Are you or your children getting ready to go start your college career? If so you probably have a pretty good idea that this endeavor will not be a cheap one and in many instances could be a very expensive one indeed. But as with any expense the costs of college can be mitigated and made somewhat more bearable. The key to being able to afford college is to properly prepare for it in the first place and if you are a parent that means start saving early and often as your child approaches their college years. For adults it may mean saving before or while you are in college. And do not forget that both you and your children can apply for scholarships and grants to help defray the cost of college as well. With class starting in the next few weeks let’s take a look at some ways to reduce your college expenses and make this part of your life more reasonable.
One of the largest expenses outside of the tuition is one’s room and board while attending a college that is not close to your home or residence. Last year the average cost of room and board at a four-year college was about $10,000 a year. But there are alternatives to staying on campus that may or may not be more reasonable. One is to not reside in the newest dorm or one that is in the best location as these tend to be more expensive. Also if you can avoid getting a private room as that will also increase the cost. If possible see about becoming a resident advisor for the college and your room expenses may be paid for you by the college. But if you want to live off-campus consider the roommate route to reduce expenses such as utilities and rent. Also when living off-campus you need to consider the length of the lease you will be required to sign and any extra expenses that you will incur such as transportation commuting costs.
Another component that goes hand in hand with room is the board or mean plan that is available to you. These can vary as widely as the room prices depending on the level of service you wish to enjoy. One way to reduce this expense is to opt for a reduced meal plan instead of higher priced options. As these plans are generally done by the meal and if you can reduce the number of meals you will eat you will create additional savings. The difference can be substantial so look into ways to reduce your meal plan and in return you will be gaining valuable life skills in the way of budgeting and cost comparisons.
Textbooks are another large expense and can be even larger depending on the classes you will be taking. Finance books as I know from experience are very expensive as compared to an English course book on average. Specialized courses tend to have the more expensive books but as they are required it is not really an option or something you can simply do without. On average books and supplies can run over $1,000 a year at a four-year college. First try to buy a used textbook over the new editions for instant savings at the college bookstore. For additional savings I always look at Amazon.com and Half.com to see if the book is offered there at a cheaper price. In many instances you can find it cheaper elsewhere but this will take a little extra effort on your part. Also book rentals are becoming more and more popular as well further reducing the cost of books. If you do buy your books take good care of them and you should be able to resell them to the college’s bookstore or on-line.
With some effort and planning there are numerous ways to reduce expenses associated with college. Get creative and do not be afraid to think outside the box when it comes to ways to pay for something. Get in the habit of budgeting now and create a life-long commitment to doing this. Budgeting is the key to anyone’s financial success and well-being. The main thing to remember is to live within your means and plan for things properly and in advance.