Five college finance tips

Maximize your budget and reduce financial stress as a college student with these five practical money-saving tips. Start saving money today.

Whether it’s day one of college or you’re a seasoned student, finances are probably on your mind. You need to cover tuition, textbooks and personal expenses, all while having limited time to make money with your busy class schedule. That’s why there’s no time like the present to acquire one of life’s most important skills: money management.

It's tough to bring in money during college, but you can make the most of what you have with a well-planned budget. These everyday tweaks can make a huge difference in alleviating financial stress, so you can focus on being a great student.

Looking to save money in college? Start by doing these five things.

1. Make a budget and stick to it.  Budgeting is one of the best things you can do for your finances. Knowing exactly how much money is coming in and going out can help you plan ahead each month.
2. Eat more meals in your dorm or at home.  It's almost always cheaper to cook than it is to eat out. Even $5 meals quickly add up over time, and you can probably cook the same meal (and prep for future meals) at a significant cost reduction. If you aren’t on a prepaid college meal plan, put your cooking skills to the test and try eating in.
3. Get those student discounts.  Even if they aren’t advertised, many businesses offer student discounts. These include restaurants, shops, movie theaters, theme parks, insurance carriers and more. Before you pay, simply ask if they offer a student discount. You’ll typically just need a student ID to receive it.
4. Textbooks: Buy used or rent.  Why buy a new textbook when you can get a used one for a fraction of the price? A bit of wear and tear on your book is better than paying more for the same material. Better yet, if you know you won’t need a book longer than a semester, renting is a smart and more affordable option than buying new.
5. Find the right banking partner.  Some financial institutions will support you more than others when it comes to money management. Credit unions are often a great choice for college students because they tend to have more competitive savings rates, lower credit card and loan interest rates, no hidden fees and quality customer service. Start by finding one that offers truly  free checking  with no monthly service fees and no minimum balance.

Adopt a saving mentality

It might be tempting to think you just need to get through college, then finances won’t be such a concern. But the truth is, money management will always be at the center of your life, so it’s best to adopt a saving mentality right now. The longer you wait to establish habits like budgeting, the tougher it will be to change down the line. Just think of money management as one more course to add to your college schedule – and you’re more than capable of the challenge!

Higher education doesn’t need to come with higher expenses, debt and stress! When you’re ready to start saving, Desert Financial can help. We’re here to support you every step of the way with services that are right at your fingertips.