Money Saving Tips for Online Students

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By Donna Reish

Just because you decided to take classes online doesn't mean that tuition is necessarily any cheaper than if enrolling at a traditional school. And despite loans, scholarships and grants, sometimes additional sacrifices must be made in order for you to afford the extra costs and fees it takes to go to college—especially if you have a family. To learn some simple money saving tips, continue reading below.

The first thing you can do is start shopping smarter. This means using coupons when grocery shopping, buying generic brands and buying things in bulk. Don't forget to use your rewards card if your local grocery store has one to double your savings and keep track of your receipts—some have very good coupons attached to them. It's also best to make a list of all your spending habits either using a digital application or by simply writing it down on a piece of paper so that you know where to cut back if need be. For example, if you see that you are spending an extra $40 a month buying imported bottle water, opt for a cheaper brand. Or better yet, invest in a home water purifier. Also, if you happen to be the type that needs a pick-me up cup of coffee every morning, brew your own and skip the coffee shop—you'll save a bundle. You might also want to limit going out to eat to once or twice a week. And of you have a family, try to go during the middle of the week as some restaurants have "kids eat free" Tuesdays and Wednesdays.

Another great way to save is to simply pay your bills on time. All the extra fees you have to pay because your bill is late can add up. A good way to avoid this is to set up your accounts to "automatic pay"—your bank will automatically withdraw the money from your account when the bill is due. Or, you can write the bill dates on the same planner you use to write your school assignments so you can keep track. On a similar note, avoid pesky ATM fees by only withdrawing money from your own bank when needed since they too can add up. You might also want to give yourself a weekly spending limit and in order to maintain your limit, only carry around cash. Once it's spent, don't turn to your card unless it is an emergency.

Lastly, you can make some additional cutbacks such as canceling your costly gym membership and opt for doing exercises at home i.e. running around the neighbor, taking your bike for a spin, and walking up and down a flight of stairs. You might also want to stop renting movies from costly places like Blockbuster and make a quick stop at your local Redbox to rent $1 movies or get a Netflix account. Another good idea maybe shutting off your landline phone and only using your cell. There are numerous other ways you can save, you just need to see what's best for you and your family.

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