The Freshman's Guide to College Finances

For incoming college freshman, one of the most daunting tasks can be figuring out how to pay for everything you will need not only for school but for everyday living. On top of tuition, fees, and books for class, new students need to realize that they will be paying for food, gas, and any number of other things that come up from day to day. While the image of the poor college student may be appropriate, there are certainly ways for college freshmen to make themselves the Donald Trumps of their dorms. The following list contains things I did when I was a college student and things I wish I did when I was a college student.

The irresistible lure of the credit card company.
The first week of class is a bit of a blur and after getting taken for all you have from your college or university, it may seem like desperation time financially. After all, after your banking account takes a big hit from these larger costs, you may wonder how you will be able to get by the rest of the year. While this newfound lack of funds may be discouraging, there are certainly things you can do to avoid sinking further into debt. One way is to avoid the lure of the credit card offer that will invariably be made to you in your first week of classes.

Many colleges allow vendors to set up shop in the union or another common place and many of these vendors, to no one's surprise, are credit card companies looking to suck in more victims. While credit is a good thing and it is important to build up a credit history early on, taking one or more of these offers can lead to financial ruin. The low introductory rates, the cool card design, and the free gift that come with your application should not be attractive enough to sacrifice your ability in the future to buy a car or a home. Before getting to college, students should talk with their parents about setting up a student credit line, which is available at most major national banks like Chase and US Bank. The credit limits are kept low to teach financial responsibility and that extra bit of wiggle room is good in case of an emergency.

Books, books, and more books!
Going to the college bookstore can really make you reconsider whether higher education is for you. Taking your list of classes with you, you may wonder how in the world you are going to read a dozen books on philosophy or biology. As well, you may wonder if any anatomy book is truly worth $120 or if those art supplies are really vital to your college degree. The book store is not the only place to go, however, and the most underutilized resource for college textbooks is the Internet.

The resource I used in my first year of college was a website called CampusI (www.campusi.com), which is a clearinghouse for textbook information. This website allows you to enter textbook information, either a title, author, or ISBN, and it will give a list of the dozens of web sites that sell the book in question. Often, the prices on web sites like Half, Amazon, and Abebooks will pale in comparison to the price of a new book at the campus book store. As well, CampusI usually has coupons for reduced shipping and reduced prices over a certain amount of money spent, which can add up to significant savings over a four-year period.

Eat, drink, and be merry...in moderation
Not to be a buzz kill, but having too much of a good thing can really put a dent in your checkbook or wallet. There is a simple solution to the problem of ordering too much food or too much drink, which is to order less the next time around. I know it sounds simple, but fast food restaurants and grocery stores make their money on people buying massive quantities of food, typically by offering what appears to be a great deal. Don't let the colorful stickers or the hunger in your stomach fool you, though; you probably don't need five boxes of cereal, four bags of potato chips, or six 12 packs of store brand soda. The best way to moderate eating and drinking is to order a size smaller than you normally do, which not only saves money but will also stave off that notorious "Freshman 15." This might mean passing on a sale, but then again, do you really need to eat a foot long meatball sub when that costs twice as much and has a week's worth of bread and meat?

Using campus resources when possible
This one is another simple solution but as someone who worked in university housing and other positions at a university, I was always surprised at how few people use the resources that are right in front of them. If you live in a larger urban area, taking advantage of discounted or free bus fare through the university is a huge savings during four years in college. Often, the health services on campus will include free or reduced price vaccinations, great counselors, and health care professionals that can take care of a surprising amount of health problems. One of the more popular uses of campus resources is at student fitness centers, which offer weight rooms, basketball courts, and classes on kickboxing and other workout styles. All of these can add up to financial savings, better well being, and the opportunity to connect with friends and fellow students. After all, isn't that what college is all about?