Avoid Student Loans by Living Like a College Kid

 Have you ever heard that saying, “Live like a doctor when you’re a med student and you’ll live like a med student when you’re a doctor?” Probably sounds pretty self-explanatory to most people who read my blog, but I know that many of my college classmates were not following that basic advice when we were in college. In fact, I’d be willing to bet that some of my peers spent their student loan money on flat screens, macbooks and beer. I suspect they’re regretting those decisions now.

Living frugally as a college student saved me hundreds (maybe thousands) of dollars in student loan interest as an adult. Yes I took out student loans, but my loans paid for tuition and housing costs (rent) only. To avoid borrowing money for my day-to-day living expenses I had a few part-time jobs. The income from those jobs paid for my food, clothing and spending money. Since I wasn’t exactly getting rich babysitting and working at the photo lab, I had to live on a pretty tight budget.

Here are a few of my favorite tips for college kids trying to live on the cheap (and anybody else trying to live on less).

• Shelter: Do a price breakdown of both on-campus and off-campus housing. If you go to school in a big city, on-campus or university owned housing is often subsidized by the university (mine was) and may be a fraction of the cost of fair market rent. If your college is in a small town, on-campus housing might be more expensive than renting a big house with a bunch of friends off-campus. Do your due diligence so you can make an educated decision about housing options that meet your budget and your needs.
• Food: Learn how to cook and do it! Cooking at home is almost always cheaper than going out. I often baked a chicken and then ate it different ways all week. When I did go out to eat I tried to share a dish with a friend (good for your waistline and your budget!). My friends and I also went to chain restaurants that offered “unlimited” food. Chips and salsa at Chilis or salad and bread at Olive Garden were great “fillers”. By the time we ate our “appetizers” we weren’t really hungry and ended up taking most of our entree home. Two meals for the price of one!
• Drink: Drinking at home is way cheaper than drinking at bars and clubs. If you like to drink, buy liquor and mixers and make your own mixed drinks at home. The markup at bars and restaurants is ridiculous. If you must drink while you’re out, stick to the specials menu and/or go during happy hour. I also highly suggest making friends with your local bartender. Give good tips and the next time you go back your bartender will take better care of you.
• Household “Stuff”: Sharing is caring. My roommates and I often bought club size items and split the cost. You know, the necessities like, toilet paper, paper towels and tubs of cookie dough. Had I been a couponer when I was in college, I probably would have saved way more money.
• Entertainment: Free is key! Figure out which museums and attractions offer discounts for students. Here in NYC there are a lot of free and cheap entertainment options. If you go to the theaters the day of a show and use your student ID you can get tickets to some of the best Broadway shows for a fraction of the retail price. I’ve also had good luck finding reduced cost entertainment on livingsocial and groupon.
• Hair: Just because you’re on a budget doesn’t mean you need to have a bad “do”. My favorite place to have my hair done was a the local beauty school. I’ve had my hair cut and dyed by many training stylists and I’ve never had a bad experience. The last time I had my hair cut and dyed it was $30 for everything (that was a few years back, but I can’t imagine the prices have changed that much). For any guys who are curious, I was paying $100+ for a dye job and cut at a full-price salon, so $30 was a steal of a deal.
• Beauty: Swap out your Clinique and MAC for Covergirl and Revlon. I quickly learned that my favorite Clinique moisture surge face moisturizer cost over $30.00, while the drugstore variety of a similar moisturizer made by Garnier was just $8.45! I also followed sale cycles and bought my skin and beauty products when stores were having a big sale. The body shop and bath and body works both have sales almost constantly. Watch for a good one and pair the sale with a coupon for additional savings.
• Health and Fitness: You pay for the gym, use it! If you’re a full-time student, use of the campus fitness center is usually included in your yearly student fees. If it is, you’d be foolish to pay for a health club elsewhere. Both of my universities had huge gyms with cardio machines, free weights, yoga and Pilates classes and a swimming pool. Maybe they weren’t as “nice” as the fancy health clubs and didn’t have the same amenities, but I’ll bring my own towel if it saves me $65 a month!
• Travel: Just say no! Student loans are not your personal travel fund! If you do need to travel back and forth to school, do so on a budget. Book your tickets in advance if you’re flying home, or better yet (if possible) take the bus. The flight home from college would have been $250-$400. I drove to Boston and then took the bus for about $50. It was a bigger hassle, but when you’re a student you have way more time than money, so get used to the slow ride home.
  

Did you live like a “college student” when you were in college? Do you wish you had?