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5 Ways to Save by Getting Rid of Your Rent

By U.S. News & World Report

The quickest way to start building up a nest egg when you don’t have a large income is to slash your expenses the best you can. While couponing and forgoing lattes may be enough for some, some frugal folks get bitten by the savings bug and really want to bank a nice nest egg in a short period, no matter what it takes.

Common budget busters that are difficult to get rid of include housing costs, utilities, food, car payments and gas. That first one, whether it’s rent or mortgage, is often the biggest expense. Getting that monkey off your back often frees up a large chunk of cash that can be used to pay off debt much faster or get a jump start on saving.

Let’s face it, though, you’ve got to live somewhere, right? The following are a few choices for those willing to make extreme choices to get their finances in order. I’m not saying they are easy. I’m not even saying they are fun, but they are jobs that will let you bank the vast majority of your pay.

Enlist in the military:

Yes, this option carries large risks and is not an option that’s available to everyone. If you are eligible and willing to serve, though, you will have access to a range of benefits, including housing. It’s something to consider if you’re at a certain point in your life.

Become an au pair:

If other people’s children don’t make you want to tear your hair out, this option could be for you. Au pairs live on site with families and take care of the children. Room and board are usually part of an au pair’s payment and many times, you can work for families abroad. However, the hours are long and living with your employers can be stressful. But if you can handle it, the job will help your bank account by reducing your spending.

Run away with the circus:

When you think of the circus, you may think you need to be an acrobat or tightrope walker to go work for them, but the circus is actually its own little city. Aside from traditional circus skills, major circuses also employ cooks, accountants, teachers, welders, salespeople, veterinarians, bus drivers and many other types of workers. Different circuses house people different ways, but the vast majority of them do cover housing. That means you can take your paycheck right to the bank.

Sail into the sunset on a cruise ship:

The hours are long and you go months without a day off, but it’s always an adventure and your bank account can boom working for a cruise line. Not only is your room covered onboard, but so is your food. It’s actually possible to go for weeks at a time without spending a penny. (Even if you hit the bar, you can still save by paying crew rates.)

Wondering what kinds of jobs there are onboard? Well, you do have your typical cabin steward and restaurant service jobs, although often these are outsourced to companies in places like Indonesia, Jamaica, India and the Philippines. Don’t despair though, most ships also have doctors, nurses, hostesses, cruise directors, child care, future cruise salespeople, shore excursions teams and many other positions that utilize skills you already have.

Go green as a park ranger:

By all accounts, the hours are long and the work can be completely thankless, and you do have to pay a small stipend for housing, but this lifestyle still allows you to save most of your paycheck and spend months at a time in a place people pay a lot of money to experience for a day or two.

Keep in mind, jobs that cover aspects like room and board are almost always the types that become life encompassing — you will work, live, eat and play with the same folks. Sometimes this can create bonds that last a lifetime and sometimes it can become the most miserable aspect of a job. Additionally, if you require clear lines between work and home, these jobs are not for you.

All that being said, if you’re young or even just young at heart, taking a year or two off from the rat race and taking on a job like this will allow you to pay down debt much faster or kick start your savings.

More from U.S. News

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5 Ways to Save by Getting Rid of Your Rent originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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