Budgeting Tips For Law Students

Law school is expensive, no doubt about it.

Law students graduate with an average of $145,550 in student loan debt, including undergraduate loans. That doesn’t count day-to-day expenses. And with law school tuition showing no signs of slowing down, law students may benefit from a few budget-friendly strategies.

Gabriel Kuris, founder of Top Law Coach and a contributor at US News, recently discussed ways that students can spend less during law school.

PART TIME WORK

With more and more companies offering remote work opportunities, law students can enjoy more flexible work that fit well in their busy schedules.

“The rise of remote work and online freelance jobs has created a wealth of opportunities for law students without much room in their schedule to take on regular jobs,” Kuris writes. “Many law students find part-time work editing, tutoring, translating documents, doing clerical work, or teaching or facilitating online classes.”

Kuris also recommends that law students seek paid summer positions in legal work.

“Many law students earn enough during the summer to pay for the cost of living during the year, and they may even save enough to partially offset the cost of tuition,” Kuris writes.

BUY USED

Buying required textbooks and supplies can add up over the semester, especially if you’re buying those items brand new. Kuris recommends students to seek out used items whenever possible as a means to save.

“Online resale marketplaces have made it easier than ever to find used textbooks, laptop computers, furniture, clothes, briefcases and other expenses that eat up a law student’s budget,” Kuris writes. “Look for good deals on law books and study materials by asking former students if they are open to selling materials from their past classes. University bookstores often carry used books, as well.”

BUDGET FOR YOU

When it comes to financials, everybody’s situation differs.

“Thus, it is a fool’s errand to adjust your spending in law school based on your perceptions of others’ lifestyles,” Kuris writes. “Instead, make conscious decisions about your own budget. Monitor your spending, savings and financial goals.”

Sources: US News, Nerd Wallet, Inside Higher Ed

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