Now is the time to talk to your child about personal finance. As a parent, you have the opportunity and obligation to prep your freshman on budgeting and smart spending strategies before he or she hits campus. While college students might roll their eyes at the idea of making a budgetknowing how to manage money is vital to the college experience. Whether your child is paying his or her own way, receiving your help, using financial aidor a little of all three, college is an expensive experience that becomes pricier with poor spending practices.
Elizabeth Hoyt Do you have fine wine tastes on a cheap beer budget? While neither is fun or easy, you can become smarter about the way you spend your money.
Stretch your dollar further with the following money-saving tips: Limit the number of times you eat out monthly. Cut out vices — smoking and binge drinking are terrible for you and expensive. Always pay bills on time to avoid late fees. If you have a credit card, pay it off as quickly as possible.
Walk, use public transportation or ride a bike instead of having a car. Live with others so you can split rent and utilities. Consider more basic phone packages or plans that include unlimited texting with free incoming calls Figure out what you actually consume and get the correlating package.
Shop where they offer student discounts. There are so many places that offer discounts to students with a school ID. Look into a campus gym versus a gym in town.
Many colleges offer memberships for free or at a reduced rate for students. When planning meals, make dinner with friends and split the cost of groceries. Sell what you no longer use or need. There are plenty of stores and web sites, like Poshmark and Craigslistwhere you can sell your used clothing, furniture or tech items.
Why buy cumbersome notebooks when you can type on your laptop? Take advantage of what your campus has to offer in terms of activities, rather than spending money on going out. Many campuses have an array of museums, offer movie nights and other social events for cheaper or, sometimes, for free.
Skip expensive spring break and summer trips — look into alternatives, like volunteering, instead. Wait to get a pet until after college — a pet can become very expensive.
Not only do you have another mouth to feed, but veterinary bills are costly. If you love animals, there are plenty of shelters that need volunteers.
Make your own coffee. While coffee shops are convenient, they charge hefty prices that really add up over time. Open a savings account that earns interest.STEP 2: Determine the amount of money you want to save. Next, write down the amount of money you want to save per month.
Remember, it’s not the amount of money you can save, but the amount that you would like to save . One of the best ways to save money is to set a goal.
Start by thinking of what you might want to save for—anything from a down payment for a house to a vacation—then figure out how long it might take you to save for it.
Saving money in a piggy bank is good for pennies; however, saving money for many wads of cash should be saved in another place, particularly in a bank. You are free to choose which type of bank account you want to save your money in but I highly suggest you put your money in a savings account, make it a habit to never always do cash transactions .
Ways to Save Money 1. Move bank accounts to take advantage of perks and earn more interest. check out these balance transfer credit cards to find one with an introductory 0% APR that could help you save hundreds of dollars in interest over time.
Clean out those closets. The first step to saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount.
Save time and money by doubling the recipe. Next time you make a family favorite, double the recipe and freeze the leftovers for another day. That way you can get two meals out of one and use the ingredients more efficiently with less waste.