fast food meals keep climbing in prices. If you fix your own food, you eat only what you want. You can eat healthier if you are trying to avoid the freshman fifteen. Cooking saves your budget and your waistline.
8.) Accept all hand-me-downs.
So what if your comforter does not match your carpet! If Aunt Lily is re-doing her house and has some stuff she wants to throw away, see if there is something you can use. If a friend has some clothes he/she does not wear anymore that miraculously fit you, do not refuse an offer for free clothes. Reusing stuff helps the funds and the environment.
9.) Share books.
If you and your friend are taking the same class, go in half-and-half on a used book, if possible. You will have a built in study partner and save some money.
10.) Cut your bills.
Everyone wants the great cell phone plan, but sometimes you have to cut back to basics. Call your sweetie at night, watch how often you text and keep track of your minutes. Going over your minutes or texts can be way too expensive. Also, Internet and TV packages sometimes come together, which can save you some money. Make sure to shop around before signing up with a single company.
Also, make sure you pay your bills on time. Late fees add up, taking huge chunks out of the budget. Paying your bills on time helps your credit and saves you money in the long run.