Tips for College Students
If there’s one thing most college students have in common, it’s that money is tight. With an average annual tuition bill of over $26,000 for those attending a 4 year private school, and over $7,000 for those attending a 4 year public school, there’s not much left over for gas, groceries and fun. We’ve put together a list of tips for college students that may help you save some money:
Money Saving Tips for College Students
- College Textbooks
College textbooks are a major expense, and the college bookstore isn’t always a bargain. An average semester of books might run you $500, and you can cash those books in at the end of the semester for maybe $50. Although you may need your books immediately for class, there are several things you might consider doing that may cut your textbook bill in half. Get to the college bookstore early and find used copies of the books you need. Online bookstores like amazon.com may also be a cheaper source for the books, or look for people online that are selling their used textbooks (try amazon.com, ebay.com, craiglist.com, and school campus websites). If you need the books quickly, you may even be able to afford to pay expedited shipping from your savings. Lastly, some college textbooks are now available online for free. You’ll have to look through some ads while you peruse the book, but if money is tight it might be worthwhile. Check out our section on College Textbooks for more information and resources.
- Student Discounts
Businesses love college students like you. Banks, credit card companies, car dealerships and restaurants want to court you now so that they can earn your business for years to come. Most banks offer student checking and savings accounts, generally at no cost to college students. Local businesses often offer discounted meals or tickets to attractions when you show them your student ID. Take advantage of these offers while you can! Once you’re out of college, you will have to pay full price or search harder for student discounts. To find more information on specific discount programs for college students, click here to read our full section.
- Student Travel
Travel companies want your business, too. College students travel back and forth to school, go on spring break, study in different countries, and backpack through various parts of the world for fun. There are plenty of discounts for college students, whether you are traveling by air, train or bus. Some companies have specific programs for college students or offer special discounted rates. If you don’t belong to a specific program, try one of the top student travel sites like Student Universe or STA Travel.
- College Budgeting
Why would you want to take the time to create a monthly budget when you could be out seeing a movie? Well, developing your monthly budget helps ensure that you are allocating your money correctly, from tuition to entertainment expenses, like the movies. In addition, if you are planning to go on a trip abroad or for spring break, you should be budgeting well in advance. Use our Monthly Budget Calculator to total your income and expenses. If you are frequently coming up short, you may want to consider supplementing your income by getting an internship, federal work-study position or part-time job.
Get Ahead of the Competition
In addition to money woes, college students have a lot of competition getting their desired college majors, internship programs and landing their first job. We’ve put together some tips that will help you stay ahead of the competition.
- College Internships
Some college majors today require that you complete an internship in order to graduate. Even if it’s not required, a college internship often puts you ahead of other students when applying for your first job. Your internship experience will be highly valued by many potential employers. Some college students won’t even need to look for a job once they have secured a college internship because they’ve already established a good reputation at that company and may receive an offer of employment right after they graduate. It’s common for companies to look at their college interns before hiring other new grads. They have already invested time showing you the ropes, and you now have more work experience than other new graduates. Read more on how to get a college internship in today’s competitive environment.
- Student Jobs
If you need to work during college to help pay for your tuition or college expenses, you’ll need to find work that fits around your college schedule. Not everyone will snag jobs related to their future career. Plenty of college students work part-time with companies that are willing to be flexible with their schedule. However, we encourage you to use any work opportunities to build skills that your future employer will value. If you are eligible for federal work-study jobs, don’t take the easiest job on the list (like library desk aid). See if there are any jobs with a professor in your field, or work that relates to your future career (i.e. teacher’s aid, accounting assistant, etc.). If your financial situation is dire, you may need to find the position that makes the most of your time and offers higher pay. But if you just need extracurricular money or something to do with your time, it will be worth your time to find jobs that will add value to your resume after graduation.
- Study Abroad
There are many opportunities today for college students to learn about other cultures while studying abroad.. It’s generally a very expensive undertaking, taking into consideration the travel, program costs and everyday expenses while you are away. If you are going to study abroad, we encourage you to add one goal besides having fun while you are away--Learn another language. Unless you are majoring in Foreign Relations or pursuing an International major, a trip abroad in itself isn’t going to help you land your first job. However, knowing another language is a skill that has many potential career benefits. Bilingual employees often earn more for this added skill. In addition, some jobs prefer or require a bilingual worker. Being fluent in another language will distinguish you from other applicants and make you more marketable throughout your career.
- College Life
Look around you. Your college, and other colleges like yours, is filled with students that excel academically, obtain internships and participate in extracurricular activities. You may not realize it now, but these students will be your competitors when you start applying for your first job. Your college probably has great relations with local companies, and they may offer services to help place their graduates. But local companies can’t hire everyone. If you are interested in one of those coveted spots, you need to get involved. Your college life today will add to your resume tomorrow. Join organizations that relate to your major or career, and apply for a position of responsibility in that organization. Do community service and sign up for community related activities that you enjoy. Get involved in college life whenever you can. It’s not all about getting your first job, either. Trust us, once college life is over, it’s really over. Take advantage of all that college life has to offer while you can!