Tips for Saving Money While in College

Friday, November 16, 2012, 6:00 AM | Leave Comment

Being in college is not only mentally exhausting, but financially as well. We all know that college kids don’t have much if any savings, and their parents are usually the ones supporting them.

What students and parents alike don’t realize is that there are numerous ways both can save money with relative ease.

  • Students:

    The thing that most students don’t understand is that there are numerous ways to save money and usually some of these ways are under the radar. Believe it or not, saying or getting into shape is usually cheap or many times free.

    For college kids, living a healthy lifestyle is not often thought of between school and work or other activities they are involved with. Most campuses have their own weight rooms and workout facilities free to students.

    Students that take advantage of this usually save a great deal in the long run over going to a fitness club off campus, as most range from $20-40 per month.

    Another thing that students don’t realize is that they can in addition to workout facilities, take advantage of intramural and club sports, as well as classes such as zumba, yoga, spinning, and MMA.

    Along with taking advantage of the school’s exercise activities to save money, many students at the end of the year get summer jobs and try to save to hold themselves over with throughout the entire year.

    More often than not it, usually doesn’t work out the way they intended.  Seeing as how students are not the best with money, working part time might be a great option for those with good time management skills during the semester. This way they can have the money they need for necessities and still have some left over at the end of the week.

  • Parents:

    For parents it is critical to know what is going on financially with your student in terms of tuition payment due dates and procedures.

    If you are a parent who is planning on or currently paying for your child’s college tuition, and will be taking out loans, just know that private and federal loans are your best bet.

    After graduation time however, it is important that the loans back, the quicker the better. Private loans tend to have the highest interest rates of any, so it the quicker you pay these loans off the better you will be.

    A great way for parents to cut back on costs is having the student pay for some of their expenses every month. With cellular technology always improving, nearly every student has a smart phone of some sort.

    With increased technology come increased costs. With text messaging and data packages, cell phone costs can cost close to $100 per month. Parents can save money by having their student pay half of their bill every month.

All in all there are many ways for both college students and their parents to save money during a time of stress in their lives. Knowing how to take advantage of low priced or even free things can save a great deal over time.

Author Bio

Mark Scheets is a writer for both the Total Mortgage blog and Total Guide.

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