Where to Cut Costs in Your College Budget

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Are you looking to cut costs in your college budget? Juggling college and money, whether you have a job or not, can be difficult! You need to set yourself a budget and be strict with it. If you’re too lax, you’ll soon find yourself in a bad position with very little money. Even when you are following your budget, there can be times when it seems like you still do not have enough. Are you sure everything in your budget actually needs to be in your budget? It might be time to look over it once again and where your money is going. Here are the best tips to cut your costs and help you with your college budget.

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Lower-Priced Alternatives

Sometimes, we are paying too much for something we do not even realize is so high. For example, cable! Average cable costs can be over $200 a month, when there are much cheaper alternatives, such as streaming services or cable providers such as YouTube TV, Sling, or more. You can always shop around to see what works best for you.

Another example is renter’s insurance. Are you paying too much to protect your apartment or dorm from damage or robberies? That is a thing of the past! GradGuard is a budget-friendly renter’s insurance specifically for college students and your tight budget. In case you’re not sure if they will actually save you money or not, GradGuard offers a free estimate. It’s worth the price to protect your belongings that you budgeted so hard to get. Plus, they partner with over 500 schools since they are so trusted. Use their free estimate to see if you’re paying too much for renter’s insurance!

Make Food

You have likely heard this from everyone, but it’s true: stop eating out or ordering food! The cost is so much higher than buying your groceries and making them later. While the grocery bill might seem higher at first, you can buy large boxes of pasta or rice for much cheaper than buying just one serving at a restaurant. If your friends are budgeting too, you can even make a night of it by cooking and eating together.

When grocery shopping, keep an eye on the prices and do not blindly throw things in your cart. It might sound like common sense, but you’d be surprised! Instead of getting the name-brand item, see if your store has a store-brand. The store-brand can be much cheaper for the same quality product. Give it a try, you might actually like the store brand better! Also, pay attention to the unit price. Buying a bigger box of cereal might actually be cheaper if you’re going to eat a lot of it. These are great tips to help you save money with each trip. Pennies or dollars each month save up to a lot over time.

If your college has a meal plan that you are currently paying for, you best take advantage of that as well. You are paying for it anyway! Sure, the food might not be that of a five-star restaurant, but it feeds you. You can always grab a couple extra cookies on the way out, just as a snack for later. You may as well put your money to good use and get all that you are putting in!

Transportation Costs

Many college towns have public transportation systems, like the bus. It is not always the most convenient method of transportation, but it is the most cost-efficient. If you already have a car, try using the bus every now and then to help you save on gas. If you do not have a car, definitely use the bus over ridesharing services like Lyft or Uber.

Every college campus and town is different, but there are usually buses going throughout campus and to important places like downtown, grocery stores, and more. Even if you have to transfer between bus lines, the bus is much cheaper. Rides may take longer, but your budget is tight! Put on your earbuds and listen to your favorite album and the bus ride will go by in a flash. Just pay attention so you get off at the right stop!

You could also invest in a bike or a scooter. These have a much higher price up front, though still not as much as a car, plus you still save costs on gas. You even get great exercise too. These are two of the best budget-friendly options for transportation.

Roommates

If you are living off-campus but find your rent is taking up most of your budget, it might be time to consider a roommate. You can cut rent and utilities in half, plus you can both contribute to buying food. When you’re living alone, it can be sad to give that up, but if it will make you breathe a little lighter in your budget, it will be worth it.

These are the best ways you can cut costs in your college budget. Don’t forget to check out GradGuard so you can save money and your items, as well as give yourself peace of mind.

It’s no secret that college costs a lot of money. Make sure your investment in higher education is protected with GradGuard. Our affordable tuition insurance and renters insurance plans are specifically designed for college students. Customizable plans make it easy to protect your tuition, room and board, laptop, bike, and so much more.