CategoryFinancial Freedom

6 Ways I Saved Money On College Costs

Check out this list of ways to save money on college costs. This is a great list!How much does college cost? This is a question many wonder. There’s rarely a week that goes by where I don’t receive an email from a student or parents of a student who are looking for ways to cut college costs. That’s why today I want to talk about college costs and how you can create a college budget that works so that you can save money in college.

College is very expensive – there is no doubt about that.

However, I want you to know that it IS possible to get a valuable college degree on a budget!

The average public university is over $20,000 per year and the average private university totals over $45,000 once you account for tuition, room and board, fees, textbooks, living expenses and more.

Even with how expensive college can possibly be, there are many ways to cut college expenses and create a college budget so that you can control rising college costs.

Continue reading below to read about the many different ways I cut college costs. While I was not perfect and still racked up student loan debt, I did earn three college degrees on a reasonable budget.

Related articles:

  • How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500
  • How I Paid Off $38,000 In Student Loan Debt In 7 Months
  • The Benefits of Paying Off Student Loan Debt Early
  • Should I Ruin My Retirement By Helping My Child Through College?
  • How To Save Money – My Best Money Saving Tips

 

1. Take classes at a community college to cut college costs.

Whether you are in college already or you haven’t started yet, taking classes at a community college can be a great way to save money.

Earning credits at a community college usually costs just a small fraction of what it would cost at a 4-year college, so you may find yourself being able to save thousands of dollars each semester.

There is a myth out there that your degree is worth less if you go to a community college. That is NOT TRUE at all. When you finally earn your 4-year degree, your degree will only say where you graduated from and it won’t even mention the community college credits at all. So this myth makes no sense because your degree looks the exact same as everyone else’s’ who you went to college with. You might as well save money because it won’t make much of a difference.

I only took classes at a community college during one summer semester where I earned 12 credits, and I still regret not taking more. I probably could have saved around $20,000 by taking more classes at my local community college.

Also, you are most likely just taking general credits at the community college, so it’s not like you would be missing much by taking classes there instead of a college that has a better reputation for the major you are seeking.

If you do decide to go to a community college, always make sure that the 4-year college you plan on attending afterwards will transfer all of the credits. It’s an easy step to take so do not forget! You should do this before you sign up and pay for any classes as well as to make sure that ALL of the classes will transfer succesfully.

 

2. Take advantage of high school classes to lower your college budget.

Many high schools allow you to take college classes to earn both college and high school credits at the same time.

This is something I highly recommend you look into if you are still in high school, as it saves time and is one of the best ways to save money on college costs.

When I was in my senior year in high school, nearly all of my classes were dual enrollment courses where I was earning college and high school credit at the same time. I took AP classes and classes that earned me direct college credit from nearby private universities. I left high school with around 14-18 credit hours (I can’t remember the exact amount). This way I knocked out a whole semester of college. I could’ve taken more, but I decided to take early release from high school and worked 30-40 hours a week as well.

 

3. Take all the credits you can to stay within your college budget.

At many universities, you pay a flat fee. So whether you take 12 credit hours or 18 credit hours, you are paying nearly the exact same price.

For this reason, I always recommend that a student take as many classes as they can if they are going to a college that charges a flat fee tuition.

If you think you can still earn good grades and do whatever else you do on the side, definitely get full use of the college tuition you are paying for!

 

4. Apply for scholarships to lower your college costs.

Before you start your semester, you should always look into scholarships, grants, FAFSA, and more. You usually have to turn in any paperwork around spring time for the following semester, so I highly recommend doing this right now if you are going to college in the fall.

Another myth will be busted right now. Many believe that all scholarships are impossible to have or it means you have to win a contest. That is just a myth.

I received around $16,000 a year in scholarships to the private university I attended. That helped pay for a majority of my college tuition. The scholarships were easy for me to get as they were all just because I earned good grades in high school and scored well on tests. I received scholarships to all of the other colleges I applied for as well just for good grades, so I know they can be found as long as you do well in high school!

There are other ways to find scholarships as well. You can receive scholarships from private organizations, companies in your town, and more. Do a simple Google search and I am sure you will find many free websites that list out possible scholarships for you to apply to.

Tip: Many forget that you usually have to turn in a separate financial aid form directly to your college. Don’t forget to do this by the deadline each year!

 

5. Search for cheaper textbooks to lower your college budget.

Students usually spend anywhere from around $300 to $1,000 on textbooks each semester, depending on the amount of classes they are taking and their major.

For me, many of my classes required more than one book and each book was usually around $200 brand new. This means if I were to buy all of my college textbooks brand new, I probably would have had to spend over $1,000 each semester.

I saved a decent amount of money on college textbooks by renting them and finding them used. Renting them was nice because I just had to pay one fee and didn’t ever have to worry about what to do with the textbook after the class was done, as I only had to return them. There was no worrying about the book being worthless if a new edition came out, which was nice! Buying books used was nice occasionally as well just because sometimes I could make my money back.

I recommend Campus Book Rentals if you are looking for textbook rentals. Their rentals are affordable and they make getting the textbooks you need easy.

Read: How To Save Money On Textbooks + Campus Book Rentals Review

 

6. Skip the high price of living on campus to cut your college budget.

To save more money, I decided to live on my own. I didn’t have the option of living at home after high school and living on campus would have cost me a ton of money.

Instead, I found a very cheap rental house (the house was VERY small and probably could have been considered a tiny home) and was able to somewhat easily commute to work and college from it. I probably saved around $500 a month by living on my own instead of on campus, and I learned a lot by living on my own at a young age as well.

If you can live at home though and want to save money, I highly recommend it if it’s an option for you. You can save thousands of dollars a semester by doing this!

I understand that some are against this because it may impact your “college experience,” but I think most people would be fine not living on campus, especially if it’s not in the budget. You could probably save around $40,000 over the years on your degree by living at home.

How did you cut college costs and control your college budget? How much student loan debt did you have when you graduated?

 

The post 6 Ways I Saved Money On College Costs appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

How Do You Use a Degree That Isn’t Very Specific?

Hello! Enjoy this post from my friend Martin. I know this situation applies to many out there (the possibility of what you or others may believe to be useless degrees), so hopefully this post can help someone out! 

“Why did you waste your time on that degree?”

The most ignorant question in the world. You deserve a smack across the face if you’ve ever asked anyone this. There’s no such thing as a waste of time if you learned a few things and opened your eyes a little. Also, it’s none of your business what someone else studied, unless you of course paid for their full education.

Why would you ask someone this?

The person with the degree doesn’t possess the power to time travel and change things. It’s already too late. They have the degree proudly hanging on the wall. There’s no need to be a ruthless jerk who puts down their friends. The person on the other end will get highly defensive and the argument won’t be pretty.

Why would you ask such an ignorant question?

Sadly, European relatives ask this all of the time. So do friends on Facebook. Most people will ask about why you studied what you did. It’s fairly standard small talk.

 

Do you need to earn a highly targeted degree?

All stats out the window, the answer is no.

You don’t need to do anything. You can’t force yourself to study a topic that you despise for four years of your life. This never ends well. If you do complete your studies and find work in the field, you won’t be happy because you never wanted to do this in the first place.

Can you imagine working in a field that you despise until you’re 65? That’s at least 40 years. That would be one miserable existence.

While I highly suggest that you study a subject that can open up opportunities for you after college, I also realize that not everyone has life figured out in their teens.

When I had to decide what I wanted to study I was 17. Due to my late birthday, I had to figure everything out at this young. I remember choosing a community college because I had no clue of what else to choose. I started at a community college at 17 and somehow managed to survive. I was completely clueless about why I was even there.

You can’t be expected to have your life figured out in your teens. It’s okay if you don’t study the most specific topic.

 

How do you use a degree that’s not in demand?

Well, you don’t have to find a work in your specific field. There’s no rule that states you need to work as a Historian just because you studied history.

You don’t have to find work in the exact field that you studied. You have other options, such as:

  • Totally changing gears. You can pick up a trade or find work in a totally new field. Some of my friends have become bloggers and front line management.
  • Starting your own business. Do you have a business idea in mind?
  • Graduate school. My friend went to graduate school since they had high grades and found work in management.
  • Using your alumni relations connections. Your alumni department could open your eyes.
  • Travel. Have you thought about teaching English abroad?

If your degree isn’t in demand, that’s okay because you can still be in demand. You don’t have to live and die based on your degree. You’re not your degree. You have more to offer this world than the piece of paper that you picked up on stage.

 

Should you feel guilty about having useless degrees?

Nope.

There’s no rule that states you must work in the field that you studied. Most of my friends are in completely unrelated fields. I don’t really know anyone that went to directly find work in their specific field. The only friends that are using their degrees 100% are my friends who became teachers and nurses. Those fields are very specific and you can’t get in without the correct credentials.

Everything else can’t be taught.

Do you think there’s a four year program for bloggers like Michelle? Hell no.

Do you think there’s a program that teaches you how to solve problems? Not really.

Is there a college degree that encourages you to take risks? Nope.

College is a wonderful experience. This is your first taste of the following:

  • Freedom.
  • Responsibilities.
  • Deadlines.
  • Love.
  • Failure.
  • Massive hangovers.
  • Depression.
  • Confusion.

Very little of what you study in college will be used in your real life. I hate to admit this, but I don’t remember anything from the classroom lectures when I look back.

Why did I attend college?

I earned my degree in business so that I could tell people that I got my degree in business. Plus, I was the oldest boy in my family and the first to attend college. Making my parents proud was priceless. Oh, and I didn’t want to get kicked out of the house.

The world’s not going to end because your degree isn’t in the most profitable field. You’re not a failure because you studied something that interested you. It’s your life. You did what you wanted to. If you didn’t study anything specific then that’s okay because you’e not restricted to one field of work. You just need to decide on what you’re going to do next.

Are you using your college degree? Why or why not? Do you have useless college degrees?

 

The above is a post from Martin of Studenomics, where you can read about financial freedom and not have to worry about missing a party. Martin has just launched, Next Round’s On Me, where he helps you with your financial journey in your 20s.

The post How Do You Use a Degree That Isn’t Very Specific? appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

Learning How To Survive On A College Budget

Find out how to survive on a college budget here. This is a great list!College is expensive and everyone knows that.

Between paying for tuition, parking, textbooks, extra fees, and everything else, you also have basic living expenses to pay for as well.

All of these costs are either brand new or somewhat new to you most likely as well, so you might not even know how to survive on a budget, let alone a college budget.

Don’t worry, though, surviving on a college budget is possible. Learning how to save money in college is possible!

Related post: How I Paid Off $40,000 In Student Loans In 7 Months

Whether you are trying to survive the whole year off of what you made over the summer or if you have a steady job throughout the school year, there are ways to budget your money and not fall into any extra debt. Plus, you can still enjoy your college years on a low budget as well!

Below are my tips on how to survive on a college budget.

 

Use your student ID.

Your student ID is good at many places beyond just your college campus. Before you buy anything, I highly recommend seeing if a company offers a student discount.

Your student ID can be used to save money at restaurants, clothing stores, electronics (such as laptops!), at the movies, and more. You may receive a discount, free items, and more all just by flashing your student ID.

After all, you are paying to go to college and you are paying a lot. You might as well reap one benefit of paying all of those high college costs.

 

Make extra money.

You may need to look into making extra money if you just don’t have enough to survive on. I am a firm believer in making extra money and I think extra time can be wisely spent doing this.

Some online side gigs with flexible schedules include:

  • Blogging is how I make a living and just a few years ago I never thought it would be possible. I made over $150,000 last year by blogging and will make more than that in 2015. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
  • Survey companies I recommend include Survey Junkie, American Consumer Opinion, Product Report Card, Pinecone Research, Opinion Outpost, and Harris Poll Online. They’re free to join and free to use! It’s best to sign up for as many as you can because that way you can receive the most surveys and make the most money.
  • InboxDollars is an online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming coupons, and more. Also, by signing up through my link, you will receive $5.00 for free!
  • Swagbucks is something I don’t use as much, but I do earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded points called “SB” for the things you do through their website. Then, when you have enough points, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up today!
  • Check out 75 Ways To Make Extra Money for more ideas.
  • Read Best Online Jobs For College Students

 

Use coupons to stay on a college budget.

Just like with the above, you may want to start using coupons.

By doing so, you can save money on nearly everything. You can find coupons in newspapers, online, and in the mail. They are everywhere so you should have no problem finding them and saving money today.

Related post: How To Live On One Income

 

Learn how to correctly use a credit card or don’t have one at all.

Many college students fall into credit card debt, but I don’t want you to be one of them.

Many college students will start relying on their credit cards in order to get them through their low college budget, but this can lead to thousands of dollars of credit card debt which will eventually seem impossible to get out of due to significant interest charges that keep building up.

In order to never get into this situation, you should avoid credit cards at all costs if you think you will rely on them too heavily.

You should think long and hard about whether you should have one or not. Just because many others have them doesn’t mean they know what they’re doing! However, if you think you will be good at using them, then there are many advantages of doing so.

Related post: Credit Card Mistakes That Can Lead To Debt

 

Only take out what you need in student loans.

Many students take out the full amount in student loans that they are approved for even if they only need half.

This is a HUGE mistake. You should only take out what you truly need, as you will need to pay back your student loans one day and you will most likely regret it later.

I know someone who would take out the max amount each semester and buy timeshares, go on expensive vacations, and more. It was a huge waste of money and I’m still not even sure why they thought it was a good idea.

Just think about it – If you take out an extra $2,000 a semester, that means you will most likely take out almost $20,000 over the time period that you are in college.

Do you really want to owe THAT much more in student loans?

 

Skip having a car.

Most campuses have everything you need in order to survive – food, stores, and jobs. In many cases, you do not need to have a car whatsoever.

By foregoing a car, you may save money on monthly payments, maintenance costs, car insurance, gas, and more.

Related post: Should We Get Rid Of A Car And Just Have One?

 

Eat out less.

Now, I’m not saying you should stop eating out entirely if you are trying to survive on a college budget. I know how it is to be in college and to want to hang out with everyone. These are your college years after all.

However, you should try to eat in as much as you can, make your own meals, and try to eat out only during happy hours or when food is cheaper, such as during lunch time. Eating out can ruin your college budget!

 

Have a roommate.

The more people you live with, generally the less you will pay when it comes to rent and utilities. If you are living on your own, then you may want to find roommates so that you can split the costs with them.

This will help you to lower your college budget and you may even find some awesome friends.

Related post: What I Learned Having Roommates

What college budget tips do you have?

 

The post Learning How To Survive On A College Budget appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

Should you get an MBA if you want to start your own business?

The path to owning my own business started around 10 years ago. I graduated from high school and went on to college for business. I graduated, got a job as a financial analyst, and then around five years ago, completed my MBA with an emphasis in Finance.

Should you get an MBA if you want to start your own business? Is it a need? Or, can a person start a business without a college degree?It seemed like a logical path – graduate from high school, go to college, get a job in that field, and then get my MBA to further my career opportunities.

It was the path I fell into, and I never really gave it a second thought. For my MBA, I figured I needed it in order to be successful in the corporate finance world.

However, I’m now a full-time blogger.

One of the questions I’m often asked is if I regret going to school for so many college degrees (3). After all, it took a lot of time and led to a significant amount of debt.

I definitely did not learn a thing about blogging back in college, and an MBA isn’t 100% focused on the topic of starting your own specific business, especially a niche one. Plus, I did not get my MBA thinking that I would be starting my own business. I went for it to better my career opportunities.

Related content:

  • How I Paid Off $40,000 In Student Loans in 7 Months
  • Cutting College Costs: Understanding The Cost And Value Of Your Degree
  • Learning How To Survive On A College Budget
  • How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500

According to the U.S. Small Business Administration, there are 28.8 million small businesses in the United States, which make up 99.7% of all U.S. businesses. And, a huge number of the population are starting their own business and working for themselves.

But, does that mean they all need or have an MBA?

Remember, an MBA is not required when starting your own business. But, does that mean that those without an MBA do better or worse?

I researched to see what the value of an MBA is, and I was able to find a great chart from the U.S. Bureau of Labor Statistics about unemployment rates and earnings by educational attainment for 2016.

This data shows earnings for full-time wage and salary workers, but it doesn’t specify those who have started their own business. However, it does show that there is some value in a Master’s degree.

According to this chart, the unemployment rate is much lower for those with one or multiple college degrees. The median usual weekly earnings tends to increase as well.

However, according to a report released by the Harvard Business Review, most of the top business leaders in the world actually do NOT have MBAs. In fact, only 29 of the 100 best companies had executives with MBAs, and less than half of those received their MBA from an elite business school (think Harvard, Stanford, etc.).

Here’s a short list from Business Insider’s Top 100 Entrepreneurs Who Made Millions Without A College Degree:

  • Walt Disney, founder of the Walt Disney Company, dropped out of high school at 16.
  • Richard Branson, billionaire founder of Virgin Records, Virgin Atlantic Airways, Virgin Mobile, and more. He also dropped out of high school at 16.
  • Rachael Ray, Food Network cooking show star, food industry entrepreneur, with no formal culinary arts training. She never attended college.
  • Michael Dell, billionaire founder of Dell Computers, started his business out of his college dorm room, but he later dropped out of college.
  • Larry Ellison, billionaire co-founder of Oracle software company. Ellison actually dropped out of two different colleges.

However, there are also many successful people who do have MBAs, such as Elon Musk, Michael Bloomberg, Sheryl Sandberg, and Dr. Oz.

So, should you get an MBA if you want to start your own business?

 

MBAs can be expensive.

An MBA can cost anywhere from $5,000 to well over $100,000 depending on what college you attend.

And, according to Poetsandquants.com, the cost of obtaining your MBA continues to rise.

New York University’s Stern School of Business costs over $200,000, Harvard Business School has a total two-year cost to $204,640, and Stanford University’s Graduate School of Business costs $210,838.

That is a TON of money in order to get your MBA.

I went to a moderately priced state university and received my MBA, and I think that it was a great value. However, if I had to pay over $200,000 to receive my MBA, I don’t know if it would be worthwhile. That’s a lot of money for not much real world experience that can be applied to a specific business idea.

And, let’s not forget about the amount of time it can take to receive your MBA.

For some students, they focus on their MBA full-time, which means that they aren’t bringing in an income, or they are bringing in significantly less than needed to sustain most living expenses. Some MBA students do work full-time, but they usually take a smaller course load.

I worked on my MBA full-time and worked full-time, which meant that I didn’t have time for pretty much anything else in life.

Plus, if you know that you want to start a business, the time it takes to get an MBA can make that goal that much farther away.

 

An MBA surrounds you with other determined people.

By earning your MBA, you’ll most likely be surrounded by a network full of people who are wanting to succeed in the business world.

This can help you build your future business idea, gain contacts that may help you and your business later on, and more.

I always say that networking is extremely important, and an MBA can definitely help you in that area.

 

An MBA won’t specifically teach you about the business you want to start.

An MBA will give you a pretty well rounded background on business in general. However, it won’t teach you everything you need to know about starting and sustaining your specific business plan.

This means that you will probably have to learn how to start your specific business elsewhere, such as researching your ideas and business plans outside of your MBA program.

For example, if you want to start a blogging business, you most likely won’t learn anything about a blogging while earning your MBA. The same goes for many other business ideas as most MBAs aren’t really focused on specific markets.

What they do offer is a good background on the actual “business” side of starting your own business, as discussed below.

 

You do learn about business, though.

While earning an MBA is more about business theory, it still offers you a lot of background information that can help you create your own business.

Through my MBA and the career I had as an analyst, I learned about business accounting, business law, managing a business, economics, business finances, marketing, advertising, and more. These are all things you should know about when running your own business. Sure, you can outsource a lot of these tasks, but for most start-ups, you may personally have to take on many of these tasks, especially in the beginning.

My analyst position also taught me a lot about running a profitable business, since I dealt with successful business owners every day.

There are a lot of times that my education and work experience have helped me run my own business. And, I am extremely grateful because it has helped me run my business extremely well.

According to Investopedia, around 30% of new businesses fail during the first two years of being open, 50% during the first five years, and 66% during the first 10 years.

Some of the reasons for failure that are cited in the above article include:

  • Business owners not investigating the market.
  • Business owners have problems with their business plan.
  • A bad location, bad internet presence, and bad marketing for the business.

These are all things that are taught, in general, when working on your MBA, which can be great background knowledge for someone wanting to start their own business.

 

What about real experience?

I believe that real experience is the best. However, with an MBA, you can receive a well rounded education that can help you to launch a successful business.

You can learn how to manage a team, understand business specific finances, research the best business plan, and more.

When put together with real experience, I think that an MBA can be a great learning tool.

Does that mean that everyone should get their MBA?

No. Everyone is different, but I do believe that my MBA has helped me manage my own business.

What do you think? Should a person who wants to start a business get their MBA? If you’re already a business owner, do you have one? Why or why not?

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