While in college, you think you are invincible — as if the credit card company would just freeze your account. It is difficult to be debt free in college, especially if you’re working with limited funds from summer jobs, scholarships, or education loans. However, it is possible to confine your debt solely to the loans you’ve taken out. Below are money saving tips to help you remain debt free so you can save your money to spend on going out and having fun.
Television and cable
Cable can be very expensive, but for many college students, staples such as MTV and ESPN seem like a necessity. If you go with basic cable, you will be able to keep costs relatively low and still have a broad selection of channels. Some companies offer a reduced student hook-up rate at the beginning of the school year. However, make sure to ask about any special offers, because many cable telephone operators do not automatically give callers the best deal unless requested. And cable is still a cheaper option than satellite, which can cost $250-$500 for the receiver, $200 for an installation fee, and $30 in monthly programming fees.
Cell phones
The cost for cell phones and plans has dropped drastically in the past few years, but users are still finding that their bills add up quickly. Extra charges for text messaging, downloading ring tones and songs, and sending pictures from camera phones, in addition to the cost of high-tech phones, can quickly send your bill shooting past the $100 mark each month, thwarting your debt free efforts. Depending on the length of the contract you sign and the rebates that are usually offered, the newer digital phones will cost between $50 and $250. Most plans offer a certain amount of minutes that can be used during the day and until a certain time at night, when the minutes switch over to “free” air time. If you go over the number of minutes you pay for, the per-minute charge can be ridiculously high. If you leave your calling area, you can have roaming charges as high as $5 per minute. A cell phone is a lot like a credit card — once you have it, you’re always tempted to use it. However, choose the cheapest package for your needs and look into a group package. Many students now are relying solely on cell phones and are skipping the land line process, which can be just as expensive.
Laundry
Make sure you do full loads. And if you don’t need your clothes right away, you can save more by drying the clothes on hangers, a clothes rack, or in various places in the bathroom if need be. To avoid shrinking clothes and having to buy more, use cold water and do not dry fabrics such as cotton, which will shrink. Use bleach only when necessary, because it will shorten the life of your clothes. You can usually get by with using half or three quarters of the manufacturer recommended amount of laundry detergent (manufacturers want you to use their product and buy more).
Utilities and electricity
If heat is not included in your rent, and you live in a cold weather state, you will find it difficult to save money on this one. However, you can be debt free and not break the bank with your gas and electric bill. Keep the heat down when no one is home and keep temperatures lower at night. Load up on sweaters and blankets. Turn off lights you’re not using, and turn off your computer (or use the idle function if you have a newer model) at night.
By Virginia Zignego