If you’re like most college students, you’re living on a fixed income from student loans – a very small fixed income.
The good news is that this doesn’t have to mean you spend these years just barely getting by. In fact, you can actually live quite comfortably if you know what you’re doing.
3 Ways to Make the Most of a Fixed Income in College
Even though your student loans do cover living expenses, the following will show you how to spend your college years living like royalty.
1. Live with Your Best Friends and Split the Costs of Your Essentials
After college, you’ll find it becomes harder and harder to see your close friends regularly. So, spend as much time as you can with them right now.
One way of doing this is by rooming together. The more of your close friends you can get under one roof, the less it’s going to cost you. If you get four or more people together, you can even rent your own home instead of just an apartment.
Your savings don’t have to stop there, though.
Split the price for a Costco or Sam’s Club membership and then buy the things you all need in bulk for even more savings. Get everyone to agree on staying in three or four nights a week and making dinner together and you’ll enjoy a great meal without breaking your budget.
2. Never Buy Your Books at the Bookstore
It’s no secret that college textbooks cost a fortune. However, you don’t actually have to buy them at your school’s bookstore, where they are sold at full price.
Instead, once you find out what classes you’re going to take next semester, offer to buy a current student’s textbook for more than the tiny amount they’ll get for selling it back to the bookstore. Then you can put the money you save toward living expenses.
Of course, several sites sell college textbooks, too. If you can’t find a fellow student who’s willing to offer you a bargain, someone online probably will.
3. Consider a Side-Income
You may not have enough time in your schedule to add more hours at your job or to even take on a part-time job, to begin with.
Fortunately, that doesn’t mean you have to spend your college years living like a pauper. These days, there are countless ways to make money on the side when it fits your schedule best.
Some popular examples include:
- Drive for Uber
- Take Up Freelance Work
- Tutor Other Students
The best part about those last two options is that they will most likely look great on your resume after graduation.
You Don’t Have to “Live Like a College Student”
There are plenty of reasons people miss their college years, but the minuscule budget definitely isn’t one of them. Fortunately, you now know that just getting by isn’t some mandatory credit you have to complete.