How to Live the Student Life while Minimizing Debt
Students want to have fun and make the most of their experience before they graduate and enter the world of full-time employment. Many of them feel reluctant to do this, as they want to avoid crippling debt they will struggle to pay off later in life. With the average American student already owing $24,302 in debt, it is good to know there are a number of ways you can save money while you are a student to minimize the amount of debt you will find yourself in, leaving you more money to enjoy your education (and recreation).
Make the Most of Campus Life
You can still see movies, go out for dinner and join a gym without breaking the bank. Student Campuses organise events, trips and nights out, as well as often offering cheap food and drink at student union bars and restaurants and discounted membership to exercise equipment and sports clubs. Getting involved in campus life not only saves you money than if you were to go elsewhere but it helps immerse you in student life and meet new friends with similar interests.
Avoid Unneeded Extras
When you are a student, some businesses may feel as though they can take advantage of you and make you agree to deals that see you part with your money. In particular, if you take out a loan from the bank to help fund your studies, they may add a policy known as Payment Protection Insurance (PPI). This has already been mis-sold to thousands of people who don’t need it and while it can be claimed back, the last thing you need is extra monthly charges or the hassle of sorting out further debts.
Get a Part-time Job
Part-time work alongside your studies can be a great way to bring in extra money while teaching you to balance your commitments. Best of all, if you apply for work in one of your favourite places to spend your money, you may well get a staff discount. This way you are not only bringing in more money but spending less as well, helping you really make a substantial saving.
Think like a Student
Many places offer a student discount without openly advertising it at the counter, so always remember to ask. You can also save money on coursework and textbooks by visiting the student library or buying them second-hand from older students who no longer need them.
Live healthily
Some students may avoid health insurance or trips to the hospital through fear of expensive charges. It is however, much cheaper to sort an illness or injury in its early stages before it becomes more complex, which may well happen if left ignored and untreated. You will also benefit your health and you bank balance if you cut out fatty foods and get into the habit of eating healthy meals and avoiding unnecessary snacks.
Student life is meant to be enjoyed and young people should not have to stress over money but with these simple techniques that can be slipped easily into your everyday life, you can be a student and enjoy your studies without feeling under as much pressure of living in eternal debt.
