- Set up a monthly budget
- Get thrifty with coupons
- Pay for tuition with a loan
Heading back to school is always exciting. However, sometimes heading back to school can lead to overspending. Here are some tips for making sure you aren’t blowing all your money during your first semester.
Make a Budget and Stick to It
A great way to start your year off is with a budget. Make a list of everything you’ll need throughout the year. Calculate the monthly cost of your expenses, then set your monthly budget. Make sure to save some money in case of emergencies.
Coupons and Thrift Stores
If there is ever a time when you want something, take advantage of some discounts. Coupons are available everywhere, just google them. If you’re in need of a new outfit for a big presentation, head to the local thrift store. There are a variety of options at affordable prices. Also, keep in mind your student ID can probably get you a discount at some of the stores you already shop at.
Apply for a Loan
A great way to save money is to get a loan. A loan can cover some of the cost of tuition. That way you’re not paying full tuition, along with living expenses all at once. Even part-time students can get a loan. Some loan deals to know about include:
- Federal Student Loans: As long as you are taking a minimum of 12 credits, you can apply for a federal student loan.
- Part-Time Private Loans: If you have exhausted all forms of federal loans, you can apply for a private loan to cover tuition costs.
- No Cosigner Loans: If you want a loan but don’t have a cosigner, you can apply for a Stafford Loan or a Perkins Loan. If you’re a part-time student, a PLUS Loan is what you’ll need.
Tip: Make sure to verify what loans your university does and does not accept before you fill out the paperwork.
Let MNFCU Help You Save Your Money
At Metro North Federal Credit Union, we have a variety of services that can help you save money when heading back to school. From a savings account for your emergency fund to a private loan to help cover your tuition, there are many ways MNFCU can help save money when heading back to school.