Financial survival tips for students

As the economy gets worse, tuition, room and board, school supplies and other miscellaneous expenses are becoming difficult for college students to finance.

The cost of tuition continues to increase every semester along with textbooks and housing, but with websites like saycollegemove.com and getrichslowly.org, students can read blogs on several ways to save money and purchase school items for less than retail price.

While many students may use these websites as a guide to budget their finances, some college students prefer to take their own advice about saving money.

Kathleen Ayala-Rivera, 18, social welfare major, uses the ‘traditional way’ of saving money by disciplining herself.

‘I refrain from going out to the movies or out to eat,’ said Rivera. ‘Generally staying in is a good way to save money.’

Sacrificing leisure activities for some students may be more difficult than others depending on their financial situation.

Many students receive financial aid while others take out loans or have parents help them pay for school.

Tovah Alvers, a deaf studies major, took out a loan to help her pay for room and board. Any extra money she has, she spends wisely.’

‘I only try to spend money on necessities such as food, books and rent,’ said Alvers. ‘I also use money I’ve been saving since I was a kid.’

Another website that offers advice to college students is called brokegradstudent.com, where graduate students blog on ways to save money. Topics vary from how to pay off school loans, ways to earn extra money and how to get a job. One of the most popular posts discussed on this site is how all college students should have a high-yield savings account that earns interest.

Brittney Barreto,18, said that her dad gives her a set amount of money for college expenses every month.

‘My father makes me manage how my money is spent,’ said Barreto. ‘I keep my money in a savings account to gain interest.’

If students want to earn interest with money in the bank, Washington Mutual, Wells Fargo and Bank of America offer interest bearing savings accounts.

For students who may want to sign up with a bank that offers incentives for joining, ING gives new customers $25 just for opening up an account with a deposit of $1.

Barreto said she sets aside a certain amount and makes sure she doesn’t use it.

When it comes to purchasing items for college dorms the cost of furniture and cleaning supplies can add up, not to mention a majority of the items students purchase are only kept for a semester.

For furniture, students can stop at local yard sales or wait for the end of spring and summer semesters when other students decide to throw items out.

Getrichslowly.com recommends that college students living in dorms should look for used items instead of going to Target or Wal-Mart to purchase new furniture.

If students decide to purchase new furniture such as a mattress, getrichslowly.com also suggests that students buy blow up mattresses to cut down on the cost.

In this tough economy it’s difficult for people to get jobs, yet alone college students. If that situation sounds familiar brokegradstudent.com suggests that students do other things to earn money such as starting a blog, applying for scholarships or applying for an internships.

‘I don’t think it’s that difficult to get a job, even if its minimum wage,’ said Barreto.

In the long run these suggestions can benefit students who are in a tough economic situation or help students face tougher financial obligations when they graduate. Taking these small steps now can prevent stress in the future.

top

Disclaimer: The Daily Sundial is not responsible for comments posted on dailysundial.com. In accordance with the Communications Decency Act of 1996 the Sundial is not liable for the content of comments. By commenting, all persons posting on dailysundial.com have agreed to our comment policy. If a comment does not abide by the comment policy the Sundial reserves the right to delete comments without warning. The Daily Sundial advises persons commenting not to abuse their First Amendment rights, and to avoid comments of hate speech or encouraging violence.

  • http://tips.moviesepisodes.com/finance/index.php finance tips

    great tips for college students. thank you so much for the article