Smart Spending

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!

Did you know?

A typical student borrowing federal loans can expect to pay back 167% of what they borrowed over approximately a 10 year period!  By limiting borrowing now, and paying for expenses out of pocket, students can avoid this 67% increase due to interest and fees.

Planning for $uccess and Financial Wellness Newsletter

 

2016 Holiday Newsletter