Five Financial Tips For College Students

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Whether the college experience happens away from home or in an educational institution just minutes away, one thing that stays the same is the need to properly manage money. Although loan payments aren't usually required until after graduation, it is still important for students to get into good financial habits so that they aren't struggling to survive when their first bill comes in the mail.

If you have someone at home who will be heading off to college over the next few months, or if you'll be embarking on the journey yourself, here are five financial tips to follow:

1. Use student discounts: Many times student discounts are available for those who are able to provide a valid form of ID - all you have to do is ask! Before you splurge on something that is going to leave your wallet high and dry, such as tickets to a nearby event, inquire about whether or not discounts are available for individuals currently enrolled in college courses.
2. Apply for scholarships: One of the best ways to help yourself with the cost of college is to apply for various scholarships. While this may require you to do some research, the time you use will be time well spent when you see the difference in your tuition bills.
3. Charge only when necessary: It can certainly be easy to swipe your credit card on campus or at nearby restaurants, but the more you spend, the more you'll have to pay back. While you may have the money to cover your credit card statements now, think about how your actions will impact you in the future. On the other hand, if you don't have the money to pay your bills at the time, you could set yourself up for having poor credit down the line when charging too much.
4. Eat locally: When we say locally, we mean at home! Or, if you're living on campus, take a trip to the grocery store and pick up all of the items you need to sustain yourself for a week or two. While it requires a bit more effort on your part, spending money on breakfast, lunch or dinner every day can quickly eat away at your savings.
5. Follow a budget: Following a budget and tracking your spending is key in order to avoid falling into financial turmoil during your college years. Before the start of the semester, take the time to sit down and plan out how much money you can allocate towards school supplies, extra curricular activities and the like so that you don't go over board with your spending.

At American Investment Planners LLC, we know how easy it can be to spend more than you have while at school, which is why we so heavily recommend using these tips throughout your college career! And in addition to these tips, we take it one step further by offering a financial planning service that specifically focuses on saving for college. For additional information about the best way to save for college tuition for you or your children, please call (516) 932-5130.