Tag Archives: college savings

Savings Hacks for College Students

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While college remains one of the best ways you can invest in yourself and your future, it doesn’t change the fact that the costs of attending college only continues to grow. Focusing on your education should be your top priority while you’re in school. However, developing strong saving habits can not only cut costs while you’re attending college, but those habits can also help you be more responsible with your money once you’ve graduated.

Set a Budget

While this may seem simple and obvious, creating a budget is the first step in any successful savings strategy. Outline what your monthly expenses are, including things like going out with friends on weekends, and figure out how much money you have. If you’re working while in school, your goal should be to have your income be more than your expenses. If you’re living off money you made during the summer, figure out how much you can afford to spend so that it lasts you throughout the entire year.

Saving on Supplies

While your school’s bookstore may have the latest and greatest when it comes to logoed swag, shopping there won’t help you when it comes to saving money for your school supplies. When it comes to notebooks, pens, pencils and backpacks, you’re much better off going to a local big box store.

Additionally, buying new course textbooks from the campus is usually more expensive than exploring other options. Whether it’s purchasing a used copy of the book, using an older version of the text book or exploring book rental programs online, finding alternative textbook solutions can save you hundreds.

Getting a Part-Time Job

Even if you’re considered a full-time student, you probably have some free time outside of attending classes, doing your homework and studying for exams. If you find yourself with extra time, getting a part-time job is a great way to earn extra money and start saving. If you can find a job on campus, you can save money and find a job that will work with your class schedule. But, don’t be afraid to look for a job off-campus. Just be clear with any potential bosses about what your class schedule is and set realistic time expectations for yourself.

Develop a Strategy that Works for You

There are countless ways to responsibly save while you’re in college. All you need to do is develop a strategy that works for you, and stick to it. We hope these tips will give you a good starting point that can help you develop strong savings habits that will serve you well throughout your life. Place your new savings into an account with us – we’d be happy to help your money grow!

What Every College Freshman Should Know About School

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In a 2016 study, it was found that 43% of students do not track their spending while 58% said they do not save money every month. From that, it is shown that 7 out of 10 students are stressed out about their finances. It can be quite the adjustment for students to transition from high school to college. This new stage of your life can be filled with many mixed emotions and late night adventures. In just a matter of time you are living in a brand new environment, meeting new people, taking new classes and trying to figure out how to “adult.”

Trying to manage your money and set a budget are probably the last things you want to do, but it needs to be done. College can be exciting, challenging and rewarding all at the same time, so developing money-management habits early on is worth your time and effort. College tuition increases every year, and having tips on how to manage your budget can easily reduce additional financial stress.

Here are 3 ways you can cut costs while in college:

  1. Buy Used Textbooks – As a freshman you will most likely take quite a few general education classes, which means more books at a higher price. To reduce costs, buy used ones; just one book can cost hundreds of dollars. You can also search for books on websites like Amazon and Chegg before looking at your university bookstore. Both places offer rental textbooks with a simple process to receive and return them. Keep in mind that you don’t have to buy your textbooks before school starts, it is often good to wait until the first week of classes to ask your professors about whether you need the book or if you could buy an older edition where it may be cheaper!
  2. Purchase a Coffee Maker –  When you’re a full time student, most of your time is spent on studies. Those early morning iced coffees and late-night lattes can add up fairly quickly. In an article from USA Today, studies have shown that college students have spent nearly $1,100 per year on coffee. To cut back on those costs, consider buying a coffee maker for your dorm or apartment instead of racing to the nearest coffee shop.
  3. Find the Good Deals – Chances are your college town will offer student discounts. Take advantage of them! There are hundreds of companies that apply student discounts. Research and ask to find the best deals around town. Some discounts may be small and some significant – either way it can save you money. If you’re looking to buy textbooks on Amazon, Amazon Prime will offer a free six-month membership that includes free shipping. Looking for a new computer before school? Dell and Apple provide a certain percentage off of your purchase with an official school email address. Taking advantage of discounts can also provide fun, cheap entertainment for you and friends to have a night that you’ll always cherish.

College is a new and exciting part of life, just remember to track your spending and manage your budget. With these few tips we hope this will help reduce costs and save you more money! If you’re looking to work on your savings skills, open a savings account with us today!

Hunting for College Scholarships

 

The spring semester is quickly approaching, and with the impending holiday break what better way to spend your time than searching for scholarships? While it may not be on the top of your to do list over your break to take the time to find and apply for scholarships, taking this initiative can pay off in the long run. Most college graduates leave with a diploma in one hand and $27,857, on average of student loan debt in the other. Help yourself reduce that amount with these scholarship hunting tips.

1. Scour the internet: The internet will be your best friend when looking for scholarships. One place to start searching for scholarships is looking for those that are tied to your major or interest. Check with your college, department and university websites for opportunities. Read emails professor send out, since they can contain scholarships that can randomly come across their desks. Try searching for fun scholarships for things like being over six feet tall, being left-handed, or other unique characteristics. You’d be surprised what you’d be able to find!

2. Shop Local: Most community organizations have a scholarship program. This an easy opportunity to connect with members of your community to find out more. Check with your high school counselor who probably has a list of local organization that offer scholarships. Check with your local Rotary Club, Chamber of Commerce, Kiwanis, churches, your parent’s employer and other businesses within the area for more opportunities.

3. Resources: Use your resources! Outside of using search engines and local scholarship opportunities, you can search for scholarships on databases dedicated to helping students find scholarships. Below are website resources you should enlist during your search:

a.       College Board’s Scholarship Search

b.       FastWeb

c.       Scholarships.com

If you’re looking for more tips or solutions to help fund your higher education, our team of professionals are ready to assist you today. We’d love to help you set up a savings plan or loan option to help meet your needs. Contact us or stop by today!