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3 Simple Steps To Help Students Save Money

Life as a student can be a mixture of things. It can be fun, stressful, enlightening; and so on. While many student experiences differ, there is one thing a lot of people have in common; money struggles.

It’s no secret that students find it hard to save money, and often end up in massive amounts of debt thanks to the rising tuition fees and the cost of living in university. So, it’s always helpful when you can find ways to save money as a student.

Keeping that in mind, here are few simple steps to follow to save more money as you study:

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Buy Food From ‘Discount’ Supermarkets

Buying food is probably the biggest expense a student has to face during their studies. It’s likely you’ll be buying food every week, and the costs can really add up. One way you can reduce the costs is by shopping at ‘discount’ supermarkets such as Lidl and Aldi. These supermarkets often sell off-brand food that’s a lot cheaper than the mainstream branded stuff you find in regular supermarkets.

If you don’t live near any of these supermarkets, then there is an alternative. Shop at your local supermarket but avoid branded products. These are normally the most expensive products, and they rarely provide you with more than a store-branded alternative. So, stop buying branded food, and you will save a lot of money as well.

Shop Online Using Discount Codes

As a student, you need to constantly be on the lookout for online discount codes. In fact, it’s suggested you only buy yourself something when there’s a code available. As seen on https://www.vouchercodespro.co.uk, there are discount codes out there for so many popular online shops. But, as a student, you should also be on the lookout for student discount codes. These are codes offered by certain places specifically for students. They can help you get a good 10% off every order, and some even have student discounts of around 20%. These little discounts may not seem like much when you look at one purchase. However, they can soon add up to massive savings throughout your studies.

Make Good Use Of Your Student Card

Following on from that point about online student discount codes, you can also get discounts in traditional shops too. Whenever you walk into a shop, look for signs claiming there’s a student discount. Or, simply ask the cashier if they have student discounts. Often, you just need to flash your student card to get the discount and save lots of money. There are many sites like http://www.savethestudent.org that show you some of the best places that offer student discounts in their stores. You can also use student discounts at various cafes, cinemas, and restaurants as well.

Saving money really is about being smart and conscious with how you spend your cash. If you’re always looking out for voucher codes and student discounts, you’ll automatically save money. Also, by tackling a huge expense – your food shop – you can limit how much you spend every month and save so much more cash.

Educate Yourself On The Impacts Of A Student Loan

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While we would love the opportunity to go back in time and use what we know now, we’re not jealous of Millennials in the slightest. Why? Because they are the most indebted generation of college students in history. Part of the reason they are so indebted is because students are naturally inexperienced with money, meaning they take out more loans than they perhaps have to.

This simple form of mismanaging money can have a substantial impact on a person’s life. That is why it so important you know exactly what the minimum amount money you need to borrow is, as well as understand how a student loan can negatively impact your life.

No Grad School

A student loan can massively affect your chances of going to grad school because the average accumulation of student debt is $30,000, which can see them seriously struggle to get their hands on another loan after their undergraduate program or, worse, seriously struggle with repayments.

No Home Buying

Having debts already in place can seriously affect a person’s chances of getting a mortgage. There are numerous reasons for this. Firstly, having substantial debts already can affect your credit score and thus your eligibility for a mortgage, although this can be helped by experts like those at https://www.bestdebtconsolidationloans.com/national-debt-relief-review.php who specialize in debt consolidation. Secondly, you may not be able to afford the monthly payments due to your current repayment plans. And thirdly, having to put money aside to pay back your student loans may see you struggle to save up for the required down-payment.

No Dream Job

When someone applies for a job, a company more often than not will undergo a background check. This will include a person’s criminal record, professional history, and credit checks. In fact, almost 40% of companies will perform a credit check. This may not be a problem if you have a flawless repayment history, but if you have made late payments it will show up and this could be held against you. It could be the determining factor between you and another candidate.

No Good Credit

Most major banks and financial establishments treat a student loan just like any other form of a loan. They call it an instalment loan, which affects your FICO score, something you can read more about here http://www.investopedia.com/terms/f/ficoscore.asp. As such, if you fail to make your repayments on time as set out in your agreement you will see your credit score get affected, and a low credit score can prohibit you greatly. You see, the lower your credit score is the more a lender will consider you to be high risk, and thus it will be harder to extend other lines of credit. This could affect home buying, as we mentioned above, as well as other purchases like a vehicle or a business. It will also affect your insurance premiums.

The world we live in now means that the majority of students have to take out student loans if they want to go to college; it is their only means of affording it. We are not trying to warn you off college. What we want you to understand is the consequences of borrowing money and the importance of being disciplined when it comes to how much you borrow. Less is best.

Get Your Money Ready To Go Back To School

It’s not uncommon to have a few false starts on your way to getting a degree and giving yourself some serious career prospects. Not all of us get a degree straight after high school even if we want to. Life gets in the way. But if you want to go back to school, it’s far from impossible. Even with more responsibilities, you should never be afraid to focus on taking paths that develop you even further. But you need to make sure your finances are as ready to go back to school as you are.

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Budget for student life

There’s no doubt that you’re going to have to deal with additional costs as a result of getting yourself back in education. Scholarships, loans and the like are options we’re going to cover further, but there are plenty of financial surprises that can pop up as a result of going to school. Extra childcare costs, supplies costs, and the like will add up. It’s a good idea to create a budget with the express aim of leaving more money aside as part of a college emergency fund. This might mean taking a look at the daily expenditures that you could better reduce. Now’s the time to audit your subscriptions and get rid of those that aren’t giving you your money’s worth and to start making energy efficient house rules.

See what scholarships are out there

Naturally, the biggest cost you’re going to be concerned with when it comes to going back to school is the cost of tuition and perhaps accommodation. To that end, you should take a look to see what scholarships you might be applicable for, first and foremost. Databases like the StudentScholarshipSearch are some of the first searches you must look up. Older and nontraditional students can have as many opportunities at getting a scholarship as the dependent student would. There are scholarships dependent on age, in fact, just as there are some for race, background, and more. Don’t count yourself out of getting one, get yourself matched.

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See what benefits are on offer

Besides scholarships, there might other ways to access benefits that could reduce your tuition costs. Like scholarships, grants don’t need to be repaid in the vast majority of cases. There are age-based programs like the Plus 50 Initiative from the Association of Community Colleges, for instance.  You could also consider going to your employer if you’re currently in work. Many larger companies offer reimbursement for tuition costs if you’re learning skills in education that can help in the workplace. Even if they’re not related to your current job, education policies in the workplace can cut thousands from the cost of tuition. If you’ve served in the military, then there are also programs run through funding from the Post-9/11 G.I. Bill worth looking into. Don’t leave any stone unturned. There are local, state, and federal level benefits and finding the right ones can help you avoid the next step.

Prepare for student debt

In the event that you can’t get a scholarship, grant, or reimbursement of any kind, then you are going to be dealing with a lot more student debt. But you don’t have to leave yourself resigned to having an oversized rock hung about your neck. You can take steps now to chip away at student debt so it’s much more manageable in future. For one, as with all debt, it’s dependent on your credit score. With help from places like CreditRepairCompanies you can ensure you’re not being taken for a ride by student debt. Make sure that your student debt is less than your expected annual starting salary or your current annual salary. That way, you can formulate a ten-year plan that you can reasonably stick to.

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Rent books, don’t buy

What about all the other expenses that chip away at your finances while you’re there? One that many new students will find a surprise is the sometimes-overwhelming cost of college textbooks. A small number of publishers control the market, meaning they can hike the prices up however they like. With professors choosing what product you have to buy; these companies are free to charge what they like because they know you have to pay. So, don’t play their game. Instead, rent your textbooks from places like BookRenter or take your time to shop around and find used copies.

Make use of your student discount

If you want to make sure you’re balancing the budget and spending your money wisely, then it’s a smart move to get an idea of all the different businesses that take part in the student discounts program. A student discount can help you save in all kinds of businesses. You can get clothes, tech (including any computers you might need to study), even entertainment at a reduced rate. There are also travel discounts and insurance deals offered specifically to students that can help you cut down the more regular costs in your day. Before you buy something or sign into a new deal, see if the provider offers a student discount. If they don’t, you can be sure there’s an alternative that does.

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Sell those notes

You can even make use of the money-smart college economy to earn a little more on the side. A whole new marketplace has started to sprout in the last few years. Thanks to the internet, it’s a lot easier for students to keep up with their studies when they might otherwise be struggling. For those willing to pay, they can simply buy their notes from someone else. That’s where you can come in. If you’re good at taking detailed notes, you could make some money. You just have to make sure that the college you’re attending doesn’t have any rules on it. In some, it could result in expulsion. Just check their policies before you start selling your work.

There are a lot of ways to make further education have a much more reasonable place in your finances. Many of the options simply don’t get considered by the majority of students. Hopefully, we’ve outlined a few options worth exploring.

Saving for School: How to Deal with Student Debt

Education is hugely important. It provides us with the tools we need to thrive in life, arming us with knowledge and creativity. However, the higher levels of education come at a cost and one that should be planned for well in advance.

University fees are on the rise and often students leave full-time education with huge debts hanging over them. Despite the size of the figures involved, these student debts are manageable if you follow these tips.

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Plan while you can

Depending on where you went to university and what type of loan you took out, it’s quite likely that you have some form of grace period before you have to start paying it off. In the UK, this is based on your salary, while in the US it could be a fixed length of time. In either case, make use of this period of time to plan your student debt repayment.

Come up with a budget and personal repayment plan that looks at your income, outgoings and student loan contributions. By planning ahead you can manage your debt better once the repayments begin.

Don’t panic

One of the impacts of student debt that is less talked about is the mental burden that it creates. Just hearing the words, “you owe $20,000” for example can deter a lot of talented teenagers from attending higher education.

The important thing is to not panic when thinking about your student debt. No matter how much your course costs, you can manage your finances if you have a clear head and a clear plan. Education is the bedrock of society, so do not let money worries stop you from pursuing your dream.

Debt is not necessarily damaging

Although living with debt is not ideal, student debt is not the same as owing thousands to a loan shark. Paying off your loan doesn’t mean that you have to live off sawdust and hay for the next twenty years either, in fact you can still make the major purchases that you’ve always dreamed of.

Many organisations now view student debt in a more forgiving light than they used to and are willing to offer a number of financing options. Doctor loans, for example, are available to recently graduated medical students to help them purchase a home and other graduate professions are granted similar benefits.

Help yourself while helping others

If you’re based in the US, it is worth looking into volunteer programmes that offer “student loan forgiveness.” Although you’ll still have to pay off some of your debt, a portion may be written off or deferred. By signing up to a volunteer scheme like this, you get to help others while helping yourself to a debt-free future.

Another useful site in the UK is the Money Advice Service who offer free advice on how to deal with debts after you graduate.

Live within your means

A good tip for anyone, but particularly recently graduated students, is to live within your means. After leaving student life behind, it may be tempting to suddenly start living a more extravagant lifestyle, making the most of your real-world paycheck. However, make sure you don’t overdo it.

Paying Back Student Loans

Student loan debt can be crippling unless you handle it the right way. If you understand your situation and know what to do, you can eliminate your debt sooner and live more comfortably without that monkey on your back.

Here’s how you can achieve this:

  • Be willing to sacrifice

Getting out of debt requires discipline. You must be willing to adjust your lifestyle to make your financial goals happen. This means evaluating and eliminating certain spending behaviors until you’re debt-free. To do this, make a budget and look for items you can eliminate. Generally, this means you will have to reduce the number of times you eat out, limit vacations and time away from work, buy clothes only when you absolutely need to and postpone buying that brand new TV or Smart Phone. While it may be hard to do at times, realize that the sacrifice you put in today will pay off big in the future.

  • Find creative ways to make more cash

One of the best ways to pay off student loan debt is to find additional sources of cash. While the economy continues to be flat, there are opportunities to make money. For starters, you can use websites like Craigslist or eBay to sell old clothes or items you don’t use. Further, you can take on small, on-the-side jobs like doing yard work, cleaning homes, or babysitting. Lastly, you could find a part-time job delivering pizzas. Ultimately, no matter how you make it happen, your hard work will pay off as you are taking the steps necessary to become debt-free quicker.

  • Pay off private loans first

Private loans tend to have higher interest rates. Many times, these rates are variable rates, meaning they may increase in a few years. You want to pay off these private loans before the interest rates increase, adding onto the already large balance, making it difficult to pay the bill.

  • Know your options

There may come a time where you suffer a hardship and will need assistance. When you encounter this, call your lender and inform them of your situation. They have options available for borrowers, which includes a temporary forbearance in some instances, which allows you to hold off making payments for a set period of time. You may also want to look into debt consolidation to reduce monthly bills. Further, with the Income-Based Repayment Plan, you only have to make payments up to 15 percent of your pay. To take advantage of these programs, it’s imperative that you communicate with your lenders. They only want to help you. If you don’t keep them updated, you can miss out on options that may be available to you.

Paying off student loan debt may seem like a colossal task, but with proper planning, hard work and sacrifice, you can make it happen. By following these steps and evaluating your finances regularly, you can find ways to cut costs and pay down these bills quicker. In turn, you can gain confidence in knowing that these small steps now will lead to a debt-free future.

Jeffery Sterner writes and blogs about personal financial well-being and issues that influence it for Debt.org, America’s Debt Help Organization.