Most graduate students are strapped for cash. Even with the Federal Stafford Loan, Graduate PLUS Loan and alternative student loans students often do not have the money to live a comfortable lifestyle. Between tuition payments, rent, food, and only being able to work part time things can get really tight. Here are five creative ways for graduate students to cut back on expenses and save more money.
1: Shack up with roommates: Although you may prefer to live alone living with roommates will save you hundreds every month. If a one bedroom place by yourself goes for $800 a month and a two bedroom place with a roommate goes for $1,200 a month you would save $200 a month right there!
2: Find the nearest Starbucks: Ok I know we are trying to save money here, but Starbucks has free WiFi! Get used to writing your papers and doing research there or at the school library or anywhere else where the internet connection is free. This way you will not have to pay for home internet access which could save you as much as $100 a month!
3: Nix your cable and phone bill: Face it; you never use your home landline so cancel it. All you really need is your cell phone. You also barely ever have time to watch TV because you are always studying so cut the cable. Most of the shows you watch are online anyway!
4: Eat at home more: This is my big weakness. I love going out to dinner, but I know that if I stayed home more, I would save a lot of money. Try only going out once a month or set a strict dine out budget for yourself and stick to it!
5: Try public transportation: If you live in the city try getting rid of your car and sticking to public transportation. It may be tough at first but getting your car payment back and not paying for gas will make a massive difference in your budget.