This entry is part of a series of topic blog entries examining how college students may build good credit in tough economic times. As an activity for a multiplatform storytelling graduate course, these entries display my contribution to contemporary journalism in relationship to blogging/online writing and storytelling without compromising traditional journalistic methods such as accuracy and timeliness.
It is no secret that not making loan or credit card payments on time is one of the most common ways to damage your credit rating. However, for college students, this may be easier said than done as young adults deal with an increased amount of expenses. My time in college was one of the best, most expensive four years of my life. Take a look for yourself …
Making the most of college for less
Needless to say, some of my expenses were unnecessary. Did I really need to go to the mall to buy clothes each week? Was buying drinks downtown and paying cover charges to get into nightclubs every weekend worth taking a hit to my bank account? Fortunately, I had financial help from my parents but I still could have cut back on expenses, as most college student should try to do. With a struggling economy, you may want to …
Find off-campus housing
Avoid exorbitant on-campus housing fees by living off campus with a roommate. You can split the costs of an apartment (i.e. rent, utilities, cable, etc.) with friends, which are often paid on a monthly basis instead of upfront, as some schools require. This may also prevent you from being tempted to pay for services such as the campus meal plan or a campus laundry service.
Pass on the meal plan and fast food
Many schools offer semester-long prepaid meal plans, which may easily set you back $1,000. Instead, consider going grocery shopping each week and preparing your meals. If do not have time to cook or find it difficult to resist the temptation to eat out, buy a meal plan and go for the least expensive, most accommodating option.
Shop at discount chains or thrift stores
The next time you get the urge to buy a pair of jeans (that you know you really don’t need), consider stopping by a consignment shop such as Plato’s Closet, which sells new or gently used men’s and women’s clothing. Also, when buying groceries, skip Wal-Mart or Target and consider going to a community grocer that caters to the needs of low-income families – a lifesaver when you’re low on cash.
Be on the lookout for free events, giveaways at school
From time to time, schools offer students everything from free pizza to t-shirts and tickets to special events. You’d be surprised how many freebies you can score by hanging around the student commons, signing up for school listservs or scanning the school newspaper.
Carpool with friends or take the campus shuttle
Save gas money by offering to drive or riding with others to certain places. If you live off-campus and take classes with a friend, ride with the friend and split the weekly cost to fill up the gas tank. Even riding to work with a co-worker may make your paycheck last a bit longer.
Limit partying, excessive spending
With exams, 8 a.m. classes, noisy neighbors and so on, everyone needs to blow off some steam every now and then. Still, try to find a balance. (Yes, this means you need to use some self-discipline.) For instance, consider only going out or shopping on special occasions for example as a reward for getting an ‘A’ on a paper.
Get a part-time job
If you must spend, consider working a few hours at week to offset costs. Looking for positions that are not too mentally tasking since you do not want to sacrifice the quality of the school work that you produce, which is your main priority. Try to find paid internships or positions that provide experience in your major. Otherwise, seek openings on campus and nearby shops and malls.
Coping with costs, learning valuable lessons
No matter how much you try not to spend money, there are always mandatory expenses, but as my mom, an accountant, would always say, “You can do anything if you stick to a budget.” You do not have to be that “broke college kid” or live paycheck to paycheck if you use a little planning. There’s even hope for those of us returning to school, as Lynn O’Shaughnessy of CBS MoneyWatch.com suggests in “Six Smart Ways to Cut Costs on a New Degree.”
Most importantly, don’t forget that you are in school for an education and to make the most of your college experience. If you feel overwhelmed by your financial situation, contact the financial aid office or speak with a financial counselor at your bank. And remember: go to class and try to actually apply what you learn in class to real life to make smarter financial decisions. Your credit rating will thank you.