When you’re in your twenties and struggling to make ends meet, getting by financially doesn’t need to involve online business scams or borrowing heavily from friends or your parents. If your monthly overhead is starting to overwhelm you, then never fear: the following is a guide to help you cut your monthly expenses by as much as 50%.
Reconsider Living Situations
Live in a dorm that costs more than an annual salary on minimum wage? Consider moving back home, as painful as it may seem to have to go back to living with your parents. In this rough economy, countless students have been doing just that; some people have even dropped out of their out-of-state four year university in favor of moving back home to attend community college and live at home for a few years to save money. This can save you thousands of dollars per year (assuming your parents don’t charge you rent), but if this isn’t a feasible option, then moving from a dorm to an apartment with several other roommates can also work to save you more money each month.
Health Insurance Coverage Options
Unless you have an employer who covers the entire cost of your health insurance, chances are that you’re either relying on the public healthcare system, or you may have a low-cost private health insurance. Understandably, this doesn’t seem like a major concern while you’re young and healthy, but if you have a serious accident or illness later on, you’re going to deeply regret not shelling out a couple of hundred dollars (or even a little less) per year for this back-up. With this in mind, health insurance comparison will be able to not only find you the best prices and coverage, but you will be able to protect your long term financial stability (the “just in case” factor). Also, if you’re still in your teens or early 20s, you may still qualify as a dependent on your parents’ health insurance policy. Contact your provider for more details (this could potentially save you quite a lot of money if your parents are still willing to pay for this while you’re completing your degree).
Food Discounts
When you live near or in a college town, the deals to be had in food joints are plentiful. If you have a student discount card (contact your college or university for more information), then you could potentially save several dollars each time you eat out. I personally get a 50% discount whenever I show my school ID card at a local sushi restaurant. Buffets also love hungry college students and may either offer deals based on student status or times of the day (or days of the week) that may need a little more foot traffic. Many places also give out coupons on campus, so keep your eyes peeled for someone handing them out or perhaps a few of them posted on public bulletins. As you can see, life as a college student doesn’t have to mean a paltry existence on nothing more than ramen noodles.
Eliminate 3G Service
Unless you don’t have internet access at home or need 3G service for a personal entrepreneurial venture, is it really that important to be able to watch Youtube videos or go on Facebook whenever, wherever you are? Of course, if you’re bound to a contract—usually no more than two years at a time—then you’ll have to wait, but cutting 3G internet services from your monthly expenses could save you $30 or more (depending on your monthly data usage). Yes, it’s convenient, but if building up your bank account has a higher priority over surfing the web, then this could be a wise move both financially and socially.
Go without a TV?
Even with the recent corporate fiascos happening over at Netflix, it is still a highly viable option for those hoping to watch their favorite movies or shows without running into legal or computer issues. Hulu is also a great online source for streaming television shows in high quality formats. These options will cost you a few dollars per month for basic viewing options; much less than what you would be paying for cable or satellite service each month on a regular television. The best part? No annoying commercials to deal with (or, no expensive recording system to buy so that you may skip over said commercials).
Even if you are only making minimum wage, your expenses need not equal (or exceed) your monthly income. If you’re truly determined to get your financial situation in order, then the above tips—however inconveniencing they may to your lifestyle for a while—will help you accomplish your savings goals by cutting out significant chunks of unnecessary expenditures on a monthly basis.
Citations:
This article is by Kelly Kehoe, a personal finance blogger at many popular websites including Health Insurance Comparison. She shares tips on student living and money management to help young people get a better deal out of life.
