College can be expensive. That is why it is important for students to be mindful of their money during their time in college. Many students feel the burden of rising tuition and living costs. However, there is good news. There are many ways, both practical and creative, for students to save money. With the right mindset, college students can be financially savvy too.
Buy Used Books
- Textbooks and other required reading materials can be very expensive. Students should look online or look for used textbooks at their college bookstore. Often, used textbooks and other materials will be available to them. Buying used books can help save a lot of money.
- At the end of the quarter, the semester, or the school year, selling back used books can also help students to earn extra cash. Students should try to keep their books in good condition so that they can sell them back when they no longer need them. Check the college bookstore’s website for more details on buy-back policies and procedures.
Pay Your Bills On Time, Every Time
- Whether its utilities, cell phone, or credit card bills, be sure to pay all bills on time. When students pay on time, they are building a strong credit score for themselves. In doing so, students will also avoid late fees. Similarly, students can avoid the risk of going over their credit card limit when they pay their bills on time.
Keep Important Documents Safe
- Students should keep receipts and documents pertaining to student loans and financials aid in a safe and organized space. They may need the documents in the future, so it is a good idea to keep them accessible.
Maximizing Student Status
- Many locations and venues, especially those located in the surrounding neighborhoods near college campuses, will offer discounts to students. Look for places that offer student savings that go along with a student I.D.
- Students should create a personal monthly budget for income and expenses and try to stick to it. It will help them to avoid impulse purchases, they will have more control over their spending, and it will help them to keep track of how much they are spending.
Take Advantage of School Events
- Many colleges offer a lot of fun, free, and affordable activities on campus that will provide opportunities for students to socialize, meet new friends, and even enjoy a meal without a lot of expense.
Credit Card Responsibility
- Students should be responsible when using credit cards. Despite lucrative offers from credit card companies, students should be mindful of spending money they do not have. Although it may be difficult to resist swiping the credit card, it will leave students in a better financial situation after college graduation if they are mindful of their credit spending.
- If students are able to manage their studies while organizing their time, they should consider taking up a part-time job. It is a great way to earn a little extra money that students can either put into their savings or use as extra spending money.
- If students are working part-time jobs, it is recommended that they place their earnings into a savings account that is not attached to an ATM card. By making it more difficult to access, it may deter them from withdrawing money from their savings accounts. Even if it means putting aside $10 or $20 every week, the money will still add up.
Visit the Financial Aid office
- Students should visit the financial aid office on a regular basis. It is a great opportunity to learn about other aids, grants, and scholarships that may be available. It is also important for students to ask questions about their own financial aid package, as well as other information that is related to paying for school.
- Students can borrow required textbooks from public and private libraries, as well as borrow DVDs.
If college students are mindful of their finances, they could even graduate with money in their savings account to show for their budget friendly efforts.