Five Ways College Students Can Save Money
As college and university classes start backup 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. How can these young adults focus on their studies while also making it affordable to survive?
Steve Siebold is a Certified Financial Educator (CFEd) and author of the book “How Money Works: Stop Being a Sucker.” He joined ‘the four’ LIVE with tips for college students.
He says it’s 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: no minimum balance requirements, interest-free overdraft protection incase you run out of money in the account, as well as 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and share them: With your time devoted to your studies and college life, nix the cable tv which is both expensive and outdated.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. Cutout 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 fulltime and going to school can be difficult, but finding a part-time job will get you real-world experience and provide you 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.
- Secondhand books: A lot of classes now have electronic textbooks, but some still have the traditional textbook, study guide 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.
- Student discounts: 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 often times these aren’t published specials.