Hi, I’m Little House from Little House in the Valley and I’m part of a larger personal finance blogger’s network called the Yakezie.com. Our community of finance bloggers selflessly support others with the common goal of sharing our finance experience and knowledge. As part of that support, we frequently swap posts to help broaden our readership. This month our blog swap topic is about the Best Tip for College Freshmen. Be sure to surf over to my site as well to read another member’s perspective on their Best Tip for College Freshmen.
As I pondered the single best tip I’d give to a college freshmen this semester, I was brimming with advice. However, much of that advice would go in one ear and right out the other, like budgeting for example (though an important skill). Instead, there are plenty of online programs to help manage a student’s spending automatically. So, as I weighed my suggestions based on importance, I decided that the single best tip for college students would be KEEP YOUR DEBT TO A MINIMUM.I can’t stress the magnitude of this tip alone without practically screaming it from the post in capital letters. When I mention debt, it can come in all forms; student loan debt, credit card debt, and *gulp* personal lines of credit debt.But before I go into the benefits of keeping your debt to a minimum, let me just outline a few ways to reign in the spending.Keeping school expenses within limits (warning: these tips do require some budgeting):
- Housing – If you are attending college near your hometown, living at home will save a bundle of money. It may not be your first choice, but in the end it could save thousands of dollars. If you’re attending a college too far from home, check out alternatives to living on campus. Is there an apartment complex nearby that caters to college students for less than a dorm would cost you? Do you have friends attending the same college? Share a small apartment instead.
- Books – University book stores are seldom the least expensive option. Get online and hunt down your books for less a week or two before classes begin. Don’t forget to check Amazon, eBay, Abe Books, and Chegg to name a few. Renting textbooks is also an option. Just be sure to weigh the pros and cons. When you’re finished with the books, you also have the option to sell them to recoup a bit of your expense.
- Food – Learn to cook. Even if you can’t replicate Wolfgang Puck, learn to make a couple of pasta dishes, bean and cheese burritos, and sandwiches. Squeeze a couple of fruits and veggies in with every meal or so, and you’re verging on healthy.
- Travel – So your friends are going to Cabo for Spring Break and you don’t have the cash. Skip the trip. Your time for travel will come when you have a full time job. Set a monetary limit for traveling each year and stick to it.
Now that I’ve outlined how to keep your expenses to a minimum, let me explain the benefits to keeping your debt to a minimum.Imagine you’re approaching graduation. You already have a job lined up thanks to some smart planning and internships. Your debt is minimal, only taking out student loans to cover education costs that scholarships and grants didn’t cover, and the total is less than what your first year’s salary will be. Your first year out of school will be its own adventure, but you’re not worried about drowning in debt, like some of your Spring Break Cabo friends, because you were wise enough to keep your debt under control and not get lured into splurging on credit.You’ve made a plan to pay off your student loan debt in five years so that you can purchase a house, move to a new city, or start your own business because you are debt free, something not many people can claim. Since you are debt free, you have choices others do not have.Keeping your debt to a minimum by making wise choices has opened up a multitude of other choices available to those who are debt free.
Are you keeping your debt and student loan debt to a minimum?
When i was in college, I tried keeping my loan debt to a minimum and I have never had credit card debt.
Many of my high school students go to community college to keep expenses down. They transfer to state schools and commute to save money. They miss some of the socialization, but their cost of education is kept low.
@Krantcents – I did the same thing; I attended a two year college first, then transferred. It saved a bundle and I was able to graduate with my BA debt free. But, I know so many who didn't follow that path and ended up with a ton of debt. Thanks for sharing that tip!
@Michelle Parker – That's a great way to get through college – debt free. And not get lured by credit cards!
Ramen noodle, once every week, is a great money saver same as macaroni and cheese. Also try to buy books from half.com or amazon, sell it to freshmen next year, probably at a greater rpice.
20 bucks a week – that's how much I remember spending in college on groceries. And no eating out.
No eating out for me as well. Once a semester celebration eating out was taco bell 🙂 Students do have more time than family folks, that would be the best time to learn cooking and save more.
@SB – Excellent tip! I remember eating Ramen at least once a week. 😉
@101 Centavos – I don't remember how much I spent, but it was minimal. It probably helped I worked part time at a restaurant!
@Suba – We'd hit up a local restaurant on Monday Night Football and eat the free appetizers. That was the extent of eating out for me. 😉