As the third child in my family to attend college, I had plenty of advice from my older sisters, as well as my budget-conscious parents, about what to do and how to prepare for school. Some of that advice has proven very worthwhile, and some things I have had to learn along the way. And so, here it is -- my best of the best! The most important things that I think students, particularly those heading out-of-state, need to know before they leave the nest.
- Explore travel options. Far too many students and their families assume that plane and car are the only safe, sensible forms of transportation between home and school. Buses and trains should not be ignored, however. Amtrak offers very affordable rates, and particularly for those traveling east or west, is often a wise option. Although the trip may be longer than a flight, trains, and many bus companies, are just as, if not more, safe and reliable -- and a much more economical option.
- The Student Advantage Card. Students who take advantage of Greyhound and Amtrak’s low rates will be delighted to find that the Student Advantage card offers a further significant discount. The low annual fee more than pays for itself after one or two uses, and there are many other perks, including discounts at stores like Urban Outfitters and Barnes and Noble. The Student Advantage card is available here.
- Find a bank in your area. College students are particularly susceptible to ATM fees, which add up quickly, because of the dependence most students have on their debit cards. ATM fees can reach nearly $5, so finding a bank with a convenient ATM, can save students and their families a significant amount.
- Get to know your community. Particularly for students in an urban setting, it’s easy to spend hundreds of dollars each semester on transportation and outings on the weekends. But most cities offer tons of fantastic free activities. One way to find these is to visit the city’s tourism website and find the calendar of events. Also, get a library card. This has saved me so much since I moved away to school. Chicago’s library system, as well as many others across the nation, offer free or discounted passes to many of the museums and attractions in the city for those who have a card, as well as many other perks and discounts that are available.
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Liz Miller is a sophomore at North Park University in Chicago.
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Liz,
You brought up some great points. I tackled this same subject on my blog, OwnTheDollar.com. I took a more personal finance approach to the question and said that college students should...
Start investing from day one, Spend less money than you earn, Save for a rainy day, Get out of credit card and other consumer debt as fast as possible, & Never stop learning!
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Thanks Hank! I completely agree. The general attitude that many college students adopt of living beyond one's means prepares young people for nothing but financial failure. If you haven't started budgeting and handling finances responsibly in high school, college is definitely the time to begin!
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Liz you're absolutely right...college is the time to begin. Especially if you believe in learning from your mistakes. I can't say I did a good job of budgeting in college. But I did a good job learning from it.
I was very fortunate to have supportive parents, but I still wanted a budget for my own needs. While the major line items were easy (expenses: rent, books, food/drink; income: part-time work), I learned very early to expect the unexpected in your budget. There were plenty of expenses that I never saw coming, and lots of time that part-time paychecks were lower than expected. Learning to save for surprises was one of the best early lessons of those years.
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I think all this advice is super pertinent to today's college students developing the correct financial habits.
Like Daniel, I realized its never too early to start budgeting as those part-time paychecks really go quickly. Cutting a few happy hours or dinner outings out of a month can absolutely make a difference. Keep an eye on your bank account and schedule the nights you can afford to party.
Setting up a part-time gig related to an area of interest can yield many returns in both the short and long term.
And much like Liz pointed out, know your city or community as there are always deals. Many times a college ID can earn discounts everywhere from restaurants to gyms to movie theaters; do your research.
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I just heard about www.chegg.com, which rents textbooks to college students, similar to how Netflix works. Since textbooks are often the next most expensive item on a student's budget after tuition and room and board, it's worth looking into Chegg!
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