It’s no secret that grad school is expensive. The good news is there are many different ways you can save a little bit of money. If you want to know how to save money in grad school, check out the tips below.
Land a Second Job or Freelance
One of the easiest ways to save money in grad school is by landing a second job. This is sometimes easier said than done, but the truth is it’s a fast way to save money.
Even if you’re currently working full-time, you should try to get a second part-time job. If you’re not working at all, then apply for full-time employment.
Working a job offers many benefits, with one of them being you’ll have taxes taken out of your checks.
When tax time comes, there’s a chance you’ll get a refund. Even if you don’t get a refund, you’ll still wind up with more money than you would have if you weren’t working.
If working a traditional 9 to 5 isn’t for you, then give freelancing a try.
You can do many freelancing jobs, from babysitting to dog-sitting to writing to cleaning to driving and anything else you can think of. With the rise of the gig economy, you can take up as many freelancing jobs as you want.
Here’s a tip, land a job that allows you to make extra money on top of your wages. This includes sales jobs that offer commissions and salary and employment that will enable customers to give you tips.
The goal is to make as much money as possible with as little work as possible; that way, you can still focus on your studies.
Get Rid of Your Car: Use Alternative Transportation
Do you own a car? If so, get rid of it if you don’t need it.
The chances are you spend a fair amount of money on gas, repairs, and general maintenance. If you need your vehicle, then stop using it as frequently as you do.
That way, you can save a little bit on gas. You might be surprised at how much you’ll save by using your car only when it’s necessary.
You’ll want to start relying on alternative transportation for those who do get rid of their car. Walking is a great way to save money, and so is taking public transit, or you could start cycling everywhere you need to go.
t first, it’ll take getting used to, but eventually, using alternative transportation methods will become second nature.
Also, consider buying an electric bicycle, moped, or something similar.
These types of vehicles will get you where you need to go, and quickly. Best of all, they are much more affordable to own than a car.
Take Advantage of Student Discounts
Another good way and one of the simplest ways to save money is by using your student discount whenever possible.
Many places offer student discounts, including clothing stores, grocery stores, movie theaters, restaurants, bookstores, and more. If you go to such places now, then start asking them if they have discounts for students or start looking for places that do.
Sure, the savings might not seem like much at first. However, as time goes by, all of the discounts you have taken advantage of will add up.
Here’s another tip, try to find places online that offer student discounts (because shopping online is usually cheaper than shopping in-person). It can be even less expensive if you take advantage of student discounts.
Open Another Savings Account
Do you currently have a savings account? Great if you do, but open a second one and use it solely to save money every week.
Whenever you get a little bit of extra money, no matter how small of an amount, put it in the secondary savings account and do not touch it. This takes a great deal of discipline, but all of those small amounts of money will add up in the long-run.
For those who don’t even have a savings account, get one right away.
Trust me when I say it is a good idea to have a savings account, even if you have a checking account to try to save money in. It’s much easier to save money when you have two accounts then trying to save money in an account you use to pay bills with.
Live Off-Campus
Sure, it is very convenient to live on campus because you can quickly get to your classes. However, the amount of money you’re spending to stay there might not be worth it.
This is especially true if your goal is to save money while in grad school. This problem can easily be solved, although it will require effort on your part because it means traveling back and forth to your classes.
The first option is to live with your parents, but there is a second option if that doesn’t work for you.
You can find a cheap or affordable apartment and live with roommates. These days there are many ways you can go about finding roommates, so use several websites to look for potential roommates.
Another way to live-off campus is to look into renting a cheap Airbnb.
What you’ll want to do is weigh the costs of renting a place on Airbnb versus paying to stay on campus. If it makes more financial sense to rent a place, then go with that option.
Don’t Spend Money on Stuff That Isn’t Necessary
The fact of the matter is many students in grad school spend money on stuff they don’t need.
Unless it’s something you need, then don’t buy it. There’s nothing wrong with going out from time to time, but you’re spending money unnecessarily when you do it a few times per month.
Going out to the bar on the weekends or going out to eat for a meal during the week might not seem like a big deal, but all of that money being spent on stuff like that could have been going into your bank account.
Limit yourself to how often you go out and what you spend your money on. By doing this simple thing, you’ll end up saving a lot of money in the long-run.
Buy Used
There are a lot of things you can buy used while in grad school.
This includes books, clothing, small appliances, and more. It doesn’t matter what items you need. The chances are they will be much cheaper to buy used than new.
Furthermore, there’s no shortage of places you can find used items at. This includes thrift stores, small mom-and-pop stores, and online retailers.
Let’s not forget to mention that social media platforms such as Facebook have their own marketplace. You can easily find used stuff to purchase.
Buy Groceries on Sale
Most grocery stores have weekly sales. You should do your best to buy groceries on sale because this can help you save a little extra money.
This is a simple tip, but a lot of grad students don’t do it. If you’re serious about saving money, then keep an eye out for weekly sales at the grocery store.
Create a Budget & Budget Plan
Perhaps the best way to save money in grad school is to create a budget. Make a list of your incoming/outgoings, and then decide what you don’t need to buy and what you need to buy.
Once your budget is created, make sure you stick to it. You’ll be surprised at how well a budget plan works if you follow it.
Final Thoughts
It doesn’t matter if you’re in your first year of grad school, the second year, or beyond.
The chances are you can save money. If you’re serious about saving money in grad school, then implement some of the above tips. The sooner you do, the sooner you can save.
