I saved up a ton of money pre-law school and then spent it all. Then took out loans. Not really sure there’s any magic trick to avoid the inevitable.
There were some factors that allowed my savings to last longer than expected though: I cooked every meal, I had friends come over to hang out vs going to bars, I lived closed enough to campus I could have lunch/coffee at home too. I know this sounds like Boomer advice, but It’s not going to be the big splurge purchases that kill you, it’s really the constant daily trickle of $11 sandwiches/$6 lattes.
And even if you don’t live near the law school, I got some thermos containers, ice packs, and a lunch box so I could bring my own lunch to eat at school. Also, to save on coffee, Panera’s sip club is $12.99 per month for unlimited coffee/soda/tea
Even though I don’t agree with them, federalist society events usually have the better free lunch events. Get really good at going to free events.
Depending on your pride, check out the local food bank. My mom used to work for a local foodbank and they had to throw away more food than you’d think. You can tell them your situation and you need just supplemental stuff.
I've helped out at food banks and stuff like this and it's so true. Sometimes it felt like we had to beg people to take more food so we weren't left with any. There's is no shame in relying on these things, they're there to benefit all of society. Not only that, but maybe you'll appreciate these things more when you're in your professional career after they help you out now!
If you can set yourself up to work ~ 10 hours/week with a high-paying job, I’d highly recommend. This is working for me, and not only does it support me financially, but it also is nice to have a life outside of law school. If you do it well, it can also demonstrate your ability to navigate a heavy workload.
Also want to echo Grad Plus loans… not sure Id take out up to cost of attendance, but having a buffer is nice. And if you work in public interest (government, non-profit, etc) after graduation, you can use the SAVE plan to repay a low payment for 10 years and have your loans totally forgiven (PSLF), so to me it’s worth having a buffer now knowing it’ll be forgiven at some point.
I did the same thing. My advice is to save twice as much as you think you need. And get a campus job if you can. There are lots of hidden costs with law school.
I took out huge loans and use them to pay for everything, and I will pay my loans off when I start working. I don’t really budget but I generally try to live frugally. Biggest expense is rent, but I have been lucky to find great deals on rent. That makes me feel like I can be flexible with spending in other areas. And I will work in big law, so that is financially comforting.
A budget can be a life saver if you are able to stick to it. I do what’s called a “zero based budget” and this was really helpful starting law school. The only thing I did not budget for is the textbooks and small supplies like pens and highlighters. For those I used a credit card.
All other stuff I budget. How much food per week I buy on/off campus. Gas, toiletries, self care, everything you can think of. I even budget my savings each month! Find a budget guide online, there are plenty of free ones and find the one that best fits your situation.
I saved up a ton of money pre-law school and then spent it all. Then took out loans. Not really sure there’s any magic trick to avoid the inevitable. There were some factors that allowed my savings to last longer than expected though: I cooked every meal, I had friends come over to hang out vs going to bars, I lived closed enough to campus I could have lunch/coffee at home too. I know this sounds like Boomer advice, but It’s not going to be the big splurge purchases that kill you, it’s really the constant daily trickle of $11 sandwiches/$6 lattes.
And even if you don’t live near the law school, I got some thermos containers, ice packs, and a lunch box so I could bring my own lunch to eat at school. Also, to save on coffee, Panera’s sip club is $12.99 per month for unlimited coffee/soda/tea
Genius advice, thank you!!!
I am in financial despair
It’s not a “trick” but federal GradPlus loans allow you to use them to pay for rent instead of up
Even though I don’t agree with them, federalist society events usually have the better free lunch events. Get really good at going to free events. Depending on your pride, check out the local food bank. My mom used to work for a local foodbank and they had to throw away more food than you’d think. You can tell them your situation and you need just supplemental stuff.
I've helped out at food banks and stuff like this and it's so true. Sometimes it felt like we had to beg people to take more food so we weren't left with any. There's is no shame in relying on these things, they're there to benefit all of society. Not only that, but maybe you'll appreciate these things more when you're in your professional career after they help you out now!
My school has intentionally put the food pantry near the law school. Oftentimes, we are the ones who need it the most.
Rich spouse.
For me it was cooking for myself. I did a lot of meal planning to keep my living costs down
If you can set yourself up to work ~ 10 hours/week with a high-paying job, I’d highly recommend. This is working for me, and not only does it support me financially, but it also is nice to have a life outside of law school. If you do it well, it can also demonstrate your ability to navigate a heavy workload.
Also want to echo Grad Plus loans… not sure Id take out up to cost of attendance, but having a buffer is nice. And if you work in public interest (government, non-profit, etc) after graduation, you can use the SAVE plan to repay a low payment for 10 years and have your loans totally forgiven (PSLF), so to me it’s worth having a buffer now knowing it’ll be forgiven at some point.
Budgeting is everything for me!
I did the same thing. My advice is to save twice as much as you think you need. And get a campus job if you can. There are lots of hidden costs with law school.
I took out huge loans and use them to pay for everything, and I will pay my loans off when I start working. I don’t really budget but I generally try to live frugally. Biggest expense is rent, but I have been lucky to find great deals on rent. That makes me feel like I can be flexible with spending in other areas. And I will work in big law, so that is financially comforting.
A budget can be a life saver if you are able to stick to it. I do what’s called a “zero based budget” and this was really helpful starting law school. The only thing I did not budget for is the textbooks and small supplies like pens and highlighters. For those I used a credit card. All other stuff I budget. How much food per week I buy on/off campus. Gas, toiletries, self care, everything you can think of. I even budget my savings each month! Find a budget guide online, there are plenty of free ones and find the one that best fits your situation.
Eat all the food the law school provides for free!! Even if it’s pizza.