Reducing Inflation’s Impact on Your Expenses Landress says students should focus on saving money or earning extra income. Moving in with parents or a roommate, and reducing discretionary spending like entertainment or eating out could be ways to accomplish the first goal. Finding an on-campus job or another part-time gig could help accomplish the second one. Either way, every little bit of spending less or earning more can help you stretch a dollar. Making a budget is the first step towards greater control over your finances. Even if you aren’t perfect at sticking to the budget, seeing how much you’re spending on certain categories can give you insight into your spending habits and what needs to change. There are many mobile apps or websites, such as Intuit’s Mint.com, and other resources available to help students make a budget. Here are some tips on budgeting specifically for college students. Reducing Inflation’s Effect on Student Loans If costs keep growing, students will have to take out more loans to cover the cost of attending college. Unfortunately, inflation’s impact on their debt isn’t something students can directly control. But they can minimize their overall debt load by taking out federal loans first, which tend to have more safeguards than private loans. However, if a student isn’t eligible for enough in federal loans to cover their total cost of attendance, they may have to take out a private loan. In this situation, Farrington suggests making sure it’s a fixed-rate loan. “Variable-rate loans, while having lower upfront rates, could rise dramatically if interest rates rise, making them more costly in the long run,” he says. Hudson of EDI Refinance points out the silver lining of this inflationary period, largely for those who have already taken out loans and are now paying them back. “Inflation is a benefit to debtors,” she says. “Student loan holders should pay as little as they can on their loans during times of inflation and make up for it when inflation slows down in order to maximize the value of this effect.” Landress also recommends ensuring “you're on the right plan to pursue forgiveness if applicable, or if not, look into refinancing to reduce your interest cost.”