Money Savvy in College
If you are going away to college or living away from home for the first time during your college years, learning a little about money savvy is a much needed lesson. While some have to count their dollars and others do not, it will for sure be an eye-opening experience to become aware of just how much things cost in the world around us.
One of the first things you’ll need in a new town is a bank account. Look for free checking and the best interest rate on a savings account. Right now, the best is not great but it is still better than nothing. Most Credit Unions offer no fee checking accounts and many banks will offer student rates on some of their services. Be very careful of overdrawing your account. Overdraft fees are very high.
Money savvy also extends to where you spend your money. Picking up lunchmeat and laundry detergent at your neighborhood convenience store is not a wise way to use your money. Everything is more expensive at the corner stores. Choose a close grocery store where you can buy food items and a close department store where you can buy tissue and detergent. If there is a super-store within a few miles, that might serve for all your needs. With gas prices as they are, however, if you have to drive across town to the super-store, it’s best to make two stops closer to home.
While we all like to go out and have a great meal at a favorite restaurant every once in a while, very few college students can afford to do so every night. Hanging out with college students who are big spenders can be hard on the guy or girl who has to watch all their pennies, as well as their nickels, dimes and quarters. Choose friends wisely so that your friends won’t encourage you to overspend when you have to be very careful with your money. Keeping up with the “Joneses” is not all it’s cracked up to be.
To help with the eating out and the household items, ask your friends and family to save coupons for you for restaurants they know you enjoy. Ask them to save coupons for your favorite brand of laundry detergent or your choice of tissue. If they want to surprise you sometimes, suggest that gas cards are great gifts. Learn to buy a 12 pack of coke and keep your own travel cup handy for when you want a soda while you run errands. Stopping at a fast food restaurant to buy a drink might encourage you to pick up some fries also and stopping at the neighborhood convenience store for a drink might encourage a candy bar. Penny pinching through college will teach money savvy and go a long way in helping you retire college loan debt early, as well.
