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Monday, January 25, 2016

How to Save Cash During College

save money during collegeAttending college is an ideal investment in your future, but unless you've been lucky enough to earn a full scholarship, it is expensive – and it's getting more expensive with each passing year. However, by instituting some good habits, it is possible to save money during college and ease the financial burden of higher education.

Money-Saving Strategies for College Students 
Here are some proven tips, culled from personal finance experts, that can help college students save much-needed cash while in school:

Cost-sharing and reselling. Are you finished with that calculus course? Sell your textbook. Do you need a literature anthology for your freshman-year English class? Buy it used. Have you found a perfect apartment but need to find a couch? Split the cost evenly among your roommates. Being sensible and frugal helps you trim costs bit by bit, and that adds up over time.

Always look for deals. Is there an extra-curricular club you're interested in that offers free pizza? Can you get a Groupon rate to your local cinema if you go with friends? Does your neighborhood eatery offer a lunch special between noon and 2 PM? Take advantage of these types of offers whenever you can.

Live with roommates. Your housing costs will be much higher if you shoulder the burden on your own. Share a house or apartment, get a roommate for your dorm, or join a sober living community—and tuck some cash back in your pocket.

Walk or ride your bike to school. If you live close enough to campus, it's always a good idea to walk or ride your bicycle to class rather than drive or take public transit. This can save you hundreds of dollars over the course of the school year, to say nothing of the health benefits.

Avoid borrowing to the greatest possible degree. Unscrupulous lenders are all too eager to tempt students with temporary solutions to their cash shortages. Don't be lured in. Only borrow if it's absolutely necessary and there is no other alternative, and even then—don't take out more than you really, truly need. It's a better idea to get a part-time job than take out a bigger loan to get you through the year.

How Good Money Habits Can Help the Addiction Recovery Process 
Developing good money habits goes a long way toward helping you get back on your feet after recovering from alcohol or drug addiction. Taking care of your finances teaches you self-discipline, which is vital for anyone hoping to overcome substance abuse. It also encourages a greater degree of self-responsibility, which creates a more positive and healthy overall mindset.

Hope Academy is an addiction recovery center focused on meeting the unique needs of young people struggling with substance abuse. We can help you with financing options for your addiction recovery process and your college education, and our young adult sobriety college program is one of the most unique in the nation. Contact our team today to learn more.
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