It is to a student's advantage to keep expenses as low as possible. Students with high debt levels can find themselves making long-term career decisions based on the amount they have to repay instead of based on their areas of interest.
Students should consider the following tips for cutting costs:
- Clip coupons - Grocery coupons in local newspapers (especially Sunday editions) will save you a few dollars here and there.
- Skip the car - use public transportation. It is very easy to get around in Boston by foot or by public transportation. In addition, Boston is extremely expensive to store or park your car.
- Skip the land line and rely only on your mobile phone.
- Limit cable TV to what you need (no premium channels).
- Build a budget and stick to it.
- Take advantage of free entertainment - Local colleges and universities are great resources for free or inexpensive student performances, art shows, films, etc.
- Use the library for books and movies instead of buying or renting them.
- Do not "Live for Today" - things you buy today with your student loan refund will end up costing you much more when you consider the interest that may accumulate on your student loans.
- Do not use credit cards - Have one and use it only for emergencies. It may help to keep the credit card at home, tucked in a drawer somewhere.
- "Brown Bag" your lunch - Eating out is much more expensive than bringing something from home.
Borrow conservatively, and find ways to cut costs. Little savings here and there can add up to make a big difference.
Live like a student now so you can live like a doctor later!