It's hard work, but taking a full course load each semester will get you to graduation faster. My best money tip for college students - especially for freshmen - is to get serious about classes ASAP. Take The Maximum Classes Possible To Minimize Time In College Thomas Bright, ClearPoint Credit Counseling Solutionsĩ. I was able to pay off a few student loans before I graduated, because I worked an on-campus job for twenty hours a week. Be sure to budget responsibly with your earnings, and try to get in as many hours as you can. The end result is a much more efficient use of your time, and it keeps your job from becoming a burden to your schoolwork, which could potentially force you to quit the job and then not have the money you need. These types of work arrangements allow you to make money while also being productive. Some of these include checking student IDs at a gym or cafeteria, managing a resource center (at the library, for example), and jobs that allow you to be “on call,” such as a Resident Assistant. There are many on-campus jobs out there that allow you to sit down and have limited interactions/responsibilities. But your job can have an even bigger impact if it’s one that allows you to do your homework. Getting a job in college is important because you can earn “spending money” and even save some to put toward books, supplies, and your student loans. Jacqueline Shaulis, Author of Embrace Your Awesome This is a no brainer way to save that is easy, manageable, and sets a great habit into place for a life of savings well into the future. Incrementally increase by adding $5 each week and upping by at least $5 each month (or quarterly if money is seriously tight). This seemingly insignificant amount adds up over time and starts the habit of saving. The easiest way to start, as a cash strapped college student, is to save all your coins and deposit every week into a savings account with no ATM card (to avoid temptation to withdraw for frivolous things). My best money tip is to start now saving small and incrementally increase. Learn To Start Saving A Little Each Month Elle Kaplan, CEO and Founding Partner of LexION Capital Managementħ. You'd be surprised how much money goes unclaimed every year! Soon-to-be freshmen should do some research and see if they're eligible for any of these awards.
There's free money out there in the form of grants and scholarships, too, and it can be yours for the taking. Subsidized federal student loans with relatively low interest rates are one thing, but high-interest private loans are a very different story. Don't Take Out More Student Loans Than You NeedĬollege students should educate themselves about all the possible loans and scholarships out there, and be proactive in taking control of their financial lives before they even get to school. Michael Solari, CFP®, Solari Financial PlanningĦ. Who knows, maybe the people you meet with share their money saving hacks. Getting to know new people and sharing experiences with them is very important as a freshman. Besides saving on gas and insurance, it can really change your freshman experience. Other than buying cheap beer or stealing toilet paper from the school library, college freshman should ditch the car. Ditch The Car And Use Public Transportation Or Ride Sharing San Diego City College Learing Recource City retrieve a book (Photo credit: Wikipedia)ĥ. This will leave you with a lot more money in your pocket now and later.
Instead try borrowing your books for free from the library, or buying books using, ,, and selling them back at the end of the semester.
The campus's bookstore is the most expensive place to purchase books. Be Smart About Recurring Expenses Like Books If they tell you that the offer is only good for that day, just do yourself a favor and walk away. Ask them to explain the fine print to you and look for a card with no annual fee, good rewards, and of course-a reasonable interest rate. Building credit is important, and so is opening your first credit card. Don't be tempted to open a credit card just because they give you a free t-shirt, stuffed animal, or large pizza. During your first few weeks on campus, you will likely be bombarded with credit card booths and seemingly friendly salespeople. My best financial advice for college students is to be smart with you first credit card. Credit Is Important, So Use It Responsibly
Find out how to save thousands on higher ed.ģ.