Let’s face it, nursing school can be financially straining. Between paying bills, buying supplies and maintaining a social life, the costs can add up. With all these expenses, it can be difficult to save money, but there are certainly ways to live financially savvy. These tips will help you save money while you are still in school, meaning one less thing to stress about.
Don’t overpay for an apartment
Luxurious apartments are more popular than ever – infinity pools, first-class gyms, coffee bars, the works. While it can be tempting to live in an upscale complex with a long list of amenities, it is not a necessity. According to U.S. News and World Report, overpaying for an apartment or dorm is one of six money mistakes most college students make. Cutting back on living expenses is a great way to save some money. Not only will a smaller place cost less, it will reduce utilities expenses, resulting in more savings.
Make a budget
A budget is another way to stay on top of your finances. Understanding how much you are paying each month can help you manage your expenses and eliminate unnecessary spending. According to Taylor Spangler, an accredited financial counselor who spoke with U.S. News and World Report, students can allocate “for fun” cash on a weekly basis to avoid blowing their budget. Because, remember, having fun is a must!
Create an emergency fund
Unplanned things happen – like a medical bill or flat tire – but that doesn’t mean they should cause financial trouble. Thecollegeinvestor.com recommends starting a small emergency fund with about $1,000 and growing it when you start earning money. Setting money aside in case something happens will help eliminate stress if a crisis occurs.
Look for free activities
Doing fun activities with family and friends can help ease the stress of school. While quality time is important, the costs can add up if you are eating out, going to movies and shopping frequently (see: “for fun” budget). Check out your school and local community to find free events so you can have some fun and save money at the same time – plus, who doesn’t love free stuff?
Purchase used textbooks
Textbook after textbook, supply after supply – nursing school costs sure add up. According to Forbes and DebtFreeCollegeGrad.com, purchasing used textbooks can also help you save money. You can often find gently used textbooks for a fraction of the price on sites like Amazon, eBay and Half.
While nursing school can be tough, it doesn’t have to break your bank. With the right budget and financial plan, you will be on track for a financially savvy and fun-filled life, both before and after graduation. Happy saving!