Here’s my take on how I’m tackling college savings and student loan debt during my college years instead of waiting for graduation. My name’s Lauren, and I’m a college student who believes a penny saved is a penny earned.
Starting college, I was just like every other student – feeling I knew it all and my parents were always wrong. But reality hit hard and fast. I blew through my savings in my first month and had to ask my parents for financial help. That was a wake-up call. I didn’t want to continuously rely on them due to my financial mistakes. So, I buckled down and my financial state has greatly improved since then. I’ve learned to afford my needs, wants, and haven’t had to ask my parents for more money.
Here’s what I do to afford college and not go broke:
All hail student discounts! I’m all about the savings using my student ID. Few stores advertise them, but ask and you’ll be surprised how many offer them. I score discounts at places like the movies, bars, restaurants, and even supermarkets.
Avoid eating out and make the most of your meal plan. Dining out is pricey, so I use my prepaid meal plan and enjoy add-on meals or snacks. I also love the free food nights or buffets your campus throws from time to time.
Venture out only when there’s a deal. I only eat or drink out when I have a special deal or coupon, why pay full price when I can eat affordably at home or on campus?
Working while studying helps me cut down on student loan debt. I’ve been working part-time at the college library and using those earnings to pay off my loan’s accumulating interest each month. It keeps the principal from growing and ultimately prevents higher interest charges.
Get into the free events on campus. There’s no need to spend big on entertainment when there’s lots of free action on campus. You’ll not only have fun and connect with other students but also save some bucks.
Following these steps, I’ve managed to balance my college life financially. It’s not always easy, especially with friends inviting you to splurge, but remember your ultimate goal. In the end, your pocket and future self will thank you!
By the way, I’m a Junior at the University of Pennsylvania, majoring in Finance. My focus? To ensure successful repayment of my student loan debt after graduation.