The Elusive Frugal Student

I don't know about you, but I am getting a little tired of picking up the National Post or reading in the Economist that students are in more debt now than they've ever been in the last thirty some odd years combined, it's depressing! I'm also a student. Actually, I haven't been a student for nearly ten years, but I'm returning after a long hiatus, and even I started having heart palpitations when I had to think about doling out wads of cash for tuition and books. But after the initial panic, and a quick look-over my finances, I realized that  even though I'm miles away from wealth, I'm rich with financial savvy, and the more planning I managed ahead of time, the less likely I was to become one of those statistics they write about in financial publications.

So here's how to survive those college years. They may be lean, but you'll be the richer for it in the end!

1) Scholarships & Grants

The second you find out that you've been accepted into the university or college you want, start scouring the internet, and your university's financial aid office for scholarships, grants and bursaries. There are literally thousands of scholarships for college students, and this is the kind of money that will keep you out of the poorhouse. This type of financial aid is free, and provided you meet a set of requirements, and provide whatever it is they're asking for, whether it be an essay or project,

2) Student Loans

This is where things get tricky, and where most students go wrong. They apply for a loan, the government hands them a boatload of cash intended for their studies, and students spend it on luxury items like designer clothes, new cars, or vacations, none of which are legitimate school costs. Often, the money is spent long before the first semester comes to an end. Student loans are for costs that are incurred because you are a student.

3) Altering Spending Habits

Like I mentioned above, being student means being lean, and I don't mean physically (although, that's what tends to happen to me when I'm stressed and studying!). Your budget should be lean. You've made the decision to go back to school, and that means that your financial priorities should be different altogether. Those weekly shopping trips to the mall should slow to a trickle, and those seemingly endless nights out at the bars with friends, you can't afford to do that anymore! It's time to trim the fat, and get real about your expenses. You've decided to further your education in an effort to  provide better earning capabilities for yourself, why would you want to sabotage your own efforts?