As a business student, there’s a good chance you’re already racking up a variety of school-related expenses. From basic tuition costs to rent payments to school supplies and more, business school requires a significant up-front investment, whether you’re in an undergraduate or a graduate program.
Fortunately, even enrolling in a high-priced program doesn’t mean you need to saddle yourself with burdensome loans. Here are a few ideas you could try to keep more cash in your wallet while in school.
1. Research Scholarship or Grant Opportunities and Reduced-Cost Equipment at Your School
At many schools around the country, there are scholarship funds going unused because not enough students are applying for the opportunity. If this is the case at your institution, you may be able to lower or even get rid of your tuition bill and other major expenses just by looking for key opportunities! You may want to:
- Apply to business scholarships at your school
- Research different grant opportunities for business students
- Ask your school whether you qualify for a free laptop for college and other essential, reduced-cost equipment and school supplies
2. Cut Typical College Costs by Living as Frugally as Possible
Although it may be tempting to live it up during college, spending excessive money now can lead to financial headaches after graduation. This is especially true if you’ve taken out student loans to subsidize your business school experience. Living frugally now can help set you up for better finances later. During school, you may want to:
- Live with one or more roommates and split expenses
- Take the bus to campus or ride a bike instead of driving a car
- Rent your textbooks each semester from the local bookstore or purchase used copies
- Buy your own groceries and cook from scratch instead of purchasing a pre-paid meal plan
- Reuse basic school supplies, such as your backpack, every semester when possible
- Find free local activities to enjoy with friends when going out
3. Earn Side Income by Taking On Educationally Enhancing Opportunities
If you want to line your pockets while still in school, consider picking up a side hustle that can supplement your education. For instance, it might be beneficial to:
- Volunteer at a local business in an industry you’re interested in
- Ask your professors if they have any teaching assistant or research assistant positions available
- Start up a small side business to begin building your own hands-on experience
- Get a part-time job in a nearby company to gain practical corporate expertise
4. Plan Out Your Degree Requirements Carefully To Ensure You Graduate on Time
Lastly, failing to graduate on time can cause you to pay for more classes than you could initially afford. Make sure that you:
- Take the maximum number of credits you can handle each semester
- Ensure you’re checking off necessary degree requirements in a timely fashion
- Meet with your advisor regularly to make sure you’re on track to graduate on time
Although attending business school at both the graduate and undergraduate levels may have a reputation for being a high-priced endeavor, the truth is that planning ahead and learning some key tricks can help you keep more money in your wallet. These tips are simple ways to save money and start your business career in as strong a financial position as possible.