Like many college students, I fall under the category of being an uncontrollable spender when it comes to wardrobe enhancements and fine dining. For me, even though it's important to look trendy and live an eventful life, it's just as important to spend wisely and save so my summer income can fund my full-time student living expenses during the school year.
That's why I'm making an effort to be more careful about tracking my own expenses. Recently, I took my friend's advice and opened an account at Mint.com 
that directly links to my checking account. This tool helps me create a realistic budget, while comparing some of my spending habits to the average American. Eye-opening!
With this budget in mind, I'm thinking about how to cut back on certain expenses and limiting my spending to the items I truly need. Here are some of my ideas:
- Making more meals at home instead of eating out three times a day
- Revamping my wardrobe by accessorizing instead of shopping
- Going vintage
- Going online for discounts prior to making any big purchases
- Signing up for Netflix instead of going to the movies
- Watching TV shows online instead of paying for cable
- Adjusting my text messaging plan
- Hiking or going jogging with friends instead of paying for a monthly gym membership
- Giving up a videogame addiction and finding a private tutoring job
- Getting ink cartridges refilled instead of buying brand new ones
- Scanning classifieds for used furniture or using Craigslist instead of going to fancy stores like Crate & Barrel and Pottery Barn
- Using generic products unless brand names are an absolute must
So far, I've managed the accessorizing. 
Have any smart spending/saving tips that you'd like to share? Let us know!
Hi Delenie, I have a question. What do you do if you cannot get a co-signer for your loan application?
hey last time I applied for a student loan I didn't qualify but that was two, three months ago..
great post and useful advice. you can usually get free furniture from friends who are graduating as well. and thanks for the recommendation on mint.com, its a great site! :)
hi im just thinking about using the blog - what do you think
What's up?
Anonymous -- Thanks for commenting! I'm not sure exactly what you mean by "use the blog" – could you clarify, please? In the meantime, I hope you're finding some good information and advice here! Keep reading and thanks again for being part of the conversation
How can I get private student loans without a co-signer to make up the difference that I still need after: scholarships, fafsa, and federal loans. I cannot get a co-signer and only work part-time. I am going into my junior year.
Mint.com looks like a great approach to budgeting. I was wondering, though, if I can get the same sort of functionality by managing my account with Wells Fargo online. It's free, and Wells Fargo provides me with a summary overview of my expenses--which, as a student myself, has helped me manage my budget. Do you think I would benefit more by using software like that offered by Mint.com?
Anonymous – If you’re applying for a private student loan and do not qualify on your own, you will need a cosigner. Have you considered other possible cosigners? Remember that your cosigner does not need to be a relative; they just need to be able to qualify for the loan. Did you apply for federal financial aid? If you haven't, there's still time to qualify for financial aid that won't require a cosigner. You could also look into more scholarship or grant opportunities that might be available to you. You may want to talk with your financial aid office to see if there is additional funding you may be eligible for. One other thing to consider is the Federal PLUS loan. If you are an undergraduate student and your parents are willing to apply, the loan could cover your cost of attendance minus any other financial aid you’ve received.. If your parent’s credit is insufficient for them to qualify for this loan and they are denied, you could get additional unsubsidized Stafford loans.
Anonymous – Are you talking about applying for a private student loan? If you didn't qualify on your own, you may have the opportunity to bring on a cosigner with good credit to qualify for the loan. Also, just to check, have you applied for any federal financial aid? Federal student loans don't have the credit qualifications that private student loans do, plus they're generally the lower-cost option, so we want to make sure that's your first choice if you need to borrow.
Hey David – I wanted to respond to your comment because I, too, use the service available from Wells Fargo (I love it and have talked about it on the blog previously, check it out here: http://blog.wellsfargo.com/StudentLoanDown/2009/01/sticking_to_my_budget.html) One of the differences with Mint.com is that it pulls your financial information from multiple sources. Since most of my banking is done with Wells Fargo, My Spending Report with Budget Watch has been perfect for me. So whether or not Mint.com would be better for you would depend on your situation. For me, it’s actually better that some of the accounts I have away from Wells Fargo are ones I can’t see on my budgeting tool. This helps me with some of my savings plans because the money is essentially out of sight and out of mind.
Anonymous – Have you tried to qualify for a private student loan on your own? If you have good credit history and meet the other requirements, you may be able to qualify for the loan on your own. However, if you do not qualify on your own, a qualified cosigner would be required. Have you considered all your possible options for cosigners? Remember that your cosigner does not need to be a relative; they just need to be able to qualify for the loan.
I do not qualify for any financial aid from my school because I am entering my fifth year in school [private]. I am currently applying for scholarships. However, even if I find a person [not related to me] to cosign- I am uncomforatable bestowing that financial burden on them. I mean it goes on their credit history and everything! I researched cosigners by talking with some elders in the community & I am informed that back in the day when they went to school, they had no cosigners. Being the primary borrower for a student loan is like the same thing- but only now you have to have a cosigner. It is frustrating for me b/c as a young adult it seems we are still being treated like children. It would be awesome if I didnt have to have a cosigner and take full responsibility for my loan. Perhaps the current law suit on the East Coast regarding a student filing a suit against her school and loan company about payments has something to do with this, pinning the responsibility of payments to a cosigner should the primary borrower be unable to pay.
Anonymous, thanks for your thoughts. I'm not familiar with the lawsuit you referenced. Do you have any other info you could share?
Also, Barbara just wrote a post that provides more detail about why cosigners are needed for private loans: http://blog.wellsfargo.com/StudentLoanDown/2009/08/the_cosigner_conundrum.html
Will it be better for me to pay interest on my unsubsidized stafford loan while I attend school? I am not sure if I can afford the interest while I attend school. So I just wondering if I should check the box on my mpn if I want to pay the interest or not.
Hey Alicia – Because any interest that accrues during school is capitalized when you enter repayment it’s always a good idea to pay off what you can. Otherwise, the interest starts accruing interest of it’s own during repayment. So, even if you can’t pay all the interest you accrue during school, paying part of it will still help save you money in the long run. As far as whether you should check the box on your MPN, it’s really up to you. Right now at Wells Fargo, Unsubsidized Federal Stafford borrowers who are in school receive an interest statement each quarter whether they’ve indicated they would like to pay interest during school or not. If you’re borrowing with another lender you might want to see what the procedure is for current students and if it’s based on what you check on the MPN. If you choose not to check the box now, you can still make payments toward your interest while you are in school; just make sure you know how to do so with your lender.