Help Your College Student Save Money

It's that time of year where graduation parties abound.  And while those who have newly graduated think they know everything, the truth is, they could still use your guidance {whether they believe it or not}.

Sending your kids off to college is an exciting time, but it can lead to a lot of anxiety – especially if your net worth is less than a few million dollars.  When my oldest daughter graduated from high school last year, I was really excited, but worried about how she'd survive financially.  If you're hoping to avoid that same fear and worry, here are some great tips!

Help Your Student Start a Budget

Whether they're paying their own bills, or you're helping, a budget is in order. If you're giving them cash for bills and such, consider loading money onto a prepaid card and helping them set up automatic payments for things like credit cards, electricity, cell phone, etc.

Discuss what you'll pay (if anything), and what they'll be responsible for paying. How will they earn their income? Now is the time to figure out a part-time job schedule that will fit well with their classes.

Start a spreadsheet for their budget, and share it on Google so you can both edit it. It can be as simple or as detailed as you'd like it to be, but for their sake, make sure you cover all bases in the most efficient way possible.

Buy Used

Purchasing used text books can save you a huge amount of cash. Text books are outrageous! Buying them used can save you 50% or more on each book. Bonus: Sell your text books when you're finished with them. Your campus book store will usually buy them back, or you can sell them to another student.

The same goes for clothes — there are thrift stores and second hand shops in pretty much every city. Make a day trip out of clothes shopping — old is in!

Skip the Credit

While it's super tempting to use credit cards for everything, don't. Teach your college student responsible spending: what's a credit card for? What constitutes an “emergency”?

If you do use credit cards, pay the balance off every month if possible. If not, at least make sure you make more than the minimum payment! Minimum payments add years to your credit card balance.

Ask for gift cards for birthdays and Christmas, so you can use those instead of credit cards when you feel the need to make an impulse buy.

Use Student Discounts

So many places give student discounts! Whether your college student wants to see a movie this weekend or buy a new shirt, they'll usually find a discount no matter where they're going – they just have to ask!

Try these lists:

— 95 Student Discounts
— 50 Places Students Get a Discount

Teach Your College Student How to Grocery Shop on a Budget

If you have the campus meal plan, use it! If you must eat out, make it just once a week – and don't splurge on steak dinners… go home for those. 😉 Skip the daily Starbuck's, too.

Grocery shopping isn't something many college students really want to do, but it's a necessity – especially if you're on a budget. Talk to them about meal planning, budgeting, and even price matching. If they want to get super frugal, obviously they can start couponing, but that does take more time. Visit Pricematcherz.com to see which groceries can be price matched each week.

Give a Little, Get a Little

Your college student might have to skip the new car (and payment) if they don't want to have to work full time, so help them figure out other transportation options: car pooling, walking, riding a bike, and public transportation are all great options.

Need more ideas? Try these:

— 63 Quick Tips to Save Money in College
— College 101: 24 Ways to Save Money in College
— 30 Money Saving Tips for Students
— 118 Ways to Save Money in College

What tips would you give to a student heading off on their own for the first time?