4 Money-Saving Tips for College Students
Written By Savvy Auntie Staff Writers
By Sarah Kaufman, Manilla.com
As your nieces and nephews head off to college, the last thing they want to think about is smart spending, saving money and learning how to responsibly budget—especially if the advice is coming from their parents. This exciting, yet sometimes stressful, transitional time is the perfect time for a Savvy Auntie to step in with her experience and words of wisdom that will guide them to a successful financial future. Here are a few tips on how you can approach the situation in a way that will mean something to them.
1. Do your research and utilize the right resources.
Most college kids have gone completely digital, using their tablets and smartphones for anything and everything. Relate to them on this level by finding apps and tools that are designed to help them navigate the process of responsible financial management. Manilla.com, for example, allows students to manage their Netflix accounts, student loans, daily deals, OpenTable reservations, bank accounts, and more, so they have everything in one place. Manilla, which just released a financial literacy toolkit for students and recent grads, is also available for the iPhone and Android, and it sends reminders when bills are due, encouraging on-time payments early on.
2. Just because you have it doesn’t mean you should spend it.
Especially when you’re young, having money to spend can feel like winning the lottery. Without the right financial role model, students can end up spending everything they have, rather than learning how to properly budget. Teach your nieces and nephews the basic formula of budgeting, which is simply their income minus their expenses. The difference is what they can spend on everything else, from food, to entertainment, to clothing, and more.
3. Use your student ID to get the best deals and discounts.
Don’t forget the most important piece of plastic that’s going to save your niece or nephew some cash—the student ID! Most college and university campuses, and local businesses around them, offer huge discounts to students who flash their ID, so before they make any purchases, they should find out what kinds of deals they can get.
4. It’s never too early to start saving.
Even if your niece or nephew is only putting away a tiny bit each month, it’s still better than putting away nothing. Explain the importance of saving for things like an emergency, retirement, a home and more. While they may not be making enough to put away hundreds of dollars each month, putting away even just $20 a month leaves them with $200 over the course of the year and almost $1,000 by the time they’re finished with school. And if they have a job during the school year, they can save even more.
Sarah Kaufman is the editor-in-chief of the The Manilla Folder at Manilla.com, the leading, free and secure service that helps consumers simplify and organize their daily lives. Using just one password, Manilla lets you manage your finances, utilities, daily deals, travel and rewards programs, Netflix and magazine subscriptions, OpenTable reservations, and more — all through Manilla.com or the top-rated iOS and Android mobile apps. Sarah is also a regular contributor to Yahoo! Finance, Good Housekeeping, Woman’s Day and various other sites. For more tips on how to live on a budget, visit Manilla.com.
Photo: stockimages
Published: September 4, 2013