Money Saving Tips for College Students
The beginning of a student’s college years are some of the most anticipated and exciting in a young person’s life, both for the student and the parents. However, financially, they can also be the most burdensome. Students and parents are often at loggerheads over the student’s college spending. For the student, with newly found freedom, there is an urge to charge full tilt into extracurricular activities without a thought to their cost. The parent often wants their child to enjoy their college years, but also wants them to understand that the money doesn’t come easily. Here are some simple money saving tips for college students that will stretch the dollar further and reduce stress between parent and child.
Seek out Student Discounts
First of all, every college student should definitely take advantage of the inumerable discounts available to them. Practically every business out there offers some sort of discount to students. Many of the big name brand stores and merchants only offer discounts to those who have a card from . This is a card that is purchased on a yearly basis ranging 1-4 years. The price breakdown is as follows:
1 year – $22.50
2 years – $32.50
3 years – $42.50
4 years – $52.50
In my opinion it’s a great deal, as your savings will definitely exceed the cost of the card.
Another great resource for finding discounts is the Student Savings Club. This easy to use website provides you with a handy list of deals and discounts around your college’s area. Just choose your state and school and you’ll be given a list of local businesses that offer student discounts.
However, to find the majority of discounts around your school you’ll need to tap into another valuable resource: upperclassmen and faculty. They’re the most familiar with the college and its environs, so use their knowledge. Many of these local businesses have certain days of the week when they give discounts or free admission to students, so be sure to take advantage of them. Usually all you’ll need is your college ID.
In general, a college student should get into the habit of asking this question: “Do you give student discounts?” The answer will most often be “Yes”.
Save on Textbooks
As I wrote about in a previous post, don’t buy new textbooks from your college bookstore. You can save a great deal of money finding cheap textbooks (new and used) from alternative sources or by renting them. Also, once you’re finished with the books sell them to recoup some of your money. That is, unless you’re particularly attached to them.
Save for college while shopping
Although you should try to curb shopping, you can’t eliminate it. But, you can put that shopping to good use by signing up for Upromise. Their program allows you to get cash back on all sorts of shopping: groceries, online, gas, etc. You can apply the balance of your cash rewards towards anything you want. Every little bit of saving helps and your Upromise balance will add up throughout the school year, giving you a nice little bonus to start out the next year with.
Use College Resources
Use your school’s meal plan, eating out daily is quite expensive. This is something that a young student probably hasn’t learned yet, but that a parent knows very well. Use your vehicle less often, parking on campus is rarely free. If you must drive, try to carpool with other students to reduce parking and gas expenses. Most campuses are made for walking anyway and the larger ones often have public transportation available. Use college resources as much as possible. Practically every college has video equipment, computers, books, etc that are free to use. You’ll also find on campus movies theaters and other entertainment events that are free. You’re tuition is paying for them, so be sure to use them.
Make a budget
By far, the most important thing you can do to save money while in college is to make and live within a budget. Parents: if you haven’t taught your children about living on a budget, now is the time to do so. Student: if you’ve never lived on a budget, now is the time to start. Using a budget will not only help you predetermine exactly how much expendable cash you are allowed, but it will help you keep track of your spending habits. If you want to cut expenditures you’ll first need to determine exactly where your money is going. It doesn’t matter whether you simply write the budget down on paper or buy some basic budget software, but it must be written down in some way. Don’t try to live on a budget in your head, you’ll fudge and go over every time.
Whether a student is working part time or is given an allowance from parents each month, budgeting is the most effective way to save money during college. However, it can be trying for both parties. There will come a day when the young student has spent all of his/her money before the month is up and goes to Mom and Dad with an outstretched hand. This is when the parent must say “No! Learn to live within your means instead”.
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