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Money-Saving Strategies

Students may choose to lower miscellaneous expenses by using any combination of the following money-saving strategies:

  • Reduce the cost of utilities
    • Disconnect your cable TV service.
    • Turn off the lights when not in use.
  • Stop spending for things you don't really need.
  • Stop paying for purchases with your credit card.
  • Put all your loose change in a jar. Keep it for laundry or save it for unexpected expenses.
  • Reduce your food expenditures:
    • Buy in bulk.
    • Don't shop more than once a week.
    • Buy only what you have on your list, no impulse purchases.
    • Compare prices.
    • Don't buy what you can't use.
  • Eat out less frequently and less expensively:
    • Treat eating out as a luxury.
    • Eat less expensive foods.
    • Use restaurant coupons.
    • Take advantage of early-bird specials.
    • Eat when you're hungry, not when you're upset.
    • Order entrees only, not expensive desserts or appetizers.
    • Split or share meals with a friend.
    • Pack your lunch and take it with you to school.
  • Learn to cook for yourself.
  • Find an alternative to driving your car. Rely on public transportation, friends, bikes and your feet.
  • If you MUST have a car, try the following tips:
    • Wash your car yourself.
    • Purchase regular, unleaded gas.
    • Look for coupons for oil changes.
    • To avoid long-term expenses, keep your car in shape.
    • Use cash or debit cards to pay for gas.
    • Carpool with friends.
  • Find free or inexpensive ways to entertain yourself:
    • Matinee, discount movies.
    • Local museums and parks.
    • Ask about student discounts.
    • Participate in sports.
    • Join school clubs.
    • Read a book.
    • Hike a trail.
    • Rent videos.
    • Buy season passes/book of tickets for activities you engage in frequently.
  • Take care of yourself, but look for deals:
    • Avoid membership in trendy health clubs - use the school's health club or the YMCA.
    • Rely on coupons or specials for hairdressers/barbers.
    • Don't waste money on expensive cosmetics sold at department stores.
    • Look for free-sample cosmetics, or purchase them at discount stores.
    • Give yourself a manicure/pedicure instead of paying someone else to do it; have a manicure/pedicure party with your friends.
    • Shop around; look for sales/specials.
  • Shop around for special long-distance rates that meet your individual needs.
  • Stay away from the shopping mall and out of the stores (particularly when you're upset or depressed).
  • Avoid or reduce expensive luxury habits.
  • Buy products, clothes and food that you really need.
  • Check out the costs of banking and negotiate what works best for you (e.g. avoid ATM fees, checking fees, designer checks, etc.).
  • Don't be influenced to spend by friends who have more money than you.
  • Shop for clothes wisely:
    • Shop at discount outlet stores, consignment stores, and campus thrift shops.
    • Look for generic labels; avoid expensive name-brand clothing.
    • Avoid buying and wearing clothes that must be dry-cleaned.
  • Select and purchase gifts only when they are on sale.
  • Live at home or with a relative. Get a roommate.
  • If you want or think you need something, wait a full 24 hours before you buy it.

Information based on USA Funds® Life Skills®. © 2002 United Student Aid Funds, Inc.