How to Save Money when Going to College

If you are a full-time student in college, money is always going to be an issue. The first thing you have to consider is whether you are going to have enough money to pay for the tuition for the fall and spring semesters. Most colleges offer scholarships and financial aid. As a last resort, you can get a student loan; most students do get approved for the loans. Still, if you have your living expenses and tuition paid for, your have other things to consider. These include food, unless you are on the meal plan, clothing, personal hygiene products, books and entertainment-you want to have a fun time at college also.

The most important thing is to manage your money. Get a free checking account, one that does not charge you each time you write a check. Some banks may require an initial $50.00 deposit to open an account. Check out the different banks around your college to see which ones are more suitable for college students. Keep track of how much money you deposit into your account and how much you withdraw. This way you can avoid overdrawing on your account and paying costly overdraft fees.

In addition to a checking account, open up a free savings account. Put ten percent of any money you save and earn into this. This is an excellent way to save for the future. While you may not have many bills to pay when you are in college, expect to pay them later in you life. Set a goal to save at least three months living expenses.

If you are out of school during winter and summer breaks, consider getting a part-time job. Many restaurants and movie theaters hire temporary help. You can save your money for the small things you need and want in college. Also consider getting a part-time job while in college. With your class and study schedule, you may consider working no more than 10 hours a week so you do not get overwhelmed.

Keep a jar to hold your change. For example, if you use a dollar bill to buy something for $.50, put the change in the jar. If you do not spend that change, your jar will get full. When your jar is full, you can deposit the money into the bank. You will need to have some coin rolls. Some banks gives these out free or you can buy a package for a few dollars. Some people may take the coins to a Coin Star machine. However, this does cost something like $0.08 per dollar.

Obviously, you will need to buy textbooks. When you get the lists from your teachers, find out if students are selling their used textbooks. You may be able to save up to $10.00 a book. Even check with your college bookstore; there may be used copies there also. At the end of the school semester, if you are not planning on keeping your books, sell them back to the bookstore. If the books are going to be used next year, they will sell. Maybe you will only make a fraction of you paid for them. At least this is extra money to go back into the bank.

If you are on the meal plan at college, take advantage of it; you have already paid for it. Some meal plans offer a breakfast, lunch and dinner option. If you do not eat breakfast often, then change the meal plan to a dinner and lunch option. You will be saving money buy not purchasing something you will not use. Some colleges use a point system meal plan. For example, you may start out with 50,000 points for the semester. Each dining hall charges so many points for each meal. Avoid the ones that charge more. For example, the dining hall may charge 500 points for lunch; the cafeteria may charge 1,000 points for a sub. By going to the dining hall you pay less in points and get more to eat.

These are just a few tips to help you save money before you go back to college. They also give you guidance while you are in college. Use them wisely and you will prosper.