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For most students, college is their first time living independently, and with that comes the responsibilities of budgeting and managing money. ACCC offers 6 money management tips for college students and their parents.
- Discuss budgeting
Suggest that your child uses a spreadsheet to track spending or money management app.
- Keep an eye out for student discounts
Many stores offer student discounts if you show your student ID.
- Open a credit card
College is a good time for students to learn how credit works and start building good credit.
- Be aware of identity theft
Parents should discuss how to keep money and personal information safe so that their child does not fall victim to identity theft.
- Get a job
Parents should discuss whether they expect their child to get a job in college, and whether the money they earn should be used for college expenses or personal.
- Buy used textbooks
Used textbooks are significantly cheaper. Professors tend to use the same textbooks each semester, so students can save money by buying older editions.