With university costs rising year on year, and the added pressure of the increasing costs of food, utilities and other expenses, finishing university debt free might seem like nothing more than a dream. However, it is possible. Some of these tips might be able to help you.
Saving a little bit, often, can add up. Setting up an automatic transfer of a small amount you don’t think you will miss can quite suddenly grow to a more substantial amount. There are some great apps out there that can help you to save money without you even noticing.
Get a Job
While you don’t want to work too much, and neglect your studies, a part time job might be necessary if you want to completely avoid debt. Where possible, try to find a job related to your field of study, as this could lead to a job once you graduate. Or at least some useful contacts and relevant experience.
If you do have a bit of money spare, consider investing it. Even a small investment, by the time you graduate, could be worth a lot more. Make sure you do a lot of research beforehand, and consider speaking to an expert. Remember to never invest any more than you can afford.
Make Money Online
The internet is a great place to make some extra cash without taking too much time away from your degree. Some options to consider include:
- Blogging. You may already have a blog you can monetize. If not, consider setting one up. Some people manage to make a living from their blogs through advertising and affiliate marketing amongst other things.
- Online surveys. While you may not make a fortune taking surveys, its easy money, and every little helps.
- Selling crafts of skills. If you have any talents, use them. Selling homemade crafts is relatively simple via your own blog, or sites like Etsy and eBay. If you are a keen photographer or writer, consider advertising your skills as a freelancer.
Make Cut Backs
Look at where you can save money. Food is the first place to start. Write meal plans for the week, and make a shopping list. Then cook in large batches and freeze extra portions. Next, walk where you can, instead of using public transport or driving. This has the added bonus of keeping you fit. Finally, make a list of any outgoings and see where you can save. Do you need that many minutes on your phone contract? Is your gym membership worth it? Can you save by switching utility providers? There is a lot of money to be saved if you take the time to do it.
One of your first steps, if you haven’t already should be to look into any financial assistance you might be entitled to. If you study something like a nurse midwife or other healthcare degree, even via online study, you might be eligible for a bursary or grant. Scholarships are also readily available and worth applying for.
While some courses might seem worth a little debt now, a nurse midwife salary once graduated, for example, could easily make up for it. That said, it’s always best to try and avoid getting into debt as much as possible.