College students are taking on more and more debt each year to cover the cost of their post-secondary education. We know students have it rough when it comes to funds so we’ve pieced together five great tips on how to earn more money, and mitigate the total dollar amount of student loans you have!
1. Get a part time job.
This is probably one of the most important things to do as an undergrad. Whether it’s proctoring an exam, serving a couple nights a week, nannying, or even delivering papers. You need a part-time job. This can’t be stressed enough.
College is expensive, mitigating the amount of debt your taking on is one way to ensure you aren’t stressed out to the max when you graduate. Having a part-time job will allow you to have a little fun while sticking to your student budget and it will set you up for financial success.
2. Don’t spend all your student loan money.
There is a gross misconception that you have to spend all of the money in your bank account, including your student loan money. Instead try spending the minimum amount you can to get by.
Remember, you do have to pay this money back once you graduate. A great thing to try is giving yourself a monthly allowance. Stick all your student loan money in a high-interest savings account and have a pre-determined amount deposited each month to your chequings account to cover your bills. Make that money last!
Further reading: How To Use Your Student Loans to Avoid Debt
3. Invest your money.
If you’re working part-time (which you should, see point one) you should have a little bit of extra money to play with. Now we know you don’t have much, you’re a student after all but if you can set aside $25-$50 a month to invest after your four year degree you will have $1,200 – $2,400 increasing your net worth!
Read this next: How To Make Your Money Grow
4. Ask for student discounts.
Lots of places don’t advertise that they give student discounts. Simply asking if they have discounts may save you a few extra dollars, and the worst thing they can say is no!
Here’s a list of 38 stores with student discounts from Her Campus.
5. Get a library card.
This tip is likely the most overlooked, but will likely save you the most amount of money. If you’re a bookworm like many of us at GenTwenty are we know you probably spend a pretty penny acquiring great literature. However, purchasing a library card (some are free for students) for $10-$20 per year will save you hundreds of dollars!
What tips do you have for making your money go farther while pursing higher education?
P.S. Be sure to grab our FREE downloadable Student Loan Debt Tracker right here!