4 Ways To Cut And Reduce Hidden Costs Of College
College and university life is not cheap. Whether you attend a local community college or a private, 4-year institution (and everything in-between), you are left looking for ways to cut costs or at least, reduce the amount of money leaving your bank account each month.
Or perhaps you are just looking for ways to keep your Venmo account in the positive? Just me? Ok, cool cool.
In this article, we examine four ways to cut and reduce hidden costs of college and university life while keeping things reasonable- i.e. not living on $10 a week for groceries.
Live At Home And Go Local
Taking your general education classes at a community college is a massively impactful way to cut costs. Typically at community colleges, you aren’t paying for loads of additional fees like you would on a residential 4 year university campus.
Some community colleges don’t even charge for parking!
Living at home obviously saves a decent chunk of money presuming your family situation is healthy enough you want to live at home and your folks aren’t charging you to live there. You also save on moving fees, dorm specific items like mini-fridges and you aren’t required to buy a ridiculously expensive meal plan.
Living at home and going to community college is a great way to save money but that doesn’t mean you skimp on education or the student experience. Most schools still offer student activities and programs to help you find and develop your community.
Learn How To Cook
Meal plans are very expensive and buying Subway 5 times a week adds up. Get intentional with your meal planning and prepping on the weekends so you can focus on what matters during the week- being a student.
Start with a few very basic, simple meals you know you can cook at a moment’s notice and don’t require expensive supplies or cooking utensils. Think spaghetti, one sheet meals like baked chicken, veg and potatoes or one pot, slow cooker meals like soups that don’t require fresh ingredients and can more or less cook themselves.
Secondly, build up your skills using YouTube and cooking tutorials! If you are fortunate enough to go to a college or university with international students, consider asking them to teach you how to make different types of food and turn cooking into a social activity!
Lastly, when it comes to cooking, technically I would include coffee making in the “eating and drinking” category buuuut also, listen. Being a full-time adult, student, juggler of many priorities etc. etc. takes a ton of energy and mental focus.
You don’t need me telling you that Starbucks 2-3 times a day is expensive. If you do, this is your wake up call to say indeed, Starbucks is expensive!
For the rest of us though, I don’t see harm in prioritizing a drink a day if you have the money. You can always ask for Starbucks (or any other coffee shop) gift cards for your birthday, holidays etc. to keep your balance flowing.
Cutting or reducing costs may require a few more coffees at home but the ones you do buy out, you will savor that much more now!
The Parking Pass…
Many students buy a monthly parking pass when they are only going to be on campus 1-2 times a week. Get creative with parking. Figure out if you can take public transport or car pool with your roommate or find a sneaky side street and walk onto campus.
Rent, Don’t Buy Books
Books are still shockingly expensive given how much is online nowadays. When I take classes, I see if there is an option to rent the book vs. buy. Amazon is the obvious choice but if I can’t find it there, I’ll check with my university library and see if they have any options.
Additionally, if you are filling taxes in the US, The American Opportunity Tax Credit provides a tax credit worth up to $2,500 on federal income tax return, based on amounts you spent on tuition and textbooks.
There’s also an above-the-line deduction for up to $2,500 in interest paid on federal and private student loans. Both the tax credit and deduction only apply to families who meet the income limits so be sure to research further options based on your personal income and tax situation.
Related:
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Why LinkedIn Isn’t Working For You: 4 Mistakes You Might Be Making Right Now
5 Reasons Why College Students Should Take A Mental Health Day
Meet The Writer!
Hi! My name is Nadia Ibrahim-Taney and I help people design happy and fulfilling careers through authentic career coaching. My expertise includes career exploration guidance, resume writing, interview prep and LinkedIn profile optimization. My pronouns are She/ Her/ Hers and as a member of the LGBTQ+ community, I focus on how diverse identities impact and influence folks holistically and professionally. Please connect with me on LinkedIn or at Nadia@beyonddiscoverycoaching.com
