As college and university classes start back up around the country, most kids are hit with sticker shock over the cost of attending school and trying to live on their own for the first time. Helping your college student save money is an important part of getting your adult child ready for the “real world.”
How Can College Students Best Save Money?
Steve Siebold is a Certified Financial Educator (CFEd) and author who says this is a question he’s been inundated with recently, so his tips for college students are:
Find the Best Student Bank Account
Many banks offer special accounts just for college students. A couple of the perks you want to look for are no minimum balance requirements, interest-free overdraft protection in case you run out of money in the account, and discounts and offers on other services specifically designed to meet the needs of college students.
Cut Unnecessary Expenses and Share Them
With your time devoted to your studies and college life, nix the cable TV, which is both expensive and outdated. If television is a must-have, opt for one of the many streaming services. In this day and age, there’s really no need for a landline phone.
Cut out as many of these unnecessary expenses, and if you have roommates, split the costs on utilities, internet service, food, and other necessities.
Get a Part Time Job
Working full-time and going to school can be difficult, but finding a part-time job will get you real-world experience and provide you with some much-needed income.
Even if it’s not through a traditional company, find ways to make a little money, like babysitting, driving for a rideshare company, stocking shelves at the campus store, or anything along those lines. Definitely check with your school, as they may have a number of small, part-time positions to fill.
A lot of classes now have electronic textbooks, but some still have traditional textbooks, study guides, and workbooks.
See if you can find these in good condition from students who attended these classes last semester. Also, check with local tutors, as many of them have a collection of books they have saved over the years. Your campus bookstore might have a used section as well.
You can also check out all the ways to get free textbooks.
Many businesses located in college towns offer special discounts for students.
From local eateries to office supply stores and everything in between, you can usually find special student discounts anywhere from 10 to 25% off a variety of services. It’s always worth inquiring about because oftentimes times, these aren’t published specials.
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