Being broke and in college is not at all fun. You don’t get to enjoy the simple things in life, like getting a burger or a milkshake after a tough exam or cram session, because every little expense adds up and fast. It seems that you spend money without even thinking about it and then wonder where it went when your bank account shows a zero balance. Typically, with your course load and the amount of studying you have to do, it can make it virtually impossible to get a part time job, which leaves you having to ask mom and dad for help or fending for yourself. Here are 5 frugal living tips for broke college kids.
- Always plan ahead. It might seem ridiculous to financially plan ahead if you have no money, but, regardless, there will be miscellaneous expenses, like groceries, cell phone bills and more. Once you have a bottom line budget to work with you can find out a way to get the money you need to live. This might be through financial aid or you might have to swallow your pride for once and ask your parents for fiscal assistance. It will be a lot easier to get money if you have a budget and a plan.
- Live on campus. If you are a broke college kid it might, unfortunately, be time to give up your apartment. Living off campus, with rent, utilities and more, like the gasoline fill ups to commute to school in the morning, can really start to add up. You can save a lot of money by moving into the dorms or on-campus student housing. This might be slightly unbearable at first, but once you see how much money you would be spending otherwise you will probably change you mind.
- Get on your parent’s cell phone bill. A single cell phone bill can cost up to 100 dollars or more a month, which is typically way out of a broke college kid’s budget. Most major cell phone data and communication providers have the option of adding on another line for only $10 or less. Some of these providers might even give discounts for adding another subscriber. If you don’t want to be this tied down to your parents you can always get a pay as you go phone, which can cost a fraction of what you would usually be paying.
- Take online courses to save money on on-campus living. You could just as easily earn your strategic management MBA online and live at your parents house, thus saving a significant amount of money on not only college expenses, but it will also limit your need to rely on taking out a college loan.
- Lastly – sell, sell, sell. If you have anything significant to sell, like old computer equipment or electronics, like televisions, you can always find a second hand dealer in town to purchase it or put it up online for sale. For broke college kids this can be a great way to make a few extra bucks. You might not have a TV, but you will have dinner.