With the school year restarting in a few short weeks, I thought now was a good time to write about smart money management tips for students. So, if you have a young person in your household who is about to head off to college you may want to discuss the following student money saving tips with them.
First of all, investigate tuition payment options instead of a lump-sum payment. This gives you more control over your money, and you might be able to earn a bit of interest off the amounts you hold back before coming due.
Another real financial drain can be student housing. My best smart money tip would be to really look around for the best housing deal - start now as it may take weeks to find the right place. Your efforts can really pay off. With a little leg work done now, you can save up to a hundred dollars or more a month.
When looking for student housing consider everything from a house to share, room & board, living in a dorm or if your post secondary institution is nearby stay right where you are. Would living at home be that bad? Just think of the savings and how much sooner you could have any student loans paid off.
It might be hard not to keep up with what other students are doing. But the reality for many students is they have little choice but to implement smart money saving tips if they want to put themselves through school and not start their careers with a pile of debt.
Money-wise students should also take some comfort in knowing they aren't alone. More and more students even those from once affluent families are now (thanks to the higher costs of a post secondary education) watching their bottom line like a hawk.
Following are some more smart money saving tips:
*Buy used textbooks where possible.
*Get a part-time job.
*Don't pay dues to join an organization unless you plan to be active in it.
*If you're on a meal plan, make maximum use of it.
*If you find you're missing meals on a regular basis, reduce your meal plan.
And do you really need a car at school? Would a bicycle do? What about setting up a carpool to get you home for vacation or on weekends?
Published by Sherrie Le Masurier on July 15, 2006 06:57 PM
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