Consider the following tips to help you save money throughout your college years.
Buying Smart: Consider buying store brand items instead of name brand and think about buying in bulk at stores like BJ’s, Costco, and Sam’s Club. Also, look for some second hand stores and don’t feel awkward shopping there, you are not alone! You may be shocked by what they have and how much things cost. For example – one of our students last year found a Coach purse for $40!
Get a Job: You may have been given the opportunity for work-study but even if you weren’t, you can still look for a part-time job on campus or close to campus. Working while in college is highly recommended. Not only is it a great resume builder and networking opportunity, but you can meet friends and make some money so you won’t be hassling mom or dad. Some on-campus and work-study jobs may even let you do your homework or get studying done when you have down time.
Bank Accounts: There are a lot of different accounts out there and many banks have student checking accounts where there aren’t any fees or charges to keep a minimum balance. We suggest that you find a bank that has a local branch for both you and your parents. Your parents and you should each have a debit card and access to on-line management. Setting up joint accounts with your parent(s) as the primary account holder will help them easily deposit money as necessary. Link your checking and savings accounts to help with overdraft protection and to help you save money. Have your paychecks and all other funds directly-deposited into your savings, then transfer spending money to your checking account and try to spend only what you have in checking. This will help you save money now to fund future large purchases such as books, a computer, or maybe even a trip for Spring Break.
Credit Cards: Be aware of credit card hooks such as free prizes, a percent off today’s purchase for opening an account, no interest for a certain number of months, etc. A free T-shirt may sound great now, but not so much when compared to the amount of potential credit card debt you may incur and a mark on your credit report. You can also look into Credit Unions or AAA, but if you do decide to have a credit card, we suggest having only one if possible. Be sure to minimize your credit card debt even after graduation; don’t forget about your student loans you will have to pay off. Also, typically if you are under 21, you will need to show that you are able to make payments (meaning you have some sort of income) or you will need a cosigner in order to open a credit card account. If you are under age 21 and have a card with a cosigner but want an increase in the credit limit, your cosigner must agree in writing to the increase.
Being money conscious from the start can seriously help you throughout college and you’ll be very thankful once you graduate.
Any additional tips to share? Leave your comments!
About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid. Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.
About the author: Laura Guarino is the Student Services Coordinator with College Planning Strategies, LLC. Laura has a degree in Human Development from Boston College and is currently pursuing a Master’s degree in School Guidance Counseling. She is also enrolled in a certificate program in College Admissions Counseling. Laura is at the forefront of the college admissions process for the families of CPS and The Smart Track™ Toolkit.
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