Mind of Money

January 11, 2018 at 9:26 am

5 Budgeting Ideas Students Should Consider While on Debt

a student posing with a piggy bankHigher education in the U.S. is one of the most expensive investments a person could have. It continues to increase every year, leaving 44 million people in debt. What’s worse is that many people, including senior citizens, are still tied up to their student loan debt. Nowadays, students will have to spend between $9,650 and $49,320 annually to complete a four-year college degree.

Expensive as it may seem, there are ways students can do to save funds and greatly reduce their debt while in school.

  1. Students may consider writing all their fixed expenses and source of income. This is important especially if the parents of these students in Utah used to take cash and payday loans for them to determine where they could adjust their spending. Usually, rentals, food, and allowances are some of the fixed expenses of students.
  2. Academically achieving students may consider applying for scholarship grants or other programs in their school to reduce college cost. Schools also offer grants to achievers and athletes.
  3. Exert effort to lessen daily expenses. There are students who learn to cook and bring packed lunch instead of eating in costly restaurants that are often unhealthy. Vices like smoking and habitual drinking should also be avoided as those are just waste of money and bad for the health.
  4. Try looking for some menial part-time jobs. Students may want to scour the internet for easy clerical jobs for them to maximize their idle time. It will not only earn them additional income, but it could impress some potential employers if part-time jobs are indicated on the resume.
  5. Students may want to re-evaluate their belongings and sell the things they no longer need. This is worth considering for students who want to declutter their place and at the same time earn a little by selling old books and other things could still have some value for other people.

Currently, student loan debt has increased to more than $1.45 trillion, and if you are a student, you may want to reconsider your budgeting to break free from such debt.