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College is expensive. Understatement of the century, right?

For most of us, higher education is an essential part of the path to realizing a dream job or career. Developing, no matter your age, smart money and budgeting habits in college can help you manage the expenses that higher education presents while also figuring out what you like and what doesn’t work for your personal finance journey. Learning how to manage time and money is a key life-skill that can be built and mastered all in a span of a few years.  

If you’re a parent, a first-time student with the pre-college jitters, or a veteran of higher academia, read on to learn how these money saving tips can help set students up for financial success.

Have a Degree/Career Plan

It is a common theme that college is all about finding yourself and what you want to do. Because of this, some students end up changing degree paths many different times to find their academic sweet spot. While it is important to find a degree and career path that best suits you, having a flexible plan before you start college could help save time and money on your degree. Taking a career aptitude test to see how your interest and skills align with a professional career can be a great starting point. Another great starting point is internships and shadowing; real life experience in a field that interests you could be just the thing you need to help you decide what degree and career best suits you.

Find Student Financing Options That Best Suit Your Needs

Student loans are no joke, they impact about 42.9 million Americans as of 2021. Deciding on the right financing options for your chosen career path can seem like a daunting process, but it doesn’t have to be. In partnership with Sallie Mae, Fairmont Federal Credit Union offers various student loan options for students from all different fields and degree paths. Research is key for this tip!

A Good Financial Institution and Free Checking Are a Must

We may be slightly bias, but we believe Fairmont Federal Credit Union checks the boxes in both these categories. Our mission is to provide our members with products and services that create ease and success in their financial experiences. We want to see you succeed. One of products we offer to aid in this success is Free Kasasa Cash Back Checking, arguably one of the best checking accounts out there. This checking account is the perfect way for students to earn rewards on their daily purchases.

Borrow Don’t Buy Books

This is a piece of advice most, if not all, college students would endorse. In the grand scheme of things, books may seem like a small cost compared to tuition and living expenses, but these book costs can add up. Do some price comparison on your school’s book rental service and outside services. If you do end up buying a book that you no longer need, considering reselling it to recuperate some of your investment.

Student Discount Are Your Best Friends

This is a tip that many students don’t even realize can save them hundreds, yes hundreds, of dollars a year. Many mainstream subscription platforms offer discounted rates on monthly and yearly memberships for students. You will also find that many retail stores offer special discounts and exclusive offers to students. It’s as simple as doing some research or asking a store associate what special offerings they have for students.

Sources

https://www.nerdwallet.com/article/loans/student-loans/how-many-americans-have-student-loan-debt

https://www.salliemae.com/blog/5-useful-tips-to-save-money-in-college/