Your college student has been working all summer to bring some money back to campus. Help them to make it last the school year, (or at least the semester) with these tips.
1. Look for a financial institution that caters to college students. In an effort to try and get your child as a lifelong customer, they may offer perks like free checking, no minimum balance or maintenance fees, free online and mobile banking, like the Northeast's Student Checking Account. Shop around.
2. Impress upon your student to pay all of their bills on time to save on avoidable late fees.
3. Leave the car at home - spending money on gas is a real money guzzler. Most campus’s offer free shuttling service, and many are small enough to travel on foot.
4. The dreaded textbook costs! Renting textbooks as opposed to buying them can save your child some of their hard-earned cash. If they must buy, buy used textbooks and suggest selling at the end of the semester.
5. Get a good meal plan at the campus dining hall. If your child is eating from the plan, they will be less likely to spend on expensive take-out.
6. Take advantage of that Student ID! Many stores and services, will offer student discounts that can help cut costs down.
7. Give up that pricey gym membership! Many colleges have a gym on campus that are free or discounted for active students.
8. Caffeine is a component of most every college student’s life. Buy your child a coffee pot and suggest making their own specialty brew. Those frequent trips to the local coffee shop can really add up.
Helping your student to be aware of spending and saving while at school will help them to become graduates with a successful financial future.