At D.F. Dwyer Insurance, we as parents understand the financial challenges faced by families when children head off to college. In addition to tuition, room, board, books and other living expenses according to the Project on Student Debt, the average college student graduates with $24,000 in debt. But a little planning can make a big difference. Share these tips with college students you know to get the year off to a good start:
10 Money-Saving Tips for College Students
- Do the math. Use your money for rent, bills and groceries first. Then look ahead to upcoming expenses to see what you need to save for. This will give you a reality check on how much you have for new clothes and going out.
- Pay on time. Make a habit of paying your bills on time, every time, to avoid wasting money on late fees. If your bank offers online bill pay, sign up to save time and stamps.
- Check your balance. Keep up with your spending by checking your account balance on your pc or mobile device regularly.
- Protect your identity. College students are easy prey for identity thieves. Avoid checking your bank balance with a public computer. If you must use one, log out of your account completely and clear the cache on the web browser.
- Wait to buy your textbooks. Hold off until you have a syllabus in hand before spending any money. Then shop online, search for “open textbooks” or print as you go using a service like iChapter.
- Use your student discount. Before you buy anything, find out if there’s a student discount for it. You can save money on everything from movie tickets to a new computer.
- Get the right meal plan. Buying the biggest meal plan may sound like a good idea, but you may not use it as much as you think. Start with a smaller plan to figure out how many meals you really eat at the commons.
- Participate. Colleges offer regular social events and entertainment, which often come with free food. Take them up on their hospitality.
- Buy your own T-shirt. Signing up for a credit card just to get a T-shirt is not a good idea. If you need a credit card, research the interest rates and rewards before you commit.
- Leave the car. Most campuses are pedestrian friendly, and the cost of gas is high. Ask your insurance agent if this could save you money on your car insurance, too.
Some Content: Nationwide Insurance © 2015
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