How can I save money during law school (I'm on loans)?!?!?

Question

Ok, so I'll be moving to Houston, Texas this August for law school and I definently won't be working. I'll be on loans and even when it comes to the necessary items, I have a lot of expenses. I'm trying to keep them to as much of a minimum as I possibly can though.

I have to pay for rent I'm getting a 2 bd, so that I can find a roommate), utilities, books/supplies, food, transportation....ya know, all the regular stuff. PLUS, I have to keep making payments on my credit card, the parent loan I got under my dad's name, gym membership, and car insurance.

I definently need all this stuff (even the gym).

PLEASE HELP! How can I cut some corners, be a smart shopper and save money. I'm open to any suggestions you may have! Thanks! :o)

Answer 1

Congratulations on taking on law school.  I work for a law school myself so I know that first year it is really important to focus on your academics and the ABA stresses that you should not be working the first year.  That leaves you to the mercy of living off of loans at least in the first year.  

My best advice is to cut your expenses as much as possible.  Having a roommate is a great start.  You will save money on utilities and rent.  You should get rid of debt like your credit cards before you get into school.  If you can work a 2nd job this summer and double up payments to pay it off.  Anything to get out from under additional expenses.  

Maybe your parents can pick up the payments on the parent loan while you are in school, or talk to the lender and see if it can be deferred or in forbearance (this might not work with you in grad school, but worth a shot if they cannot help you make payments).  You should write up a budget on where all of your money is going and figure out what you can live without (gym memberships, cell phones, less lattees).  

You will likely leave law school with a significant amount of debt unless you are benefiting from some large merit scholarships for attending.  The more you do now to eliminate your need to borrow the better off you will be when you graduate in 3 years.  

Good luck!!

Answer 2

Woelfe and I disagree on this one.  I don't think any student should be without a job.  Even if it's just a couple of hours a week, you aren't studying and going to school 16 hours a day seven days a week are you?  If you are, you should change your major, if not get a job. just a few hours a week.

Find something you are good at perhaps tutoring math or science for the school or on the side.... even if its just 4 or 6 hours a week, it'll help.  This is how I helped pay my living expenses when I was 16 years old and went away to college w/o parents giving me cash.

Answer 3

You can try bringing in a little passisive income like writing short how to articles. See my article http://www.ehow.com/how_2193091_work-hom... and save money on gas and food by reading my tips here

http://www.ehow.com/how_2261173_save-mon...

and

http://www.ehow.com/how_2289456_save-mon...

or sell your photos see my article here http://www.ehow.com/how_2320989_paid-pho...

all of these tips have helped me to stay home with my kids so they should help you as well.